In 1974 the UK economy shrank by 2.5 per cent before shrinking by a further 1.5 per

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In 1974 the UK economy shrank by 2.5 per cent before shrinking by a further 1.5 per cent in 1975. However, actual GDP rose by 13 per cent in 1974 and by 24 per cent in 1975. What explains these apparently contradictory results?

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Economics

ISBN: 978-1292187853

10th edition

Authors: John Sloman, Jon Guest, Dean Garratt

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Question Posted: Apr 03, 2019 09:11 AM

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In 1974 the UK economy shrank by 2.5 per cent before shrinking by a further 1.5 per

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Output growth measures the change in the volume ...View the full answer

Economics

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