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The Economic Situation: Annual Review : Chapter IV. Industrial Production

A year ago(1) it was expected that industrial production in 1969 would be some 4 per cent above the average for 1968. This was based on the general forecast for the whole economy, which on the basis of unchanged policies predicted a rise of 31 per cent in GDP. In the event, GDP rose some 2 per cent only and the advance in industrial activity was also consequently slower than expected, probably only about 2½ per cent (table 1). Within this general framework the rate of growth of manufacturing was some 3½ per cent, that of the electricity, gas, and water industries about 6½ per cent, but there were considerable setbacks in the fields of mining and construction. The production indices for these last fell 6½ and 2½ per cent respectively from 1968 to 1969.