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concernant l'ouverture au public des archives historiques de la Communauté économique 
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983, 
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003 
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In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 
concerning the opening to the public of the historical archives of the European Econom ic 
Communit y and the European Atom ic Energy Communit y (OJ L 43, 15.2.1983, p. 1), as 
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243, 
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file have been declassified in conformity with Article 5 of the aforementioned regulation.  
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom  1. 
Februa r 1983 über die Freigabe der historischen Archive der Europäischen  
Wirtschaftsgemeinschaft und der Europäischen Atomgem einschaft (ABI. L 43 vom  15.2.1983,  
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. Septem ber 2003  
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COMMISSION  OF THE  EUROPEAN  COMMUNITIES 
COM(83) 370 final 
Brussels,  20th June  1983 
THE ECONOMIC  AND SOCIAL SITUATION  IN THE COMMUNITY 
(Communication from  the Commission  to the  European  Council, 
Stuttgart,  17-19  June 1983) 
COM(83) 370 final 

THE ECONOMIC AND  SOCIAL SITUATION  IN THE COMMUNITY 
(Communication from  the Commission  to the  European  Council 
of 17-19  June 1983) 
CONTENT 
I, Introduction 
II, Recent economic  trends and immediate  outlook 
III, Guidelines 
IV. Particular  aspects  of the  unemployment  problem 

I. Introduction 
The present  Communication  foLLows  on from a series  of documents  transmitted 
to the European  Council or to the Council of Ministers since  last March. 
The analysis  made at the time  indicated  that a recovery was possible but 
also highlighted the  uncertainties.  That  analysis  still holds good . 
Accordingly,  the guidelines  proposed  by the  Commission  and endorsed  to a 
large extent by the Council  need to be reaffirmed,  particularly  since the 
same priorities  were set at the  major  international  meetings  held recently 
(OECD session, Williamsburg  Summit). 
This Communication  does not, therefore, contain any fresh proposals; it 
is intended as a synopsis of the previous analyses and conclusions. The 
Commission  considers that the  prime  objective  must still be to strengthen 
the favourable trends that are  emerging  so as to achieve a  more sustained 
recovery. 
II. Recent economic  trends and  immediate  outlook 
A. The outturn for 1982 
At 0.3%, the  volume  of GDP grew hardly at all in 1982. This was due mainly 
to a significant  decline in  activity  at the beginning of the  second  half 
of the year, although there was a  tendency  in the  last quarter for the 
economy  to pick up gradually. This  overall  result  masks  differing  national 
performances: GDP  growth  was markedly  negative in  Germany  (-1%) and 
the Netherlands  (-1.6%)  and, to a  lesser  extent, in  Italy (-0.3%)  and 
Belgium (-0.2%); it was  positive  in Denmark  (+3.4%), France (+1.8%), the 
United Kingdom  (+1.4%)  and Ireland (+1.5%). 
Inflation  in the  Community  continued to slacken in 1982,  falling  to an 
annual average  of 8.8%  compared  with 10.1% in 1981 and 11.2% in 1980; 
this trend was  discernible  throughout the  Community  although there  were 
still large divergences; the annual rate of  consumer  price increases in 
1982 ranged  from 5.3% (Germany)  to over 15%  (Italy,  Ireland, Greece). 
Subject to the revised  economic  forecasts,  which will not be  available 
before the end of  June. 

- 2 -
The employment  situation  worsened  further during 1982, with the  unemployment 
rate climbing to 9.8% of the labour force, 1.5 percentage points higher than in 
1981. This too was a trend shared by  all Member  States, although the  rise in unemployment 
was relatively  more marked,  for example,  in Germany  (up from A.8% to 6.8%), 
in Italy (up from 8.8% to 12%) and in the United  Kingdom  (up from 9.8% 
to 11.2%). 
By contrast, the gradual  improvement  in the  Community's  current account was 
maintained in 1982, with the  deficit,  which had  been equivalent to 1.3% 
of GDP in 1980 and to 0.7% in 1981, narrowing to 0.6%.  Here  too, however, 
the situation  differed  quite markedly from one country to another. 
B. Possible trends in 1983 
1. Prospect of a slow recovery in  growth 
The recovery noted at the end of 1982 has continued so far  this year although 
industrial  output  does not yet  fully  reflect  the improvement  in business 
confidence since  November  1982. Growth  should gather  momentum  gradually, 
to reach an annual rate of 0.9% in the  last quarter. The  improvement  is 
expected to  come from a slow pick-up in private consumption coupled with 
vigorous restocking in the  first half of the year and from a  modest  revival 
in investment towards the end of the year. On the other  hand, the sluggish 
growth in the  volume  of world trade forecast for 1983 is  likely  to 
make only a marginal contribution to the recovery in  activity  in the  Community, 
although it  will probably gather pace at the end of the year. Overall, 
and assuming a continuation of current trends, the  growth  in the  volume 
of Community  GDP should be of the order of 0.5% in 1983. The  situation 
will probably  differ  quite markedly  between  countries. While the  revival' 
in activity  is expected to  become  firmly  established in the countries that 
are already well on the way to completing the adjustment process, a  number  of 
countries  will continue to encounter  major  difficulties  on the balance-of-
payments  and inflation  fronts and  will be forced to press  ahead with their 
stabilization  efforts. 

- 3 -
Inflation  will probably continue to  fall in the  Community  as a whole. 
The average increase in  consumer  prices  is expected to be of the order 
of 6.4%, the lowest  figure  recorded  since 1976, lower in  fact than the 
average for the years 1968-75. The  slowdown  in price rises  will probably 
be a general one in the  Community  and inflation  differentials  are expected 
to start narrowing, with the  inflation  rate falling  significantly  below 
10% in all  Member  States,  except  Italy,  Ireland  and Greece. 
Although representing an  improvement  over 1982, the slow recovery in 
economic  activity  during 1983  will not permit any  real progress on  employment. 
In fact, unemployment  will probably continue to  rise in 1983,  albeit  less 
rapidly  than in 1982. Taking the average for the year, the  number  of 
jobless  expressed as a proportion of the labour  force could climb to nearly 
11% as against 9.8% in 1982, i.e. twice the  level recorded in 1979. In 
a later section,  this Communication  will take a  closer  look at the problem 
of unemployment,  particularly  youth unemployment. 
On the external  front,  the Community  will probably  manage  to consolidate 
the improvement  in its current account, a  deficit  of just over US$6 000 millirn 
(equivalent  to 0.2% of GDP) being expected in 1983. 
2. A still uncertain outlook 
The situation  in the  Community  itself  can be expected to improve in 1983, 
although  this will be a slow process that  will gain in strength only 
towards the end of the year. At  international  level,  however,  the outlook 
for growth is subject to  some uncertainty  that damages  the chances of a 
lasting turnaround in the  Community.  The factors  of uncertainty,  which are 
closely  interlinked,  are the  following: 
(i) World trade  will grow only little  in 1983, by 0.5% in  volume  terms, 
while it fell by 0.9% in 1982. Although imports  into the OECD area 
(excluding  the Community)  could expand  in 1983 by  more than 3% in  volume 
terms as a  result  of the  incipient  recovery in the United States and the' 
rise in the  dollar,  the fall in the oil  price affecting  the OPEC countries 
and the  financing  constraints  facing  the developing countries  will probably 
mean that the  volume  of imports-by these two groups of countries  will stay 
flat or actually  decline  in 1983. 

- 4 -
(ii) The fall in the  oil price following  the agreement  reached  within OPEC 
last March  should  help to bring down inflation,  improve  the pattern  of 
current  account  balances  at the world  level and provide  a moderate  but real 
boost to growth at just, the right  time. However,  this will happen  only 
if: 
- first, the path of the  dollar exchange-rate  does not cancel out the 
effects of this fall in the  oil price; 
- second,  the fall in real terms is not so  precipitous  as to  impose 
further strains  on international financial  and trading equilibrium. 
(iii) Despite  the progress  made, the  problem  of international  indebtedness 
persists;  unless  there is an  appreciable  and lasting  improvement  in 
growth in the  industrialized  economies,  stabilization  of exchange  rate 
relationships  and an  effective  fall in interest  rates - and  unless 
adjustment  policies  are correctly  andfirmly  pursued  - the  debt problem 
will probably  continue  to act as a  brake on any  improvement  in the 
international  economic  situation. 
(iv) The relationships  between  the main currencies  are expressed  by exchange 
rates which do not  adequately  reflect actual  economic  performances  and 
which are too  variable  and unpredictable;  they are a major factor of 
uncertainty  in international trading relations,  they exacerbate 
protectionist  pressures  and - because  they make economic  calculations 
more hazardous  - they increase  firms' hesitation  to commit  themselves. 
(v) Finally,  the problems  created  by the movement in  interest rates,  which 
largely depend  on developments  in the  United  States,  continue  despite 
the fact  that some progress  has been made. In the  present  situation, 
a substantial  fall in rates that is perceived  to be  lasting  is 
urgently  needed,  both in nominal  and real terms: 
- it would ease debt-servicing  problems  appreciably,  particularly  those 
of the most heavily-indebted  developing  countries; 
- it would assist  recovery  in a number of  industrialized  countries;  / 
- and it  would constitute  one of the  vital preconditions  for an  upturn 
in investment  - a key  element  in sustained  recovery. 

- 5 -
However,  the downward  movement  in interest  rates observed in 1982 has 
not continued in the Last few  months. 
Further,  the possible trend in 1983 is not without  risks.  The failure  to 
solve the Federal  budget  problem  in the United States is helping to  keep 
interest  rates high and is feeding expectations as to  their future  level. 
What is more, if the upturn in the United States  economy  continues, the 
combined  impact  of the private sector's loan  demand  and public sector 
borrowing  needs  may well lead,  assuming  an unchanged  monetary  policy,  to 
further upward  pressures on  interest  rates. 
C. The outlook for 1984 
Although it now  appears  that the gradual upturn in the  economy  may continue 
into 1984, this is by no  means  certain.  Where  the international  environment 
is concerned,  such continuation  will depend  on: 
- a more rapid growth  of world trade,  prompted  by an improved  business 
situation  in the  industrialized  countries; 
- a normal  and control  léd development  of international  indebtedness,  which must be 
reduced  to more manageable  proportions for the developing countries through 
a steady and stable upturn in world trade; 
- a genuine  improvement  in the  stability  and predictability  of exchange 
rates and a further  fall in real interest  rates. 
All in all, and if these  assumptions  are fulfilled,  GDP could increase by 
about 1.6% in the  Community  in 1984, although there  would  be fairly.wide 
differences  between  one country and another: the acceleration in  growth' 
in the Federal Republic of  Germany  and the United  Kingdom  for example  could 
well be more pronounced  than in the rest of the  Community.  A moderate 
upturn may thus  become  established, helped by the  growth  of private 
consumption,  investment and exports. 

- 6 -
Inflation  should continue to slow  down,  giving an annual rate of  consumer 
price increase of  less than 6% on average,  practically  the lowest rate 
since 1969. As a  result,  it should be possible to ease the  restrictive 
stance of current  monetary  and budgetary  policies  little  by little  and 
to bolster, gradually and in a healthy way, the upturn in consumption in 
the Community. 
As in 1983, the continued  economic  recovery in 1984 that can be forecast 
today will bring only a  moderate  slowdown  in the  rise in unemployment, 
with the rate for the  Community  as a whole  Likely  to exceed 11.5% on an 
annual average.  However,  the change  in the trend of  unemployment  notod 
in 1983 may be maintained in 1984. 
This moderate  upturn in  growth  should also lead to a further  improvement 
in the balance of  payments  on current account, with the 1984  deficit 
being reduced to 2 500  million  ECU (i.e. 0.1% of GDP), thanks notably 
to a slight  improvement  in the  terms of trade. 
Ill. Guidelines 
Overall,  both the forecasts for 1983 and the  first tentative prediction 
for 1984 tend to confirm the beginnings of a gradual recovery in the 
Community.  However,  this recovery remains precarious,largely  because 
of external factors linked in substantial  measure  to trends in the 
United States  economy.  These  uncertainties should induce the  Community 
to use all the  means  at its disposal to consolidate its own  incipient 
recovery in order to  make it permanent  and to participate in the gradual 
establishment of a  more stable and  more predictable international 
economic  environment - an important factor in maintaining free trade and-
combating protectionism,  which are, for it,  major objectives. 
The Commission  considers that,  under these conditions, the  five priorities 
which it suggested to the  European  Council Last  March - priorities  which 
are also  largely  reflected  in the conclusions of the recent Williamsburg 
Summit - still represent the  Community's  best chance  of consolidating 
recovery. In addition to these  priorities,  it should be stressed that, 
in the current  situation,  efforts  to strengthen the EMS,  combined  with 
measures  to achieve a Lasting  improvement  in convergence of  economic 
performance within the  Community,  would provide a demonstration of  Community 
cohesion  which would be economically highly appropriate and  politically 
meaningful. 

- 7 -
Apart from  what has been said on energy,  where the prime concern  must be to prevent 
the fall in prices from  resulting  in a dangerous  weakening  of adjustment  effort, 
and on international  indebtedness,  where  joint action  must be pursued and 
strengthened and public and private  financial  flows maintained at an 
adequate  level,  three points  call for particular  attention: 
A. In the budgetary area,  priority  must continue to be given to  measures 
that will increase confidence in the capacity of  governments  to control 
their budgets and to use  them to assist  the recovery. 
Controlling  public expenditure, gradually reducing its share in GDP and 
cutting  deficits  must therefore remain the  main focus. Simultaneously, 
there must be effective  restructuring of public expenditure in favour of 
measures  to promote  economic  growth. 
Lastly,  in those countries which  have maintained, or regained, control 
over their public finances, use of the budget to influence the  economic 
trend remains a possible  component  of economic  policy;  this may take the 
form of: 
- either  allowing the  built-in  stabilizers  to operate if developments 
indicated  a new slowdown  in activity; 
- or preventing any premature automatic contraction in  deficits  if the 
recovery is not  sufficiently  marked; 
- or even considering the  possiblity  of autonomous,  moderate  budgetary 
action consistent with the  medium-term  guidelines set out  above  (i.e. 
consistent  with the aim of reducing  structural  deficits),  if the 
improvement  in the  economy  should prove  clearly  insufficient  or too 
slow in materializing. 
B. In the  monetary  area, subject to  international  developments, the 
policies  pursued in the countries which  have already obtained favourable 
results  on prices and the balance of  payments  must continue to be geared 
first and foremost to achieving a gradual and credible reduction in  interest 
rates. Conversely, in those countries which  have  still to carry out an 
adjustment of  their economies,  monetary  policy  must leave no doubt as 
to the determination of  governments  to tackle  inflation  and external 
imbalances. 

- 8 -
C. Lastly,  (and this is the area in  which the handicap  is perhaps  greatest) 
the Community  must get ready  to help  ensure  that the conclusions on  international  
monetary  matters reached at the Williamsburg  Summit  are given  practical 
effect. 
*It must continue to  work with its partners for the implementation of the 
measures  needed  to bring  about a lasting  fall in interest  rates. This 
result can be achieved only if all  concerned  (the United States,  Japan and 
the Community)  recognize the decisive benefits  which the world  economy 
would derive at present  from lower interest  rates and if all  concerned 
contribute  to ensuring that the relevant  measures  are taken. 
*Parallel  to this, the Community  must give priority  to joint action to 
stabilize  exchange  rate relationships,  since, if there is to be a recovery 
in economic  activity  and in  international  trade, there  must be a 
sufficiently  stable and predictable  economic  and monetary  environment  and 
one which  is sufficiently  consistent with  economic  fundamentals.  In this 
respect,  the Community  will have to determine  and put across its  position 
in the work which it was recently decided  would  be carried  out on improving 
the international  monetary  system. 
IV. Particular  aspects of the  unemployment  problem 
At the end of  April 1983, the  total number  of unemployed  in the  Community 
was nearly 12  million:  in 1979, it was only 6  million.  The unemployment 
rate may well  average  some 10.9% of the labour force in 1983 as against 
9.8% in 1982. 
Thus, despite a  fall in the absolute  number  of unemployed  throughout  the 
Community  in March and ApHl 1983 and despite signs of  some slowdown  in 
its growth,  unemployment  is on a continued  upward  trend in the  Community  and 
remains  by far the greatest  problem  facing the  European  economies. 
The Commission  would draw the attention of the  European  Council to the  need 
to take specific  measures  that have a rapid and  direct  effect  on employment 
while underpinning the  economic  recovery. The  Commission  would in particular 
emphasize  the following two questions: 

- 9 -
A. Youth unemployment 
The most worrying  aspect  of the  unemployment  problem  is without  any doubt 
youth unemployment:  the jobless  under  25 now  account  for more than 40% of 
total unemployment,  and in  most of the Member  States the  unemployment  rate 
among young people  under  25 is between  25% and 35%.  Moreover,  the average 
length of  unemployment  amongst  the young  is tending to increase steadily: 
more than 1.5 million  young people  under  the age of 25 in the  Community 
have now been unemployed  for more than one year. 
This problem  is tending to  become  particularly  serious, not only in  economic 
terms, but also in  political  and social  terms.  In a recent  communication 
which has already  been the subject of  initial  discussions at  Community  level, 
the Commission  urged the need to initiate  measures,  covering several years, 
to create  permanent  jobs for  young people,  combining  a range  of measures  in 
several  areas such as assistance with setting up businesses, recruitment 
premiums,  measures  to improve  vocational  training,  the reduction and 
reorganization of  working  time and direct job creation in the public sector. 
National efforts in  these areas were to be supplemented  by additional-
Community  resources  from the Social  Fund,  with a larger  share  of Fund 
expenditure  to go on the  young. 
B. Reduction  and reorganization of  working  time 
The Community  countries are turning increasingly to the reduction and 
reorganization of  working  time as a means  of maintaining or increasing 
jobs, whether  through  general  measures,  as is the  case in Belgium,  France, 
Italy and the  Netherlands,  or through  sectoral  measures  in other  Member 
States. 
Since the  problems  involved are largely similar in nature, the  adoption  of 
a Community  framework  and of  Community  principles  would certainly help to 
prevent  national  measures  from adversely affecting the  common  market  and  
would encourage  the harmonious  development  of working  conditions within 
the Community.  The Commission  would  point out that it  presented  a set of 
guidelines on the reduction and reorganization of  working  time in its 
memorandum  of December  1982, in which it also  undertook  to lay proposals 
before the Council after consultations with the two sides of industry. 

MAIM KOHOHIC  INDICATORS  90S TUB  EUROPEAN  COHXimm.  UNITED  STATES  AND  JAP  AM \ 
TABU  3 :  MHBER  OP  UNEMPLOYED  AS  PERCENTAGE  OF  WORKING 
POPULATION  (EC, USA,  JAP  All, 1370-138*3 TABLE  0 t  BALANCE  OH  CURRENT ACCOUNT  (PER  CENT  01 CUP, 
EC, USA,  JAPAN,  1970-1380) 
i ! 1370 
1 1 -1373 1380 1381 1382 1983 1380 
1 1 1373 
19 1 5.0 8.7 3.0 11.6 12.7 10. o' 15.3 
U 1 3.3 5.3 6.1 8.3 3.7 10.5 10.8 
\0 1 2.5 3.0 3.0 0.8 6.6 8.7 3.1 
ICk | - (2.2) (2.8) (3.1) (6.1) (7.3) (7.5) 
\f \ 3.3 6.0 6.0 7.8 8.7 3.1 10.1 
IHi 7.1 7.0 8.3 10.5 12.0 15.3 16.7 
li 1 S.6 7.5 8.0 8.8 12.0 12.6 13.0 
li 1 .2 .7 .7 1.0 1.2 1.8 2.0 
|4i 1 3.0 0.1 0.7 7.2 13.1 15.0 17.3 
[UK I o.O 5.0 6.0 3.8 11.2 12.2 12.7 
liT 1 3.a 5.3 5.3 8.3 3.8 10.3 11.5 
iUSA b.2 6.0 5.6 7.6 3.7 10.5 10.2 
UAP 1.7 2.2 2.1 2.2 2.0 2.7 2.8 1370 
-1373 1380 1381 1382 1383. 1380 
1373 
B .0 -2.7 -0.7 -5.0 •3.8 -2.3 -2.0 
DK -2.3 -0.7 -3.7 -3.1 -0.2 -2.7 -1.5 
D .3 -.6 -1.3 -1.1 .0" 1.0 .3 
CR -2.8 -2.3 -.3 -.2 -3.8 -3.3 -3.2 
F -.3 .0 -1.0 -1.0 -2.3 -2.0 -1.0 
IkL -0.2 -11.2 •10.0 -13.7 -8.2 -3.0 -1.5 
I -.2 1.7 -2.0 -2.3 -1.6 -.6 -.7 
L 22.5 28.3 22.6 31.1 33.5 38.6 . 38.1 
NL 1.3 -1.1 -1.5 2.0 2.7 3.2 0.2 
UK -.3 .0 1.6 2.0 1.5 .2 
EC -.1 -.0 -1.3 -.6 -.6 -.2 -.1 
USA .1 -.1 .3 .1 -.3 -.8 -1.0 
JAP .8 -.8 -1.0 .5 .3 .0 .5 
TABLE  5 1  CFnEKAL  COVtKhVtEKT  LENDING  OK  bORROWING 
AS PanCUiTAGB  OF GDP (EC, 1370-130^ \TARLE  6 :  HONEY SUPPLY  V2/.V3  (PtRCEUTACE C8A&CE  ki END Oi  YEAa 
! ON  TVELVE  MONTHS  EARLIER.  EC, USA,  JAPAN,  1370-1380) 
1 1 
1 1 
1 1 1370 
1 1*79 1373 1380 1381 1382 1383 1380 
Id 1 \ -..2 -6.3 -3.0 -13.3 -12.7 -11.7 -12.1 
iux ! .0 -3.1 -5.3 -7.1 -6.3 -3.5 •8.3 
\.i i i -l.S -3.0 -3.5 -o.O -3.3 -3.8 .-3.1 
Via 1 -».•• -0.8 -5.0 -10.2 -6.0 -6.5 -6.S 
if 1 t - .o -.8 .5 -1.5 -°.7 -3.5 
jiA'i  j i -<i.5 -11.3 -12.8 -15.0 -15.8 -13.2 •11.2 
li j i -b .6 -3.5 -8.0 •11.3 -11.3 -11.3 -12.3 
li 1 • 1 -1.8 -.7 -1.0 -3.0 -1.3 
Mi 1 -;.3 -2.0 -3.0 -0.6 -6.0 -6.8 -6.7 
\Ui 1 -3.2 -3.3 -3.5 . '-2.1 -1.7 -2.2 -1.3 
\tC 1 -i.i -3.6 - 3.5' -5.2 -5.3 -5.0 • -5.0 1970 
-1373 1380 1381 1382 1363 1380 
1973 
b 10.3 6.0 2.7 6.6 5.7 i.i 5.8 
UK • h.o 3.3 10.3 3.6 11.1 7.5 «.u 
D 1C.1 6.C 6.2 S.O 7.1 7.0 ' *v 
GR 23.3 18.0 20.7 30.3 23.1 26.7 22. i 
F 15.0 10.0 3.7 li.o li.5 8.5 7.0 
InL 18.2 13.0- 16.3 17.0 12. i 16.6 ii.b 
I 13.6 20.3 12. C 16.0 17.3 16.2 Is.3 
L - - - - - - -
NL 11.6 7.6. 3.6 5.2 8.7 5.5 
UK 13.6 12..7 18.6 10.6 3.3 lw.0 6.6 
EC 13.3 11.3 10.5 10.8 10.3 3.3 3.6 
USA 3.5 8.2 3.0 10.0 3.2 - -JAP 16.3 3.1 7.2 8.7 7.0 - -| 1370 
| -1373 1383 1381 1982 1383 1380 
1 1373 
J i 3.2 2.0 3.0 •l.S -.2 -.7 .3 
M 1 2.6 3.7 -1.1 .1 3.0 1." 1.1 
I I 2.3 0.1 1.3 .2 -1.0 .6 2.3 
on I 0.8 3.7 1.6 -.7 .0 .a 2.0 
/ 1 3.6 3.2 1.3 .2 1.8 -.8 .1 
IKL 1 O.H 2.5 2.6 1.1 1.5 .5 1.3 
t 1 3.2 0.3 3.3 -.2 -.3 .1 2.2 
i l 3.1 o.o 1.7 -1.8 -1.6 -l.o -1.6 
»i I 3.6 2.1 .3 -1.2 -1.6 -.0 .5 
IM I 2.2 1.6 -2.0 -2.0 1.0 2.o 2.1 
SC I 3.1 3.3 1.3 -.0 .3 .5 1.6 
USA | 2.3 2.0 -.3 2.3 -2.2 2.0 3.6 
JAP i 6.3 5.1 0.0 3.2 2.3' 3.3 3.2 1970 - 1373 1980 1981 1383 1980 
1379 
B 6.7 3.8 7.0 8.9 *.< 6.7 5.0 
DK 3.8 10.2 11.2 11.8 9.8 6.* 5.3 
D 5.1 0.2 5.0 5.6 5.3 3.0 3.2 
CR 11.5 17.5 22.2 20.0 21.9 21.5 19.7 
£ 8.6 10.6 13<3 12.3 10.9 3.6 7.0 
IRL 12.8 10.2 17.6 19.5 17.1 10.8 7.8 
I 13.1 15.0 20.3 19.0 16.* 10.9 12.5 
L 6.3 5.8 7.7 7.7 10.0 8.8 9.3 
NL 7.5 0.0 6.7 6.2 5.7 2.7 3.0 
UK 12.3 13.2 16.0 11.0 9.1 6.2 6.5 
EC 3.1 8.3 11.2 10.1 8.8 6.0 5.7 
USA 6.1 3.0 10.5 8.9 5.7 0.3 5.0 
JAP 7.7 3.5 7.0 0.5 2.9 1.7 1.6 tins  1 !  GROSS DOMESTIC PRODUCT (PERCENTAGE CHANGE  AT  COilSTAHT 
PRICES  ON  PRECEDING TEAR.  EC. USA.  JAPAN,  1970-1980) [TABLE  2 i  DEFLATOR  Of  PRIVATE  C0KSUHPTI08  (PSRSENTACS CHOSE  ON 
I PRECEDING YEAR,  EC, USA,  JAPAN,  1370-1980)