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Summary [October 1975]

Bell, David N. F. and McGilvray, James W. and Oswald, Andrew J. and Simpson, David R. F. (1975) Summary [October 1975]. Quarterly Economic Commentary, 1 (2). pp. 1-2. ISSN 0306-7866

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This brief paper summarises world, UK and Scottish economic conditions in the quarter to October 1975. The downward trend in production in the industrialised countries which took effect from about the middle of 1974 appears to have continued throughout the first half of 1975. While Japan experienced a slight rise in industrial production in the second quarter of this year, a general recovery of world trade appears to be waiting for unmistakable signs of recovery in economic activity in the United States. Evidence from the United States is conflicting, and therefore it seems unlikely that output in the industrialised countries will increase before the end of the year. These uncertainties may postpone recovery in the United Kingdom.