1
Press Release
(embargoed until 4 p.m. on 24 November 1989)
Economic Situation in the Third Quarter of 1989
and Updated Forecasts of GDP and Prices for 1989
The pace of economic growth continued
to decelerate in the third quarter of 1989, due
to a marked slow-down in both external trade and
domestic demand. The repercussions of the
events in China in early June reinforced the
cyclical downturn of the economy. However,
indicative of continuing constraints on capacity
during the third quarter, the labour market
remained generally tight, and the rate of
inflation was still high.
2.
An analysis of developments in the
third quarter of this year is given in the Third
Quarter Economic Report 1989 published today.
3.
The Government Economist said that on
the basis of the most up-to-date information
available, a further review had been made of the
forecasts of the gross domestic product (GDP)
and of price trends for 1989.