Trends in international trade

The emergence, in phase, of the major industrial countries from the recession of 1971–72 into the exceptionally strong investment and production boom of 1973, was reflected in an unprecedentedly large rise in the estimated volume of world output (excluding services), which went up by 8 per cent. This figure compares with one of 5 per cent in the preceding year and an annual average growth of 5.5 per cent from 1961 to 1971. Following a decline of about 1 per cent in 1972, world agricultural output advanced by 4 or 5 per cent.


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