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Recent declines in manufacturing growth, contrasted with the rise in service sector growth, has led to the view that the UK is suffering from a two-speed economy. Ian Black of St. Albans School examines the evidence.
Summary of Key Points
* Manufacturing output has consistently grown at a much lower rate than service sector output in recent years.
* The high exchange rate and the international recession account for the decline in manufacturing output over the past eighteen months.
* The service sector is much less dependent on international trade, and therefore tends to mirror the performance of the domestic economy.
* The recent serious declines in agricultural output might suggest a three speed economy.
* A strong manufacturing sector is important for UK productivity and overall economic growth.
PDF format: 5 A4 pages. First published in Economics Today magazine November 2002.
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