ECSC financial report 1984

Abstract

As in the rest of the world, the recovery of economic growth in the Community, which had started in 1983, continued in 1984. Gross domestic produce grew by 2,2 % as against 1,0 % the previous year. The index of industrial output rose to 116,5 from 113,8 in 1983.2 Despite the strikes in the British coal industry and the German metal in-dustry, all the Community countries shared in the recovery, which con-cerned the production of both consumer goods (118,5 as against 115,8) and capital goods (111 ,5 as against 1 08,4). Employment appeared to level off after falling in 1983, but with the supply of labour continuing to expand, unemployment rose to 12% of the working population. The increase in consumer prices slackened fur-ther, dropping on average from 7,6 % in 1983 to 6,3 % in 1984. On the whole, foreign trade grew substantially with the increase in US imports providing a strong stimulus.