Abstract
The UK economy entered 1992 having experienced one of the largest falls in the volume of domestically produced output during a single calendar year in the post-war period, with output likely to have fallen by close to 2.5 per cent in 1991. However the pace of the decline has begun to moderate in recent months, with activity in the second half of the year around 2 per cent lower than a year earlier. With oil production having recovered since the summer, it seems likely that onshore activity declined for the sixth successive quarter in the final three months of 1991.
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