Word: outputted
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...national tax administration estimates that total outlay for company entertainment during the past fiscal year was $13.3 billion, up 11.2% from the previous year. While the Japanese defense budget is .9% of the country's G.N.P., corporate wining and dining accounts for 1.2% of total national output. Japanese tax law even permits smaller companies to write off more entertainment than large ones, on the grounds that fledgling firms have more need to grease the corporate skids...
...income, rather than the anemic 4.7% reported earlier. Observed Courtenay Slater, chief economist of the Commerce Department: "The notion that people are dipping into savings to sustain consumption is probably slightly exaggerated." The new figures also gave a somewhat brighter picture of the nation's lagging productivity. Real output per hour worked grew at an average annual rate of 3.2% between 1969 and 1979, instead of the 2.9% previously estimated...
...campaign to restore Britain's economic vigor through a tough policy of controlling the growth of money. Though the British G.N.P. declined by 5.5% in 1980, Economist Samuel Brittan of the Financial Times of London expects four more quarters of recession and another 1% drop in national output in 1981. Unemployment, which is currently 8.7%, Britain's highest since the Great Depression, may hit 11.5% by year's end. Says Brittan: "We have been carrying millions of unemployed on the books of firms up until recently. Now they are being transferred to the unemployment rolls." He predicts...
...prices during 1981 beyond those following the OPEC meeting in Bali two weeks ago. Though the Persian Gulf war knocked out 2.9 million bbl. per day from Iran and Iraq, according to Chevalier's figures, other OPEC members, including Saudi Arabia, Kuwait and the United Arab Emirates, increased output to ease the shortfall. Oil importers are also being helped by increased production in Mexico, the North Sea and other non-OPEC areas. Moreover, conservation and slow growth reduced oil demand by about 2 million bbl. per day over the past year...
Chevalier, however, fears that any petroleum price relief may well be temporary. He agrees with reports by the CIA and others that oil output in the Soviet Union, the world's largest producer, is peaking. Until now, the Soviets, who pump more than 11 million bbl. per day, have been able to satisfy their own needs and those of their Communist allies. But the antiquated condition of Soviet drilling equipment, a situation that has been made worse by the U.S. embargo on high-technology exports to the Soviet Union, has delayed the development of new oil deposits...