Word: outputted
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...present, "old" oil-crude pumped in amounts equal to what was produced in 1972-accounts for two-thirds of domestic output and is price-controlled at $5.25 per bbl. "New" oil is uncontrolled and sells for about $14 per bbl. Thus the average price of all U.S.-produced oil is roughly $8.75. Under the proposed law, that average price would be rolled back immediately to $7.66 per bbl. and thereafter allowed to rise by 10% a year...
GERMANY, Western Europe's most influential economy, seems to be caught in a web of indecision. Despite some signs of recovery in recent months, the nation this year will suffer its steepest decline in output, about 3%, since the founding of the Federal Republic after World War II. The forecast for next year calls for real growth in G.N.P. of about 4%. But the upturn is beginning from such a low base-German industry today is operating at only 75% of capacity -that even with that relatively healthy advance the economy will be operating well below optimum levels...
FRANCE has moved ahead of all its Common Market neighbors in its antirecession efforts. Its actions follow a year-and-a-half battle to curb inflation. By September, however, it was obvious that the nation's output would show a decline of more than 2% this year. At that point, President Giscard ordered almost $7 billion pumped into the economy in the form of investment subsidies, corporate tax breaks and public works programs. As a result, France should have the most vigorous recovery in Europe next year...
ITALY, which only last year seemed to be on the brink of collapse, is haltingly making its way back. Its output this year will probably show a decline of 3%. Industrial production is running 10% or more below a year ago, and the country's factories are operating at less than 70% of capacity. Unemployment now stands at 1.1 million and could go as high as 1.7 million next year. That is the price the country has had to pay to get down its ruinous rate of inflation -which has fallen from 24% last year to 9.8% in September...
JAPAN is on the road back to prosperity, though no one would think so after listening to the hand-wringing comments of its government and business leaders. Prime Minister Miki laments that "never before have we experienced so complex and difficult an economic situation as this one." Nonetheless, output is expected to rise 2.2% this year and 5.7% in 1976. That follows Japan's first genuine postwar recession, which was brought on by a government clampdown on demand and credit last year after the explosion in world oil prices sent Japanese inflation soaring to a frightening annual rate...