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Key facts on 1995
1995 - GDP growth 2½%, slight slowdown from 1994. Service sector growing well, but construction and manufacturing growth very hesitant. Some slight prospects of housing market recovery at the start of the year, but not a lot!! By the end of the year average prices had fallen very slightly. Still significant levels of `negative equity'.
Unemployment falling steadily - just over 8% of the workforce.
Retail sales still flat, with `feel-good factor' still eluding UK consumers, but consumer credit starting to grow.
Inflation staying low at just over 3%, but has picked up slightly since '94. However, earnings growth stayed low at just over 4%.
Balance of payments still healthy with deficit of approximately ½% of GDP.
PSBR falling but still running at nearly 4½% of GDP. Tax rises in previous budgets beginning to yield higher tax revenues, but still nowhere near the Maastricht 3% criteria.
Interest rate stayed stable at around 6½% for much of the year.
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