Word: output
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...most recent example of statistics gone awry involved the gross national product, the broad measure of the country's output of goods and services. On April 26 the Commerce Department announced that the GNP grew at a moderate annual rate of 2.3% in the first quarter of 1988. Experts interpreted the figure as proof that the economy was running smoothly. A month later, Government statisticians boosted first-quarter GNP growth to 3.9%, a change of nearly 70%. Suddenly, investors had reason to fear that the economy was overheating and that inflation was in danger of accelerating...
...disappointment with what I tasted; there were too many standard-quality, bland wines." Parker is concerned that Australia may be endangering future excellence for the sake of today's potential profits. A relatively small group of medium- and large-size firms accounts for some 90% of Australia's wine output. Until this year, many of the independent growers who supply such major Down Under producers as Penfolds, Seppelt and Lindeman's were rooting out Shiraz (even though it makes some of the country's most distinctive wines) and replanting with the more fashionable Cabernet Sauvignon...
Panama's short-term ability to get by may be only forestalling severe economic setbacks. Orville Goodin, Panama's Finance Minister, predicted last week that the country's output of goods and services will shrink 20% in 1988 from last year's level. Tourism, which in 1987 brought in $187 million, is practically moribund...
...rising more than $3.50 per bbl. during the previous two months, to a peak of almost $19 before the gathering. But after conferring for six days last week, the ministers were still struggling to forge an agreement that would prop up prices by throttling back the world's oil output...
...meeting was motivated by the long, grinding decline in oil prices that has strapped petroleum-rich countries the world over. A decade ago, when OPEC controlled the bulk of oil output, the group could boost prices at whim. But as OPEC's share of the world's oil market has dwindled, from 56% in 1973 to 33% today, so has the group's control over prices. OPEC has tried to persuade its increasingly productive rivals to limit their output, but they have nonetheless pumped freely and helped swamp the market. They hitherto saw no reason to cooperate with OPEC, since...