So, for example, on the basis of conventional GDP, UK output is still 3% below the peak it hit at the beginning of 2008 (making this, as Stephanie and I have said many times, the longest depression in a technical sense for at least 100 years).

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Labor-saving inventions, technology, business processes, and trade all increase productivity output per hour worked and form the basis for higher wages as well as higher profits and the basis for our growing standard of living.

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The output specification is the document on which the private sector will base its tender but is also the basis for the technical specification in the final contract document.

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