Chart 9 OECD measure of UK output gap Output gap as percentage of potential output 4 Real-time estimate  3  Latest estimate  2 1 0 -1 -2 -3 -4 -5  1991  1993  1995  1997  1999  2001  2003  2005  2007  *: Positive numbers indicate above-potential levels of GDP. Source: OECD  BIS central bankers’ speeches  11  The combined impact of data revisions and reassessments of the trend in underlying capacity can be seen in the way estimates of the “output gap” change over time. Chart 9 shows how the OECD’s estimate of the UK output gap has changed over the 1990s and in the 2000s prior to the recession. In general, the revisions have indicated that there was much less spare capacity in the economy than originally thought. The persistent “output gap” of spare capacity which was believed to exist in the mid-1990s has been revised away. And the OECD’s current estimate is that the UK economy was operating much further above capacity before the recession than thought at the time. These difficulties in measuring or estimating the margin of spare capacity can be remedied to some extent by looking at direct measures of spare capacity in firms from business surveys and indicators of labour market slack from employment data.
Michael Gondwe: Enhancing access to financial services in Zambia Speech by Dr Michael Gondwe, Governor of the Bank of Zambia, at the launch of the Mpongwe branch of the National Savings and Credit Bank Zambia Limited (NATSAVE), Mpongwe, 28 June 2013. *  *  *  The Copperbelt Province Minister, Hon Mwenya Musenge, MP The Mpongwe Area Member of Parliament and Deputy Minister of Foreign Affairs, Hon Gabriel Namulambe, MP; The Copperbelt Province Permanent Secretary, Mr Stanford Msichili; The Permanent Secretary, Ministry of Agriculture, Dr Shamulenge; The Permanent Secretary Ministry of Agriculture, Mr Siazongo Siakalenge; Your Royal Highnesses the Chiefs Present; The Mpongwe District Commissioner; The NATSAVE Chairman of the Board, Dr Chiselebwe Ngandwe; The NATSAVE Managing Director, Mr Cephas Chabu; Distinguished NATSAVE Customers; Management and Staff of NATSAVE; Colleagues from Bank of Zambia; Members of the Press; Distinguished Guests; Ladies and Gentlemen. It is my honour and privilege to officiate at this very important launch of the National Savings and Credit Bank (NATSAVE), Mpongwe Branch. Let me begin by thanking the Board of Directors and Management of NATSAVE for inviting me to this momentous occasion, which marks the official opening of the Mpongwe Branch which is the first ever bank branch in this economically vibrant district. I commend the Board and Management of NATSAVE for the effort in opening this branch which will go a long way in supporting the Bank of Zambia’s strategic objective of increasing financial inclusion.