The period covered by this Economic Report witnessed some highly significant changes in the economy of the Republic. Basically, the country moved, after some three years of rapid but relatively stable growth, into a period where real growth was still very substantial, but was accompanied to an increasing extent by inflationary pressures and strain on the balance of payments.These developments, and the counter-measures that were taken, are described and analysed in some detail in the accompanying pages, and will serve as the background to my remarks at the Bank's Annual General Meeting to be held on 24th August.