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The average unit value ratio for the industry was obtained by weighting the unit values by the corresponding quantity weights for one of the two countries: [MATHEMATICAL EXPRESSION OMITTED] at quantity weights of country X, and: [MATHEMATICAL EXPRESSION OMITTED] at quantity weights of country U (here, the United States), where i=1.
This implies that in 1987 the price level of TABULAR DATA OMITTED manufacturing output in Britain (the unit value ratio compared to the exchange rate) was some 16 per cent above that of the United States in 1987.
An average unit value ratio for all products of the industry, for which information is reported in the census, can then be derived using either of the following two formulas: [NOTE: THIS FORMULA HAS BEEN OMITTED] where Q refers to the physical quantity of matched product i and G and U refer to Germany and the UK, respectively.