12
Раймок раб
:R 2528
PRIORITY
EN CLAIR
Origin?! 2*: HISK.100/2
This Copy fo Information only | At Para(5)
HIK 102/1
FM HONG KONG 0210002
UNCLASSIFIED
TO PRIORITY F C O TELNO 214 OF 2 MARCH
REGULLOS IN
RS
2 u Ark 1977
HAK 12/1
INFO PRIORITY HONG KONG GOVERNMENT OFFICE LONDON, WASHINGTON (FOR
HERMANN), BRUSSELS (FOR BURGESS) AND GENEVA (FOR PEARSON).
THE FINANCIAL SECRETARY, IN MOVING THE APPROPRIATION BILL FOR 1977 IN LEGISLATIVE COUNCIL THIS AFTERNOON, MADE THE FOLLOWING
POINTS:
PART 1: PRESENT ECONOMIC POSITION
1. THE FOUR YEARS 1973 TO 1976 SPAN A CLEARLY DEFINED CYCLE OF ACTIVITY. REAL GROSS DOMESTIC PRODUCT (1966 PRICES) GREW BY 23% FROM 1973 TO 1976, ALTHOUGH THE GROWTH RATE IN INDIVIDUAL YEARS VARIED FROM 14% IN 1973, TO BETWEEN 27 AND 3% IN 1974 AND 1975, TO AN ESTIMATED 16% IN 1976.
2. THE RECESSION IN HONG KONG WAS RELATIVELY SHORT LIVED, COMPETIT-.
IVENESS WAS RESTORED AND THIS CONTRIBUTED TO THE 43% INCREASE ACHIEVED IN THE VALUE OF EXPORTS IN 1976, TO THE REDUCTION OF UNEMPLOYMENT TO ITS FULL EMPLOYMENT LEVEL OF AROUND 4 1/2% AND TO THE INCREASE IN NOMINAL WAGE RATES BY 16% IN THE YEAR ENDING
SEPTEMBER 1976.
3. THE PRELIMINARY ESTIMATE OF G.D.P. FOR 1976 AT CURRENT MARKET
PRICES IS DOLLLARS 47.1 BILLION WHICH IS 26% HIGHER THAN THE PROVISIONAL ESTIMATE FOR 1975 OF DOLLARS 37.4 BILLION.
1
THE PRELIMINARY ESTIMATE OF REAL G.D.P. FOR 1976 IS DOLLARS 23.6 BILLION (+16%)
/PART 11: THE