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expenditure is now growing. And it will continue to
grow unabated in the forecast years 1979-80 to 1981-82
since we have taken on open-ended commitments in certain
areas.
1978-79 Draft Estimates
(a)
6.
Overall
Next year's budget will look like this:
Revenue:
Recurrent
Capital
Expenditure:
Recurrent
Capital
Surplus on recurrent account
Deficit on capital account
Overall deficit
$M
$M
8,770(+11)
1,160(-3) 9,930(+9)
7,330(+18)
2,920(+54)
10,250(+26)
1,440
1,760
320
7.
Note: Figures in brackets are the percentage
changes on the projections for 1977-78
shown in paragraph 2 above.
I cannot yet evaluate these figures in terms of the
relative size of the public sector (the GDP forecast for
1978 willnot be finished for at least another ten days) or
the load on the construction industry or the real growth
rate of public expenditure (let alone in terms of their
monetary impact). In money terms, they provide for an
/ increase
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