22.
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Public sector expenditure overall declined by 2% in real terms in 1984 (5).
23.
Overall the GDP thus grew by 9.6% in real terms, representing a significant improvement over 5.1% in 1983 (6).
24.
Reflecting the continued rapid expansion in exports and the resulting accelerated growth rate of the economy, both the unemployment rate and the underemployment rate stayed at low levels and earnings in most sectors increased in real terms. In the fourth quarter the seasonally adjusted unemployment rate stood at 3.8% and the underemployment rate at 0.8%, which represent close to full employment in Hong Kong (7). Output per employed person rose by 6.7%.
25.
The rate of inflation (as measured by the Consumer Price Index (A)) fell steadily from a year-on-year rate of 12.4% in January to 4.6% in December. The average for 1984 as a whole was 8.1% (8), compared with 9.9% recorded in 1983. One of the major contributory factors was the stability of the Hong Kong dollar in terms of the US dollar under the linked exchange rate system, and a consequent strengthening against all other major currencies during the year (9). Despite the background of uncertainty about Hong Kong's future and volatile conditions in world foreign exchange markets during a large part of 1984, the Hong Kong dollar in terms of the trade-weighted index strengthened by 11%
11% during the year. It has continued to strengthen so far this year.
(5) In national account, not Consolidated Account, terms.
(6)
(7)
The growth rate for 1984 is a preliminary estimate, while that for 1983 is provisional.
Full employment here is effectively represented by an unemployment rate of about 3 1/2%.
(8) 1984 E.B. paragraph 6.1.
(9) 1984 E.B. paragraph 6.2.
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