19
estimate of 16.7%. The comparative figure for 1985-86
was 16.3%. The trend is steady. The public sector's
share of the output of the building and construction
sector is expected to be 32%, lower than the 35%
recorded in 1985.
38.
A visible trade deficit of $390 million is
forecast for 1986, a near balance situation given the
size of
of the overall trade flows. In 1985 a visible
trade surplus of $2.5 billion, equivalent to 1.1% of
the value of total imports, was recorded. Further,
reflecting a deterioration in the terms of trade in
1986, real income is expected to grow by about 4%,
slightly less than the revised growth rate of the GDP.
1
39.
Looking ahead to 1987, the growth rate of
the Hong Kong economy will remain heavily dependent on
external factors. Apart from the level of consumer
demand in our export markets, our continued access to
these markets is also an important factor. Any
further intensification of protectionist measures,
particularly in the United States, will affect the
prospects for Hong Kong's exports and for world trade
generally.
/40.
So to conclude