VI:
THE HONG KONG ECONOMY
GDP grew in real terms by 11.8% in 1986, 13.5% in 1987, 7.5% in 1988. Expected to grow by 6% in 1989. Growth over last 20 years
has averaged 8.7% per annum.
Per capita GDP in 1988 was US$ 9,605: Japan and roughly the same as Singapore.
second in Asia only to
Private investment in plant and machinery increased by 28% in real terms in 1987. Unprecedented level of private investment in
period 1986-87.
Retained imports of industrial machinery for manufacturing (a key indicator of investment in manufacturing sector) increased by 26% in real terms in 1986, 18% in 1987, 13% in first nine months
of 1988.
Domestic exports grew by 16% in real terms in 1986;
1987; 8.9% in 1988.
23% in
Re-exports grew by 14% in real terms in 1986; by 46% in 1987; by
45.7% in 1988.
Unemployment is at a record low of 1.3%.
Steady increase in foreign investment in manufacturing in Hong Kong (HK$ 21 billion in 1987).
Major projects
Construction of third University has begun. Due to take in
students in 1991.
first
New light rail system between Tuen Mun and Yuen Long.
ALRAAK