Appendix 12
(Chapter 5: The Economy)
Government Expenditure and the Economy
365
$ Million
Original
Actual
Actual
Actual
Actual
Estimate
1984-85
1985-86
1986-87
1987-88
1988-89
Government Expenditure (see Appendix 11)
Operating Expenditure
27,396
30,328
33,704
37,422
42,566
Capital Expenditure
8,758
10,364
8,998
10,953
12,974
Total Government Expenditure
36,154
40,692
42,702
48,375
55,540
Add
Expenditure of other public
sector bodies
3,781
4,492
5,292
6,666
7,050
Deduct Debt repayments
(43)
(48)
(64)
(405)
MTRC equity injections
(10)
(1,692)
(1,000)
Total Consolidated Account
Expenditure (Note 1)
39,882
43,444
47,930
53,636
62,590
Gross Domestic Product (calendar year)
248,728
261,195
300,818
368,248*
425,625+
Growth in GDP
Money terms
19.8%
5.0%
15.2%
22.4%
15.6%
Real terms
9.5%
-0.1%
11.9%
13.8%
7.4%
Growth in Consolidated Account
Expenditure
Money terms
3.3%
8.9%
10.3%
11.9%
15.7% #
Real terms
-2.5%
2.7%
2.6%
3.5%
7.0% #
Consolidated Account Expenditure as
percentage of GDP
16.0%
16.6%
15.9%
14.6%
14.7%
Note: 1. The consolidated account expenditure comprises expenditure by the Urban Council and the Housing Authority and from 1986-87, the Regional Council, expenditure financed by Government's statutory funds, expenditure on public works projects financed with loans from the Asian Development Bank and all expenditure charged to the General Revenue Expenditure by institutions in the private or quasi-private sector is included to the extent of their subventions. The activities of Government departments which are partly financed by charges raised on a commercial basis are also included (e.g. Airport, Waterworks). But not included is expenditure by those organisations, including even statutory organisations, in which the Government has only an equity position, such as the Mass Transit Railway Corporation and, post 1982-83, the Kowloon-Canton Railway Corporation. Similarly, debt repayments and equity payments are excluded as they do not reflect the actual consumption of resources by the Government.
* Provisional estimate.
‡ Preliminary estimate.
#Compared with 1987-88 Revised Estimates.