WEDNESDAY, FEBRUARY 23, 1983
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THIRD, WITHIN DOMESTIC DEMAND, THE GROWTH RATE OF PUBLIC SECTOR DEMAND AT NINE PER CENT WOULD BE HIGHER THAN THE GROWTH RATE OF PRIVATE SECTOR DEMAND AT THREE PER CENT.
THE PUBLIC SECTOR WOULD THUS COMMAND AN INCREASED SHARE OF AVAILABLE RESOURCES IN THE ECONOMY, FROM 12.3 PER CENT IN 1982 TO 12.9 PER CENT THIS YEAR, MR BREMRIDGE SAID.
FOURTH, AS THE GROWTH RATE OF PUBLIC SECTOR EXPENDITURE, INCLUDING THAT OF THE MTR, ON BUILDING AND CONSTRUCTION AT 15 PER CENT WOULD BE HIGHER THAN THE GROWTH RATE OF PRIVATE SECTOR EXPENDITURE AT MINUS TWO PER CENT, THE PUBLIC SECTOR'S SHARE OF THE OUTPUT OF THE BUILDING AND CONSTRUCTION SECTOR WOULD INCREASE FURTHER FROM 49 PER CENT IN 1982 TO 53 PER CENT
IN 1983, HE SAID.
FIFTH, THE GROWTH RATE OF PRIVATE CONSUMPTION EXPENDITURE IN 1983, AT THREE PER CENT, WOULD BE HIGHER THAN THE 1.7 PER CENT RECORDED LAST YEAR.
THIS, MR BREMRIDGE SAID, IS CONSISTENT WITH THE EXPECTED GROWTH RATE OF FOUR PER CENT IN REAL INCOME IN 1983, COMPARED WITH THE GROWTH RATE OF 2.5 PER CENT ESTIMATED FOR 1982.
SIXTH, AS THE GROWTH RATE OF IMPORTS OF GOODS AT SEVEN PER CENT WOULD BE IN LINE WITH THAT OF TOTAL EXPORTS OF GOODS, THE VISIBLE TRADE GAP WOULD BE MUCH THE SAME AS IN 1982, HE POINTED OUT.
SEVENTH, AS THE LABOUR FORCE IS FORECAST TO GROW BY 2.5 PER CENT IN 1983, A GDP GROWTH RATE OF FOUR PER CENT IMPLIES THAT THERE MAY NOT BE ENOUGH NEW JOB OPPORTUNITIES CREATED TO REDUCE THE RATE OF UNEMPLOYMENT SIGNIFICANTLY UNLESS THE GROWTH RATE OF PRODUCTIVITY, DEFINED AS OUTPUT PER WORKER, IS LOW, HE SAID.
FINALLY, MR BREMRIDGE SAID, THERE WOULD BE LOWER RATES OF INCREASE IN PRICES, BOTH IN TERMS OF THE GDP DEFLATOR AND THE CONSUMER PRICE INDEXES.
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