Hong Kong: The Economy
Performance in 1973: General
The more basic figures are:
Percentage Increases over Preceding Year
1969
1970
1971
1972
1973 (preliminary)
GDP (at constant prices)
+15
+ 7
+ 2
+ 8
9
Gross Domestic Fixed
Capital Formation (at
constant prices)
425
+13
+11
5
+178
Domestic Exports (volume)
Imports (volume)
+16
+10
+ 4
+13
+13
+13
+ 3
+ 9*
9 months' comparison only
apparently comparable with earlier figures
not necessarily.
but
Haddon-Cave interprets the trend as export boom (1968-70)
followed by "pause and consolidation" (1971-72) under the influence of
"developments" (?textile restrictions) in overseas markets and currency
uncertainties. This led to some slackening in the labour market which,
coupled with the effects of expanded investment (presumably the burst
from 1969 to 1971), significantly increased productivity and
competitiveness.
again in 1973.
As a result growth of exports began to accelerate
Thus despite general world inflation, the stock market slump
and shortages of raw materials and food (the latter due in part to
abnormally bad weather in Hong Kong last summer), GDP is expected to
have risen by a respectable 8.6%, and fixed capital formation by as muc
as 17%
both in real terms. On the other hand private consumption
apparently increased fractionally less (at current prices) than GDP
and real wages, after rising in the first half of the year fell sharply
in the six months ending September 1973.
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