Chapter I
Gross Domestic Product
Growth of Gross Domestic Product
Table 1 shows that the gross domestic product increased, in current price terms, by 117% in the five years to 1973, or by 17% per on average. In real terms, that is,
annum
Table 1
after allowance is made for price changes, the gross domestic product increased by 46% which represents an annual average rate of growth of 8% (equivalent to 6% per head of the population). In 1973, the per capita gross domestic product amounted to HK$6,800.
Expenditure on the Gross Domestic Product, 1968–1973
At current market prices
At constant (1966) market prices
Total GDP
HK$
% change on previous
HK$
Per Capita GDP
% change on previous
Total GDP
Per Capita GDP
% change
% change
million
HK$ million
on previous
HK$
on previous
year
year
year
year
1968
13,028
3,426
12,375
3,254
1969
15,352
17.8
3,973
16.0
14,185
14.6
3,671
12.8
1970
18,212
18.6
4,600
15.8
15,175
7.0
3,833
4.4
1971
20,320
11.6
5,023
9.2
15,448
1.8
3,819
-0.4
1972*
23,657
16.4
5,800
15.5
16,682
8.0
4,090
7.1
1973†
28,335
19.8
6,811
17.4
18.120
8.6
4,356
6.5
Average
annual
growth
163
142
8
6
rate
1968-1973
* preliminary estimates.
† forecasts.
Changes in Raw Material Stocks
2. No direct measurement is made of raw material stocks in Hong Kong for the purpose of compiling estimates of the gross domestic product, and consequently additions to and reductions in holdings of stocks of raw materials are not allowed for in the estimates shown in Table 1. It is unlikely that the inclusion of changes in raw material stocks would result in any appreciable change in the average annual growth rates shown in Table 1. It is possible that the rates for individual years would be significantly affected (although probably not to such an extent that the direction of changes in growth rates from one year to the next would be altered).
3. If allowance were made for changes in stocks of raw materials, it is possible that the estimated rates of growth of the gross domestic product for 1970 and 1971 would be increased, whilst those for the other years would be reduced. In any event, the rate of growth of the gross domestic product, in constant price terms, was very high in 1969, and it was certainly relatively low in 1971. It increased in 1972 and it would seem that there was a further, though possibly rather modest, increase in 1973. But it could be the case that the rates of growth in 1972 and 1973 were no higher than that for 1970.
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