items not singled out for discriminatory treatment by the C. And let us
remember these accounted for 90% of our total domestic exports to the
world as a whole in 1976.
The public finances
21.
Inspite of some unexpected features in the economic situation I
have described for this year, it is broadly that predicted by the Financial
Secretary in his budget speech. With regard to the public finances, we
expect that this year total expenditure will be about 100 M. higher than
the original estimate of $8,245 M. On recurrent account this projection
allows for additional expenditure on the public service as a result of
the 1977 salaries revision, and some other plusses and minuses. On capital
account there is no reason to believe that the estimate will require significant
revision.
22.
Subject to all the reservations that must be made at this early
stage of the financial year, we shall probably finish up with a slightly
larger surplus than that predicted by the Financial Secretary.
Summary of economic and financial position
23.
So our economic and financial positions this year are generally good;
not es good es last year and with uneven patches of light and shade, but I
repeat generally good. Inough worrying uncertainties overshadow our
assessment of next year's prospects, over a very wide field these too are
reasonably good, but a proper assessment is impossible until the
outcome of the EC ncgotiation is known, and we have a clearer idea of
whether and to what extent the major economies of the world will be
stimulated by new economic policies.
24.
There are however two points I would like to make that arise
out of this assessment.
Two problems
(i) Excessive domestic consurption
25.
The first is the fact that domestic consumption has been growing
/faster....
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