G.F. 323
CONFIDENTIAL # 機密
2.
The substantially increased orders for Hong Kong manufactured goods
received towards the end of 1975 and at the beginning of 1976 were
fulfilled in 1975, and the preliminary estimato of Hong Kong's gross
domestic product at constant 1966 prices for the year is 16% higher
then in the previous year. The highest real growth rate recorded in
the gross domestic product series was 18% and this occurred in
1965 as a result of the large difference in the real growth of exports (14%) compared with imports (5%). This large difference, however,
suggests that there might have been some stock depletion in that year,
at least in raw materials and semi-manufactures. Because figures for
?
the gross domestic product before 1973 were not adjusted for increases in
stocks the true growth for 1965 may not be as high as the estimates
show and certainly not significantly different from the 1976 growth (adjusted for increases in stocks) which can be regarded as a record.
3.
The growth of the Hong Kong economy in 1976 was not only significantly higher than growth in world demand, but there was also
some difference in price movements.
Consumer prices increased by
3.4% in 1976 over 1975. This was considerably smaller than the
average increase in the rest of the world at around 9%. But in 1976 the gross domestic product deflator in Hong Kong was more than 8%‰ Just as the 1972/73 world inflation had been partly caused by failures
in the supply of agricultural products, part of the slowing down in world inflation during 1975 and 1976 was caused by a recovery of these... supplies. In Hong Kong, food accounts for nearly half the consumption of households whose expenditure natterns are used to derive the weights
of the Consumer Price Index. Any easing in the world price of food
will therefore have a relatively large impact on consumer prices.
On
CONFIDENTIAL
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