TNAG-1154-FCO40-1434-Visits-by-Members-of-Parliament-(MPs)-to-Hong-Kong-1982 — Page 227

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dominant industries), but diversifying later into many other products,

inclusing plastics, electrical and electronic goods, scientific

instruments, watches, and photographic and optical equipment. The

entrepot trade with China has re-emerged as a significant proportion of Hong Kong's trade in the last few years.

2.4 Trade and commerce have continued to play an important role in

the economy and service industries expanded rapidly in recent years as

a consequence of rapidly growing domestic incomes and Hong Kong's development as an important financial and tourist centre in the region.

2.5 Gross Domestic Product in 1981 was an estimated HK$135,346 million (approx. £12,590 million at 1981 rates of exchange, ie approx £1=HK$10.75

and per capita GDP was HK$ 26,260 (approx. £2,440). In 1980 the

average gross wage (excluding office employees) was approximately HK$1,290 (roughly £118) per month. At the end of the year inflation was about 15% and unemployment about 3.6%

2.6

Government revenue in 1980/81 was an estimated HK$29,000 million

(approx. £2,521 million), 27% of which came from direct taxes (mainly

profits tax); 18% from indirect taxes (rates, excise duties, stamp

duties, betting taxes, motor vehicle taxes); 35% from land sales; and

the remainder from other sources, such as payments for government

services.

2.7 Of total government expenditure on consolidated account of an estimated HK$22,517 million (approx. £1,958, million) in 1980/81, some 46% was spent on social services, 21% on community services (transport,

water supplies, amenities, etc.), 7% on economic services (airport,

harbours, communications, etc.), and the remainder on miscellaneous

items such as government pensions and supplies.

2.8 The value of Hong Kong's exports of goods in 1981 was HK$122,163

million (approx.£11,400 million). Of this, re-exports accounted for HK$41,739 million (approx. £3,880 million) and domestic exports

HK$80,423 million (approx. £7,480 million).

exports were:

The principal domestic

Textiles and Clothing

42%

Watches and Clocks

9%

Electrical Machinery and Appliances

7%

Plastic Toys and Dolls

6%

Radios

4%

/The

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