1984
3.
The management of Hong Kong's economy
commitment to market mechanisms and free
is
based on
enterprise.
rate
a
In 1984, the Gross Domestic Product was an estimated
HK$248,984 million (approx. £24,898 million and per
capita GDP was HK$46,418 (approx. £4,641). In the
seven years ending 1983 the average annual growth
of the GDP in real terms was 7.7%. The growth rate of
real income per capita was affected by the considerable
increase in population in 1978-80. Nevertheless, as
result of a growth rate of 7.4% in the 1970's, real
income per capita by 1982 was more than twice that in
1972, (giving Hong Kong the highest per capita income
in Asia, after Japan). Subsequently, the world
recession brought a reduction in GDP growth, which was
only 1.1% in real terms in 1982. As in 1983 economic
growth in 1984 was export led.
increased by 17% in real terms over
and the overall growth rate was 9.6%.
contributed to the 1983/84 recovery: the continuing
recovery of Hong Kong's major trading partners,
particularly the United States; the rapid expansion of
trade with
with China; and the removal of doubt on the
future of the territory following the agreement.
4.
Domestic exports
their 1983 level
Several factors
Hong Kong is almost totally lacking in natural
resources and, relative to its population,
is very
short of usable land. The manufacturing sector is
therefore completely dependent on imported raw
materials and the
the bulk
bulk of Hong Kong's requirements of
foodstuffs and consumer goods is also imported.
5.
The value of Hong Kong's exports of goods in 1984,
including re-exports was HK$221,440 million (approx.
£22,144 million). The principal domestic exports were:
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Private notes are available after approval.