Appendix C Contd.
Table 4
Consolidated Account Expenditure in the Context of the Economy (Note 1)
Tables 1 to 3 deal with Government's own expenditure. For control purposes, this is consolidated below with the expenditure of other public bodies such as the Urban Council in order to compare the Consolidated Account Expenditure to the total size of the economy.
Revised Estimate
Projection
1986-87
1987-88
1988-89
1989-90
1990-91
$mn
$mn
$mn
$mn
$mn
Government's Expenditure
Operating Expenditure
33,110
36,740
41,010
45,400
50,430
Capital Expenditure
9,860
11,750
12,260
15,650
13,650
Total Government Expenditure
42,970
48,490
53,270
61,050
64,080
Add Other public sector bodies
5,400
6,020
6,680
7,510
8,440
Deduct Debt repayments
(70)
(80)
(90)
(1,090)
(90)
MTRC equity injections
(1,000)
(1,500)
Total Consolidated Account Expenditure
48,300
53,430
59,860
65,970
72,430
Gross Domestic Product (calendar year) (Note 2)
291,900
321,700
354,500
390,700
430,600
Growth in GDP
Money terms
Real terms
10.7%
10.2%
10.2%
10.2%
10.2%
8.7%
5.5%
5.5%
5.5%
5.5%
Growth in Consolidated Account Expenditure
Money terms
11.1%
10.6%
12.0%
10.2%
9.8%
Real terms
4.1%
4.9%
6.2%
4.5%
4.1%
Consolidated Account Expenditure as percentage of GDP (at current
prices) (Note 3)
16.5%
16.6%
16.9%
16.9%
16.8%
Note 1 The Consolidated Account comprises expenditure by the Urban Council, the Housing Authority and from 1986-87, the Regional Council, expenditure financed by Government's statutory funds, expenditure on public works projects financed with loans from the Asian Development Bank and all expenditure charged to the General Revenue Account. Expenditure by institutions in the private or quasi-private sector is included to the extent of their subventions. The activities of government departments which are partly financed by charges raised on a commercial basis are also included (e.g. airport, waterworks). But not included is expenditure by those organizations, including even statutory organizations, in which the Government has only an equity position, such as the Mass Transit Railway Corporation and, post 1982-83, the Kowloon-Canton Railway Corporation. Similarly, debt repayments and equity payments are excluded as they do not reflect the actual consumption of resources by the Government.
Note 2
Note 3
For years beyond the current year, the GDP figures are based on trend assumptions. The projection for 1987 is, therefore, slightly different from the specific forecast for that year published in the ‘1987 Economic Prospects'.
Caution should be exercised in interpreting these percentages as the Consolidated Account Expenditure is estimated on a fiscal year basis while the GDP is estimated on a calendar year basis.
36
1
No comments yet.
Private notes are available after approval.