TNAG-2749-FCO40-3964-Economic-situation-in-Hong-Kong-1993 — Page 188

CODE 18-77

Ms Bouch

HKD

HONG KONG AND UK GDP PER HEAD 1992

Reference.

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(4)

Ecovanie

Hle

REC

MAZ DAdLar нив

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FED 1895

1.

UK GDP per head remained above Hong Kong GDP per head (US$ terms) in 1992 despite the end year depreciation of sterling. It is worth noting that the average $/£ exchange rate (which should be used for calculating $ GDP per head) for 1992 was almost the same as 1991. Though Hong Kong grew faster than the UK this was insufficient to bridge the gap in GDP per head.

2. The figures are shown in the table below:

1. GDP per head

2. Local currency nominal GDP (mns) (estimate)

(2*3/4) US$

Hong Kong

15,625

743,470

UK

17,981

598,834

3. $/local

currency Exchange Rate (1992 ave)

0.1282

4. Population (mns)

6.1

1.7656

58.8

Sources: IMF, International Financial Statistics

IMF, Hong Kong: Recent Economic Developments CSO, Economic Trends

OECD, Economic Outlook December 1992.

Chitych

Christopher Lane Economic Advisers WH426b 270 2727

10 February 1993