TNAG-2749-FCO40-3964-Economic-situation-in-Hong-Kong-1993 — Page 223

THE ECONOMY

1. GDP Growth

During 1971-81, real GDP growth averaged 9.5% per year. The average was 6.2% during the period 1981-91. It was 4.7% in the first half of 1992.

In 1991, per capita GDP was US$14,400 and the forecast for 1992 is US$16,400.

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2.

Machinery and Equipment

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Private investment in machinery and equipment expanded by 17.0% in real terms in 1991. The forecast for 1992 is 18%.

In 1990 the real growth of retained imports of capital goods was 5.7% and in 1991 the growth rate was 19.9%. In terms of retained imports of industrial machinery, there was a small decline of 0.5% in 1990 but growth of 25.7% in 1991.

3. External Trade

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In real terms, domestic exports declined by 0.5% in 1990, grew by 0.5% in 1991 and are expected to grow by 1.5% in 1992. Re-exports expanded by 16% in 1990, 26.4% in 1991 and are forecast to grow by 27% in 1992.

During 1981-91, Hong Kong's total trade with Asia expanded by 613% in value terms. Exports grew by 684% and re-exports by 876%.

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