ENG-1988 — Page 421

Appendix 12

(Chapter 5: The Economy)

Government Expenditure and the Economy

365

$ Million

Original

Actual

Actual

Actual

Actual

Estimate

1984-85

1985-86

1986-87

1987-88

1988-89

Government Expenditure (see Appendix 11)

Operating Expenditure

27,396

30,328

33,704

37,422

42,566

Capital Expenditure

8,758

10,364

8,998

10,953

12,974

Total Government Expenditure

36,154

40,692

42,702

48,375

55,540

Add

Expenditure of other public

sector bodies

3,781

4,492

5,292

6,666

7,050

Deduct Debt repayments

(43)

(48)

(64)

(405)

MTRC equity injections

(10)

(1,692)

(1,000)

Total Consolidated Account

Expenditure (Note 1)

39,882

43,444

47,930

53,636

62,590

Gross Domestic Product (calendar year)

248,728

261,195

300,818

368,248*

425,625+

Growth in GDP

Money terms

19.8%

5.0%

15.2%

22.4%

15.6%

Real terms

9.5%

-0.1%

11.9%

13.8%

7.4%

Growth in Consolidated Account

Expenditure

Money terms

3.3%

8.9%

10.3%

11.9%

15.7% #

Real terms

-2.5%

2.7%

2.6%

3.5%

7.0% #

Consolidated Account Expenditure as

percentage of GDP

16.0%

16.6%

15.9%

14.6%

14.7%

Note: 1. The consolidated account expenditure comprises expenditure by the Urban Council and 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 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 organisations, including even statutory organisations, 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.

* Provisional estimate.

‡ Preliminary estimate.

#Compared with 1987-88 Revised Estimates.