ENG-1991 — Page 464

APPENDICES

APPENDIX 9

(Chapter 5: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

Actual

Actual

Actual

Estimate

1987-88

1988-89

1989-90

1990-91

1991-92

Government Expenditure (see Appendix 10)

Operating Expenditure

36,319

42,035

50,106

61,469

72,261

Less: Grant to Regional Council

(273)

(273)

(274)

36,319

41,762

49,833

61,195

72,261

Capital Expenditure

Less: Debt repayment

Equity injections

12,056

11,761

21,260

24,087

24,494

(405)

(1,000)

(1,000)

(157)

(2,287)

(6,214)

(2,310)

10,651

11,604

17,973

17,873

22,184

Total Government Expenditure

46,970

53,366

67,806

79,068

94,445

Add: Other public sector bodies

6,666

11,433

14,139

16,130

18,545

Total Public Expenditure

(Note 1)

53,636

64,799

81,945

95,198

112,990

Gross Domestic Product (GDP) at

current market prices (calendar year)

367,603

433,657

499,157

555,856*

633,020†

Growth in GDP:

Nominal terms

23.1%

18.0%

15.1%

11.4%*

13.9%*

Real terms

14.5%

8.3%

2.8%

3.0%*

3.9%*

Growth in Public Expenditure:

Nominal terms

11.9%

20.8%

26.5%

16.2%

18.7%

Real terms

3.5%

7.8%

10.8%

2.3%

7.1%

Public Expenditure as percentage of

GDP

14.6%

14.9%

16.4%

17.1%

17.8%

Note: 1. The public expenditure comprises expenditure by the Housing Authority, the Urban Council, the Regional Council, expenditure financed by the Government's statutory funds 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 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.

* The estimates are subject to routine revisions later on as more data become available.

† Preliminary estimate.

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