ENG-1992 — Page 478

APPENDICES

APPENDIX 9

(Chapter 5: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

Actual

Actual

Actual

Estimate

1988-89

1989-90

1990-91

1991-92

1992-93

Government Expenditure (see Appendix 10)

Operating Expenditure

42,035

50,106

61,469

71,677

85,254

Less: Grant to Regional Council

(273)

(273)

(274)

Transfer to Lotteries Fund

(2,300)

41,762

49,833

61,195

71,677

82,954

Capital Expenditure

Less: Debt repayment

Equity injections

11,761

21,260

24,087

20,514

29,846

(1,000)

(157)

(2,287)

(6,214)

(1,794)

(6,072)

11,604

17,973

17,873

18,720

23,774

Total Government Expenditure

53,366

67,806

79,068

90,397

106,728

Add: Other public sector bodies

11,433

14,139

16,130

18,025

20,570

Total Public Expenditure§

64,799

81,945

95,198

108,422

127,298

Gross Domestic Product (GDP) at

current market prices (calendar year)

433,657

499,157

558,859

641,136*

742,582+

Growth in GDP:

Nominal terms

18.0%

15.1%

12.0%

14.7%*

15.8%†

Real terms

8.3%

2.8%

3.2%

4.2%*

5.0%†

Growth in Public Expenditure:

Nominal terms

20.8%

26.5%

16.2%

13.9%

17.4%

Real terms

7.8%

10.8%

2.3%

2.9%

7.3%

Public Expenditure as percentage of

GDP

14.9%

16.4%

17.0%

16.9%

17.1%

Note:

§ 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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