ENG-1997 — Page 536

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APPENDICES

APPENDIX 12

(Chapter 5: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

Actual

Actual

Actual

Estimate

1993-94

1994-95

1995-96

1996-97

1997-98

Government Expenditure (see Appendix 13)

Operating Expenditure

96,958

106,620

121,903

135,853

159,612

Capital Expenditure

38,246

38,950

39,730

37,791

37,893

Less debt repayment

(1,200)

(2,400)

37,046

36,550

39,730

37,791

37,893

Total Government Expenditure

134,004

143,170

161,633

173,644

197,505

Add other public sector bodies

21,203

22,780

29,705

37,604

46,399

Total Public Expenditure (1)

155,207

165,950

191,338

211,248

243,904

Gross Domestic Product (GDP) at

current market prices (calendar year)

897,463

1,010,885

1,077,145

1,192,358* 1,327,029*

Growth in GDP:

Nominal terms

15.2%

12.6%

6.6%

10.7%*

11.3%*

Real terms

6.1%

5.4%

3.9%

5.0%*

5.2% *

Growth in Public Expenditure:

Nominal terms

25.7%

6.9%

15.3%

10.4%

15.5%

Real terms

15.5%

-2.2%

6.3%

2.9%

8.2%

Public Expenditure as percentage of GDP

17.3%

16.4%

17.8%

17.7%*

18.4%*

Notes: (1) The public expenditure comprises expenditure by the trading funds, the Housing Authority, the Provisional Urban Council and the Provisional Regional Council, and 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 payments of government departments which are wholly or 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 statutory organisations, in which the Government has only an equity position, such as the Mass Transit Railway Corporation and the Kowloon-Canton Railway Corporation. Similarly, equity payments are excluded as they do not reflect the actual consumption of resources by the Government.

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

Source: Finance Bureau, Government Secretariat.

(Enquiry Telephone No.: 2810 3659)