ENG-1998 — Page 537

APPENDICES

APPENDIX 12

(Chapter 4: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

Actual

Actual

Actual

Estimate

1994-95

1995-96

1996-97

1997-98

1998-99

Government Expenditure (see Appendix 13)

Operating Expenditure

106,620

121,903

135,853

160,566

178,716#

Capital Expenditure

38,950

39,730

37,791

33,675

43,161

Less debt repayment

(2,400)

36,550

39,730

37,791

33,675

43,161

Total Government Expenditure

143,170

161,633

173,644

194,241

221,877

Add other public sector bodies

22.780

29.705

37,604

40,539

53,248

Total Public Expenditure (1)

165,950

191,338

211,248

234,780

275,125

Gross Domestic Product (GDP) at

current market prices (calendar year)

1,010,885

1,077,145

1,191,890

1,344,105* 1,289,129 *

Growth in GDP:

Nominal terms

12.6%

6.6%

10.7%

12.8%*

-4.1%*

Real terms

5.4%

3.9%

4.5%

5.3%*

-5.1%*

Growth in Public Expenditure:

Nominal terms

6.9%

15.3%

10.4%

11.1%

17.2%

Real terms

-2.2%

6.3%

2.9%

4,2%

11.5%

Public Expenditure as percentage of GDP

16.4%

17.8%

17.7%

17.5%*

21.3%*

Notes: (1) Public expenditure comprises expenditure by the trading funds, the Hong Kong Housing Authority, the Provisional Urban Council and the Provisional 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 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 Airport Authority, the Mass Transit Railway Corporation and the Kowloon- Canton Railway Corporation. Similarly, advances and equity payments from the Capital Investment Fund are excluded as they do not reflect the actual consumption of resources by the Government.

*

To avoid the double-counting of expenditure this figure excludes government's payments to the two municipal councils. The estimate is subject to revisions later on as more data become available. Not applicable.

Source: Finance Bureau, Government Secretariat.

(Enquiry Telephone No.: 2810 3658)

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