ENG-1999 — Page 556

APPENDICES

APPENDIX 12

(Chapter 4: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

Actual

Actual

Actual

Estimate

1995-96

1996-97

1997-98

1998-99

1999-2000

Government Expenditure (see Appendix 13)

Operating Expenditure

121,903

135,853

160,566

174,793 #

179,164

Capital Expenditure

39,730

37,791

33,675

41,405

43,161

Total Government Expenditure

161,633

173,644

194,241

216,198

222,325

Add other public sector bodies

29,705

37,604

40,539

50,250

56,091

Total Public Expenditure'

191,338

211,248

234,780

266,448

278,416

Gross Domestic Product (GDP) at

current market prices (calendar year)

1,077,145

1,191,890

1,323,862

1,266,840* 1,230,427*

Growth in GDP:

Nominal terms

6.6%

10.7%

11.1%

-4.3%*

-2.9%*

Real terms

3.9%

4.5%

5.0%

-5.1%*

2.9%*

Growth in Public Expenditure:

Nominal terms

15.3%

10.4%

11.1%

13.5%

4.5%

Real terms

6.3%

2.9%

4.2%

8.0%

4.0%

Public Expenditure as percentage of GDP

17.8%

17.7%

17.7%

21.0%*

22.6%*

Notes: (1) Public expenditure comprises government expenditure (i.e. all expenditure charged to the General Revenue Account and financed by the Government's statutory funds excluding Capital Investment Fund), and expenditure by the trading funds, the Housing Authority, the Lotteries Fund and the previous Provisional Urban Council and Provisional Regional Council (up to 31 December 1999). Expenditure by institutions in the private or quasi-private sector is included to the extent of their subventions, 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 investments 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. Figures are subject to revisions later on.

#

*

Source: Finance Bureau, Government Secretariat.

(Enquiry Telephone No.: 2810 3658)