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Table 7

APPENDICES

(Chapter 3: The Economy)

Government Expenditure and the Economy

$ Million

Revised

Actual

1997-1998

Actual 2001-2002

Estimate

2002-2003

Government Expenditure (see Table 8)

Operating Expenditure

160,566

198,743

202,610

Capital Expenditure

33,675

39,842

37,800

Total Government Expenditure

194,241

238,585

240,410

Add other public sector bodies

40,539

30,774

32,650

Total Public Expenditure (1)

234,780

269,359

273,060

Gross Domestic Product (GDP) at

1,344,546

1,278,995@

1,271,082@

current market prices (calendar year)

Growth in GDP:

Nominal terms

Real terms

Growth in Public Expenditure:

Nominal terms

Real terms

Public Expenditure as percentage of GDP

11.0%

-0.7%@

-0.6%@

5.1%

0.6%@

2.3%@

11.1%

0.7%

1.4%

4.2%

0.3%

3.4%

17.5%

21.1%

21.5%

Note:

(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 MTR Corp Ltd 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.

Source: Financial Services and the Treasury Bureau, Government Secretariat.

(Enquiry Telephone No.: 2810 3658)