| Investment in the public sector, such
as electricity, irrigation, quarrying, public services and transport (excluding
vehicles, ships and planes) increased by about 10%, although the emphasis moved
to transport and away from the other sectors mentioned. Trade and services
recorded a 16 --17 % investment growth, including a 30% increase in investment
in business premises. Industrial investment is estimated to have risen by 8%.
Although the share of agriculture in total gross investment in the economy
continued to decline, investment grew by 9% in absolute terms, largely spurred
on by a 23% expansion of investment in agricultural equipment. Housing
construction had 12% more invested in it in 1964, not so much owing to increased
demand, as to fears of impending new taxes and limitation of building. Total consumption in real terms rose by close on 11% during 1964, and per capita personal consumption by under 7%, as in 1963. The undesirable trend towards a rapid rise in consumption, evident in previous years, remained unaltered. Since at current prices consumption rose by 16% and disposable income by 13%, there was evidently a fall in the rate of saving in the private sector of the economy. Once again consumption patterns indicated a swift advance in the standard of living. Expenditure on food, especially bread and staple items, declined in significance, although consumption of fruit increased. Outlay on furniture and household equipment, health, eduction and recreation continued to increase. The greatest proof of altered living standards was the rapid expansion of expenditure on transport (including private cars) and personal services of all kinds, which occurred during 1964. The progressive affluence of large sectors of the public was demonstrated by the changing composition of durable goods purchased. Saturation point was rapidly being approached for items such as the first household radio, gas cookers, and electric refrigerators, whereas increasing purchases of automobiles and television sets were registered. |