G.F. 326
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involved is undertaken, while consents to commence
work are measured before the work starts and thus
before any expenditure has actually incurred, and completions are measured after all work is
finished. For many, probably most, projects the
highest level of expenditure is recorded in a year
between that in which consent is given and that in
which the project is completed.
14.
(b) Capital expenditure on building
and construction
The level of activity in private sector
building and construction revived in the second half
of 1986, following the intensification of works on a
number of projects including the new Standard
Chartered Bank Building, the new Bank of China
Building, Exchange Square III, Financial Square,
Pacific Place, and the Eastern Harbour Crossing.
According to the preliminary estimates from the
quarterly GDP series, capital expenditure on
building and construction in the private sector
increased by 7% in real terms in the second half of
1986 compared with the same period in 1985, following a decline of 3% in the first half. year-on-year growth rate recorded in the fourth quarter was 4%. For 1986 as a whole, capital expenditure on building and construction in the
private sector increased by 2% in real terms over
1985.
The
15.
The level of activity in public sector
building and construction also increased slightly
towards the end of 1986. Preliminary estimates of
capital expenditure on building and construction in the public sector showed a year-on-year increase of
1% in real terms in the second half of 1986,
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