9
commodities, including those of oil products,
are also contributing.
However, the firming up
in the exchange value of the US dollar, and
hence that of the Hong Kong dollar, should be
having some stabilising effect.
17.
The latest price indicators do not
suggest that there is a need to change the
forecast rates of increase in the Consumer Price
Index (A), at 8.5%, and the GDP deflator, at 9%.
On the GDP deflator, marginal reductions in the
forecast rates of increase in the deflators for
building and construction expenditure and for
plant and equipment expenditure seem likely to
be offset by marginal rises in the forecast
rates of increase in the deflators for exports
and for government consumption expenditure.
18.
The First Quarter Economic Report 1989
will be on sale on 25 May 1989 at the Government
Publications Centre in Connaught Place, Central,
at $19 a copy.
Economic Analysis Division Economic Services Branch Government Secretariat 24 May 1989