GP* 326-
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expenditure has actually been incurred, and completions are recorded after all work is finished. For most projects, it is likely that the highest level of expenditure falls in a year other than that in which consent is given or that in which the project is completed.
17.
(b) Capital expenditure on
building and construction
According to the latest estimates in the quarterly GDP series, expenditure on building and construction in the public sector
(including the Mass Transit Railway Corporation and Kowloon-Canton Railway Corporation) grew by 8% in the first quarter of 1989, while that in the private sector was only 2% higher. Taken together, overall expenditure on building and. construction rose by 4% in the first quarter of 1989, following an increase of only 1% for 1988
as a whole (Table 1).
18.
Preliminary information shows that private sector expenditure on building and construction in the second quarter of 1989 was little changed from a year earlier, while the corresponding public sector expenditure was about 11% higher. Taken together, overall expenditure on building and construction recorded an increase of about 3% in the second
quarter. For the private sector, the major building projects in progress during the second quarter included the office and commercial development in Ice House Street, the new
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