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G.F. 326
10
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.
(b)
Capital expenditure on building and
construction
14.
According to the preliminary quarterly GDP
estimates, overall expenditure on building and
construction decreased by 4% in the first quarter of
1990. Analysed by sector, expenditure on building and
construction by the public sector (including the Mass
Transit Railway Corporation and Kowloon-Canton Railway
Corporation) fell by 3% in the first quarter.
Expenditure by the private sector also fell, by 4%.
Nevertheless, a number of public and private sector
projects are currently in progress, and they should
gradually build up momentum in the near future.
Notable projects in the public sector include the Kwun
Tong Bypass, the New Territories Circular Road
Improvement, the Pamela Youde Hospital, the Hong Kong
University of Science and Technology, and the
development at Tin Shui Wai. As regards the private
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