HONG KONG FINANCIAL ROUND-UP October-November 1992
HK's GDP grows 4.7%
Hong Kong's Gross Domestic Product (GDP) rose by 4.7 per cent in real terms in the second quarter of this year over the same period last year. Preliminary figures show that gross domestic fixed capital formation grew by 10.9 per cent, of which investment expenditure on machinery and equipment showed a remarkable increase of 22.6 per cent. The growth rate in real terms for private consumption expenditure was 8 per cent while that for government consumption was 11.8 per cent.
Based on the latest estimate, the GDP grew by 4.7 per cent in real terms in the first half of 1992 compared with the same period last year.
Industrial production index up 3.3%
The index of industrial production in the second quarter of this year increased slightly by 3.3. per cent over the same quarter last year. In the preceding quarter, the index showed an increase of 18.9 per cent, which was largely seasonal as production in the first quarter of the year is usually lower because of the Lunar New Year holidays.
Retail sales up 19%
The estimated value of total sales in August rose by 19 per cent to HK$14.5 billion (US$1.88 billion) over same month last year. After discounting the effect of price changes over the period, total retail sales increased by 13 per cent in volume terms. The figures reflect a continuing growth in spending by both locals and tourists, with the increase being mainly attributable to the spending on motor vehicles (up 35%), clothing and footwear (up 26%).
Comparing the period from January to August this year to the same period last year, total retail sales rose by 19 per cent in value and 13 per cent in volume.
Manufacturing sector jobs decline
Employment in Hong Kong's manufacturing sector declined further in June to 587,300, a drop of 14 per cent over a year ago. Meanwhile, employment in the wholesale, retail and import/export trades, restaurants and hotels sector (903,600 +3.3%) and the financing, insurance, real estate and business services sector (305,400 + 7.7%) continued to grow.
Orders-on-hand up 1% in August
The volume of orders-on-hand for Hong Kong's 200 largest manufacturers increased by 1 per cent in August over the same month last year. Order positions in the fabricated metal products and the electrical and electronic products industries increased by 8 per cent and 6 per cent respectively. On the other hand, orders for textiles and plastic products decreased by 10 per cent and 5 per cent respectively.
Per capita earnings in the manufacturing companies surveyed increased by 15 per cent in money terms in August over the same month last year.
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