CHAPTER 1: OVERALL VIEW
Introduction
As certain statistics
covering
the whole of 1981
1.1
were not available, some of the analyses in
some of the analyses in the 1981 Economic Background were based on incomplete information. This report
for the first quarter of 1982 updates those analyses and assesses subsequent developments using such statistics as are presently available.
Domestic demand and exports
1.2
The growth rate of retained imports of raw materials
and semi-manufactures continued to be negative in real terms
for the second consecutive quarter (paragraph 2.7). Not unexpectedly in the circumstances, the impressive increase in
the growth rate of domestic exports in real terms in the second half of 1981 was followed by no growth in the first
quarter of 1982 (paragraphs 2.1 and 2.2). With the
difficulties the economies of
of Hong Kong's main markets are experiencing, it was surprising that exports did not decline. The export sector appears well poised to take advantage of any recovery in demand from Hong Kong's main
The markets.
pressure of domestic prices, including rent, on manufacturing costs has eased (paragraph 6.5); and the prices of Hong Kong's
manufactured products have remained stable in recent months
(paragraph 6.4).
1.3
The growth rate of domestic demand appears to have continued to slow down in the first quarter, as evidenced by
the continued deceleration in the growth rate of retained
imports of
(paragraph 2.7). But it still probably provided the impetus to economic growth during the first quarter.
goods consumer
1
/Demand