TUESDAY, FEBRUARY 2, 1962
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THEY EXPECTED TO HAVE SOME FURTHER IMPROVEMENTS IN THE FIRST QUARTER OF 1982,
RESPONDENTS IN THE WHOLESALE AND RETAIL TRADE, RESTAURANTS AND HOTELS' AND 'OTHER SERVICES' SECTOR REPORTED IMPROVED BUSINESS PERFORMANCE IN THE FOURTH QUARTER BUT SOME DETERIORATION IS PREDICTED FOR THE FIRST QUARTER OF 1982.
THE MAIN PROBLEMS ENCOUNTERED IN THE FOURTH QUARTER OF 1981 WERE HIGH INTEREST RATES, UNCERTAINTIES THROUGH EXCHANGE RATE FLUCTUATIONS, HIGH STAFF COSTS AND PRICE COMPETITION. HIGH INTEREST RATES WILL REMAIN THE MAJOR PROBLEM IN FIRST QUARTER 1982 BUT PROBABLY WITH LESS SIGNIFICANCE. THE OTHER PROBLEMS ARE EXPECTED TO CONTINUE AT THE SAME LEVEL.
HOTELS REPORTED THAT THEY HAD SOME PROBLEMS IN FOURTH QUARTER 1981 BUT MANY MORE ARE EXPECTED IN THE FIRST QUARTER 1982, BASICALLY AS A RESULT OF SIGNIFICANTLY INCREASED COMPETITION DUE to
THE OPENING OF A NUMBER OF NEW HOTELS.
THE CENSUS AND STATISTICS DEPARTMENT STATED THAT THE SURVEY DATA, OBTAINED WITH A MINIMUM TIME LAG, WAS BASICALLY INTENDED TO PROVIDE ONE SOURCE OF REFERENCE FOR MAKING A QUICK ASSESSMENT OF THE CURRENT ECONOMIC SITUATION OF HONG KONG.
PARTICIPATING FIRMS WERE ASKED TO INDICATE WHETHER IN THEIR OPINIONS, THE GENERAL BUSINESS SITUATION AND LEVEL OF CAPACITY UTILISATION HAD IMPROVED 'REMAINED THE SAME OR DETERIORATED' IN THE IMMEDIATELY PAST QUARTER AS COMPARED WITH THE QUARTER BEFORE.
FOR THE FORTHCOMING QUARTER, THEY INDICATED WHETHER THIS WILL IMPROVE *REMAIN THE SAME OR DETERIORATE'. THE BALANCE OF OPINIONS OF RESPONDENTS WAS TABULATED AND ANALYSED. SUBSTANTIAL MODIFICATIONS WERE MADE TO THE QUESTIONNAIRE IN THIS ROUND OF THE SURVEY. ONE OF THE MAJOR CHANGES WAS THAT RESPONDENTS WERE ASKED TO EXCLUDE THE INFLUENCE OF PURELY SEASONAL FACTORS WHEN PROVIDING THEIR VIEWS ON THE GENERAL BUSINESS SITUATION AND CAPACITY UTILISATION,
A NEW SECTION ON BUSINESS PROBLEMS EXPERIENCED AND EXPECTED BY FIRMS IN DIFFERENT ECONOMIC SECTORS WAS INCLUDED, A BREAKDOWN OF VIEWS OF FIRMS BY SIZE GROUPS WAS INTRODUCED.
THE DEPARTMENT CAUTIONED THAT IN A SURVEY OF THIS NATURE. CONSIDERABLE RESERVATIONS MUST BE MADE IN THE INTERPRETATION OF RESULTS AS IT WAS DIFFICULT TO ESTABLISH PRECISELY THE EXTENT TO WHICH RESPONDENTS' PERCEPTION OF THE PAST AND THE FUTURE ACCORDS WITH THE UNDERLYING TRENDS,
COPIES OF THE REPORT. CONTAINING AN ANALYSIS AND STATISTICAL TABLES HAVE BEEN DISTRIBUTED TO FIRMS TAKING PART IN THE SURVEY AND TO OTHER BUSINESS ORGANISATIONS.
MEMBERS OF PUBLIC MAY OBTAIN COPIES FROM GOVERNMENT PUBLICATIONS SALES CENTRE, GENERAL POST OFFICE BUILDING, AT $3 PER COPY.
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