WEDNESDAY, MAY 26, 1-82
A ACTIVITY IN THE MANUFACTURING SECTOR, THE REPORT SAYS THAT «CCORDING TO STATISTICS ON THE QUANTITY OF ELECTRICITY CONSUMED, THERE WAS PROBABLY NOT MUCH INCREASE IN ACTIVITY IN THE MANUFACTURING SECTOR IN THE FIRST QUARTER, ESPECIALLY IN THE TEXTILES INDUSTRY. THIS VIEW WAS CONFIRMED BY THE PERFORMANCE OF DOMESTIC EXPORTS IN THE SAME PERIOD.
ON THE PROPERTY SECTOR, THE REPORT NOTES THAT THE TOTAL FLOOR AREA COMPLETED IN THE FIRST QUARTER WAS STILL SUBSTANTIAL, ALTHOUGH IT WAS RELATIVELY LOW BY RECENT EXPERIENCE. THE DECREASE IN THE ADDITIONAL SUPPLY OF NEW BUILDINGS, IN TERMS OF TOTAL USABLE FLOOR AREA COMPLETED, WAS WIDESPREAD AMONG ALL MAJOR TYPES OF BUILDING, WITH THE EXCEPTION OF COMMERCIAL BUILDINGS. THE PROPERTY MARKET REMAINED SLUGGISH AS A RESULT OF THE LARGE NUMBER OF BUILDINGS COMPLETED IN 1981, OF THE HIGH MORTGAGE AND INTEREST RATES AND OF THE PREVIOUS RAPID INCREASES IN PRICES. WHILST THE PRICES AND RENTALS OF PROPERTY CONTINUED TO DECLINE, PRICES HAVE FALLEN MORE SUBSTANTIALLY AND ON A MORE WIDESPREAD BASIS THAN HAVE RENTALS. THE MAGNITUDES OF THE REDUCTIONS IN PRICES AND RENTALS HAVE BEEN MOST MARKED FOR SHOPS, OFFICES OTHER THAN THOSE IN PRIME LOCATIONS AND RESIDENTIAL PREMISES, THE REDUCTIONS WERE LESS FOR INDUSTRIAL PREMISES, WHILE OFFICES IN PRIME LOCATIONS WERE THE LEAST AFFECTED.
ON PRICES, THE REPORT OBSERVES THAT DOMESTIC INFLATION CONTINUED TO EASE IN THE FIRST QUARTER 1 THE AVERAGE RATE OF
INCREASE IN CONSUMER PRICES AS MEASURED BY THE VARIOUS CONSUMER PRICE INDEXES IN THE FIRST QUARTER SHOWED A SIGNIFICANT REDUCTION ON THOSE RECORDED DURING 1981. THE REPORT ATTRIBUTES THIS ENCOURAGING DEVELOPMENT TO THE CONTINUAL SLOWING DOWN IN CONSUMER DEMAND, THE FALL IN PRICES AND RENTALS OF PROPERTY AND THE ABSENCE OF A DRAMATIC INCREASE IN THE MONEY SUPPLY.
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THE FIRST QUARTER ECONOMIC REPORT 1982 IS NOW ON SALE AT 5 A
KENYAN MINISTER LOOKS OVER SPORTS FACILITIES HERE
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THE KENYAN MINISTER FOR CULTURE AND SOCIAL SERVICES, MR MOSES MUDAVADI, WHO IS VISITING HONG KONG TO LOOK INTO SPORTS FACILITIES AND SOCIAL WELFARE PROGRAMMES, CALLED THIS MORNING ON THE COMMISSIONER FOR RECREATION AND CULTURE, MR BARRIE WIGGHAM,
MR MUDAVADI HAD JUST BEEN TO MALAYSIA TO ATTEND THE COMMONWEALTH YOUTH AFFAIRS MEETING, AND WAS ACCOMPANIED BY TWO OTHER KENYAN OFFICIALS.
DURING HIS VISIT TO MR WIGGHAM, MR MUDAVADI EXPLAINED THAT HIS COUNTRY WAS PLANNING TO BUILD MANY SPORTS COMPLEXES IN THE NEAR FUTURE.
HE WAS PRESENTED WITH A MEMENTO BY MR WIGGHAM, AFTER WHICH HE WAS TAKEN ON A TOUR AND SHOWN VARIOUS SPORTS COMPLEXES, INCLUDING THE QUEEN ELIZABETH STADIUM, AS WELL AS THE JUBILEE SPORTS CENTRE IN SHA TIN.