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THURSDAY, MAY 24, 1984
THE REPORT SAYS THAT, REFLECTING THE STRONG RECOVERY OF THE EXPORT SECTOR, EARNINGS IN THE MANUFACTURING SECTOR INCREASED IN BOTH MONEY AND REAL TERMS DURING 1983. EARNINGS IN THE TERTIARY SERVICES SECTORS ALSO INCREASED.
CONSTRUCTION WAGE RATES, ON THE OTHER HAND, CONTINUED TO FALL IN REAL TERMS, ALTHOUGH THERE WAS A SMALL INCREASE IN MONEY TERMS.
THE REPORT OBSERVES THAT ON THE BASIS OF THE FIGURES ON DOMESTIC EXPORTS, RETAINED IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES, AND THE QUANTITY OF ELECTRICITY CONSUMED BY THE INDUSTRIAL SECTOR, THERE IS CLEAR EVIDENCE OF A CONTINUED IMPROVEMENT IN MANUFACTURING ACTIVITY IN THE FIRST QUARTER OF THIS YEAR.
ON THE PROPERTY SECTOR, THE REPORT POINTS TO THE FOLLOWING TRENDS:
* FIRST, ALTHOUGH THE VACANCY POSITION IN THE EXISTING STOCK REMAINED HIGH AT THE END OF 1983, VACANCIES IN MOST SECTORS DECLINED, COMPARED WITH THE YEAR- EARLIER POSITION,
*
SECOND, THERE WERE REPORTS OF GOOD RESPONSE TO THE MARKETING OF SMALL DOMESTIC UNITS IN WELL-LOCATED AND BETTER-PLANNED DEVELOPMENTS, PRESUMABLY BECAUSE REASONABLE PRICING HAD MADE THE PURCHASE OF SUCH FLATS MORE AFFORDABLE TO INTENDING OWNER-OCCUPIERS,
* THIRD, THE DEMAND FOR BETTER-MANAGED ARCADE SHOPS AND OFFICES IN PRIME LOCATIONS APPEARED STRONG, STIMULATED BY A MORE OPTIMISTIC ECONOMIC OUTLOOK AND THE OFFER OF MORE REALISTIC RENTALS, AND
* FOURTH, THE TAKE-UP FOR INDUSTRIAL PREMISES ALSO
IMPROVED IN THE FIRST QUARTER OF 1984, COMPARED
WITH THE SAME PERIOD OF 1983, FOLLOWING THE SUSTAINED EXPORT RECOVERY.
ON PRICES, THE REPORT COMMENTS THAT THE LINKED EXCHANGE RATE. HELPED BY THE RELATIVE BALANCE BETWEEN THE AGGREGATE SUPPLY AND THE AGGREGATE DEMAND FOR DOMESTIC RESOURCES AND THE RELATIVELY MODEST RATE OF INFLATION IN HONG KONG'S MAJOR TRADING PARTNERS, SHOULD FAVOUR A FURTHER SLOWING DOWN IN THE RATE OF INFLATION IN DUE COURSE.
THE FIRST QUARTER ECONOMIC REPORT 1984 IS ON SALE AT THE GOVERNMENT PUBLICATION CENTRE AT $8 A COPY.
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