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TUESDAY, AUGUST 27, 1985
SLOWER EXPORT GROWTH, LOW INFLATION IN THE FIRST HALF
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RE-EXPORTS GREW BY AN ESTIMATED 36 PER CENT IN REAL TERMS IN THE FIRST HALF OF 1985 COMPARED WITH THE SAME PERIOD LAST YEAR WHILE DOMESTIC EXPORTS DECREASED BY AN ESTIMATED SIX PER CENT IN REAL TERMS, SO THAT TOTAL EXPORTS GREW BY AN ESTIMATED NINE PER CENT IN REAL TERMS, ACCORDING TO THE HALF-YEARLY ECONOMIC REPORT 1985 PUBLISHED TODAY BY THE GOVERNMENT.
OVER THIS PERIOD THE RATE OF INFLATION (AS MEASURED BY THE CONSUMER PRICE INDEX (A)) WAS RELATIVELY LOW, AT 3.3 PER CENT.
REFLECTING THE RELATIVELY WEAK DOMESTIC DEMAND, RETAINED IMPORTS OF CONSUMER GOODS WERE ESTIMATED TO SHOW NO CHANGE IN REAL TERMS IN THE FIRST HALF OF 1985 OVER THE SAME PERIOD LAST YEAR ALTHOUGH RETAINED IMPORTS OF CAPITAL GOODS GREW BY ABOUT SEVEN PER CENT IN REAL TERMS. OVERALL, IMPORTS GREW BY ABOUT NINE PER CENT IN REAL TERMS
THE REPORT NOTES THAT DESPITE THE SLOWER EXPORT GROWTH, THE UNEMPLOYMENT SITUATION FOR THE LABOUR FORCE AS A WHOLE REMAINED LARGELY STABLE IN THE SECOND QUARTER, COMPARED WITH THE FIRST QUARTER OF 1985.
THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE IN THE SECOND QUARTER OF 1985 WAS THREE PER CENT, AGAINST 3.3 PER CENT IN THE PREVIOUS QUARTER AND 3.5 PER CENT IN THE SECOND QUARTER OF 1984. THE UNDEREMPLOYMENT RATE IN THE SECOND QUARTER OF THIS YEAR, AT ONE PER CENT, WAS SLIGHTLY LOWER THAN THE 1.3 PER CENT IN THE PREVIOUS QUARTER, BUT WAS THE SAME AS IN THE SECOND QUARTER OF LAST YEAR.
THE RATE OF INFLATION REMAINED RELATIVELY LOW IN THE FIRST HALF OF 1985. THE YEAR-ON-YEAR RATE OF INCREASE IN THE CONSUMER PRICE INDEX (A) WAS 3.3 PER CENT IN THE SECOND QUARTER OF 1985, LITTLE CHANGED FROM THE FIRST QUARTER OF THIS YEAR BUT SUBSTANTIALLY BELOW THE 9.9 PER CENT RECORDED IN THE SECOND QUARTER OF 1984.
THE CONSUMER PRICE INDEX (B) WAS ON AVERAGE 3.7 PER CENT HIGHER IN THE SECOND QUARTER OF 1985 THAN IN THE SECOND QUARTER OF 1984, WHILE THE HANG SENG CONSUMER PRICE INDEX WAS 3.8 PER CENT HIGHER.
THE REPORT ASSESSES ECONOMIC DEVELOPMENTS IN THE SECOND QUARTER OF 1985 USING SUCH STATISTICS AS ARE AVAILABLE. IT ALSO UPDATES THE ANALYSIS OF THE ECONOMY WHICH WAS GIVEN IN THE FIRST QUARTER ECONOMIC REPORT 1985 PUBLISHED IN MAY. APART FROM GIVING AN OVERALL VIEW, THE REPORT ALSO CONTAINS
INDIVIDUAL CHAPTERS ON THE EXTERNAL SECTOR, THE FINANCIAL SECTOR, THE LABOUR SECTOR, ACTIVITY IN SELECTED SECTORS AND PRICES.
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