TUESDAY, AUGUST 25, 1987
RAPID ECONOMIC GROWTH IN THE FIRST HALF OF 1987
THE HONG KONG ECONOMY GREW RAPIDLY IN THE FIRST HALF ACCORDING TO THE HALF-YEARLY ECONOMIC REPORT RELEASED BY THE SERVICES BRANCH OF THE GOVERNMENT SECRETARIAT TODAY (TUESDAY).
OF 1987,
ECONOMIC
WHILE DOMESTIC DEMAND HAD
STRENGTHENED,
THE EXTERNAL
SECTOR
STILL PROVIDED THE MAIN IMPETUS TO GROWTH.
MOMENTUM
OF DOMESTIC EXPORTS HAD BREN BY JUNE, THE GROWTH
OF 1987 WITH THE SUSTAINED FOR 16 MONTHS. COMPARING THE FIRST HALF
CENT SAME PERIOD IN 1986, DOMESTIC EXPORTS INCREASED BY ABOUT 27 PBR IN REAL TERMS.
RE-EXPORTS GREW BY ABOUT 49 PER CENT IN
REAL TERMS OVER THE
SAME PERIOD.
THE
FIGURES
ON
IN THE POSITIONS ORDER-BOOK
OF IMPORTS
RAW MATERIALS AND EXPORT ECONOMY'S
PERFORMANCE 19
LATEST MANUFACTURING SECTOR AND ON RETAINED SEMI-MANUFACTURES SUGGEST THAT THE LIKELY TO REMAIN GOOD IN THE COMING MONTHS.
PRIVATE CONSUMPTION EXPENDITURE DEMAND, AS REGARDS DOMESTIC SHOWED SIGNIFICANT GROWTH IN THE FIRST HALF OF 1987 COMPARED WITH FIRST HALF OF 1986.
THE
OF CONSUMER GOODS AS AN INDICATION OF THIS, RETAINED IMPORTS
AND 7 PER CENT 10 PER CENT GREW BY ABOUT FOODSTUFFS AND OF
RETAIL RESPECTIVELY IN REAL TERMS OVER THIS PERIOD, AND THE VOLUME OF SALES REGISTERED A SIGNIFICANT INCREASE.
BY AN
OF
OF GREW BY
INVESTMENT EXPENDITURE ALSO GREW STRONGLY, AS REFLECTED
RETAINED IMPORTS INCREASE OF ABOUT 25 PER CENT IN REAL TERMS IN
RETAINED IMPORTS CAPITAL GOODS OVER THE SAME PERIOD. AMONG THESE,
IN THE MANUFACTURING INDUSTRIAL MACHINERY FOR USE ABOUT 19 PER CENT IN REAL TERMS.
SECTOR
TIGHT LABOUR INCREASES IN INCREASED DOMESTIC INFLATION, AS REMAINED WITHIN
THE BUOYANT ECONOMIC PERFORMANCE HAD LED TO VERY RESULT OF WHICH SIGNIFICANT MARKET CONDITIONS, AS A
THERE WERE ALSO OCCURRED. WAGES AND SALARIES INFLATIONARY PRESSURES. BUT THE RATE OF CONSUMER PRICE REFLECTED BY MOVEMENTS IN THE CONSUMER PRICE INDICES, TOLERABLE LIMITS.
THE REPORT NOTES THAT THE STRONG OVERALL DEMAND FOR LABOUR
THE UNEMPLOYMENT RATE. THE LED TO A FURTHER DECLINE IN ADJUSTED UNEMPLOYMENT RATE IN THE SECOND QUARTER OF
HAD
SEASONALLY 1987 WAS AT AN
IN PER CENT
THE HISTORIC LOW OF 1.8 PER CENT, PREVIOUS QUARTER AND 3 PER CENT IN THE SECOND QUARTER OF 1986.
COMPARED WITH
2.1
THE UNDEREMPLOYMENT