2
WEDNESDAY, MAY 10, 1989
DID
STILL ON THE SOMEWHAT LARGER CONSOLIDATED SURPLUS, HE SAID
OR
IN TAX
INCREASES CONCESSIONS FURTHER THAT NOT CONSIDER
IN VIEW OF THE NEED ΤΟ EXPENDITURE WERE APPROPRIATE AT THIS TIME AVOID ADDING TO INFLATIONARY PRESSURES.
THE
ON THE VARIANCE BETWEEN
AND THE ESTIMATES
FORECAST THE OF OVER-STATING DANGER
REFERRING TO SOME MEMBERS' COMMENTS
THE REVISED ESTIMATES, ORIGINAL
THERE WAS A OUTTURN. MR JACOBS PROBLEM AND THAT THE FACT WAS THAT SOME VARIATION WAS INEVITABLE.
SAID
SYSTEM FOR THE THE RECORDING OF TRANSACTIONS ON THE HAS A MATERIAL EFFECT
WE "BECAUSE
OPERATE
CASH ACCOUNTING A GOVERNMENT'S ACCOUNTS, THE TIMING OF
FINANCIAL YEAR TOWARDS THE END OF RESULTS.
"FURTHERMORE, BECAUSE MOST
OF OUR REVENUE 18
SOURCES FROM ECONOMIC ACTIVITY, ACTUAL WHICH ARE
INFLUENCED BY SIGNIFICANTLY
то VARY, IN EITHER OUTTURN RECORDED IN A PARTICULAR YEAR IS LIKELY DIRECTION, BECAUSE OF SHORT TERM FLUCTUATIONS IN HONG KONG'S PERFORMANCE, HE EXPLAINED.
|
ECONOMIC
TO SEEK IMPROVEMENTS REASONS MENTIONED, ABSOLUTE
MR JACOBS SAID THE GOVERNMENT CONTINUED IN THE FORECASTING METHODS, BUT FOR THE PRECISION WAS PROBABLY UNATTAINABLE.
0
-
LATEST ECONOMIC INDICATORS CONSISTENT WITH BUDGET FORECAST
ECONOMY
GENERALLY CONSISTENT WITH THE LATEST ECONOMIC INDICATORS ARE THE FORECAST IN THE BUDGET SPEECH THAT THE GROWTH RATE OF THE WOULD SLOW DOWN FURTHER THIS YEAR, AND THAT THE INFLATION BE PUSHED HIGHER BEFORE IT TOO BEGAN TO FALL, PROBABLY IN PART OF THIS YEAR.
RATE MIGHT THE LATTER
JACOBS, SAID THIS IN TODAY LEGISLATIVE COUNCIL
THE FINANCIAL SECRETARY, THE HON PIERS
BUDGET DEBATE RESUMED (WEDNESDAY).
THE
IN THE
MR
JACOBS
SAID ALTHOUGH
NEVERTHELESS
THE LATEST ECONOMIC INDICATORS PLACE ONLY SLOWLY, SUGGESTED THAT THE ADJUSTMENT PROCESS WAS TAKING
CONSISTENT WITH THE WERE INDICATORS
GENERALLY
THE
FORECAST.
DOMESTIC HE SAID THE GROWTH RATES IN REAL TERMS OF HONG KONG'S
AND 34 PER CENT AT ABOUT SIX
PER CENT EXPORTS AND RE-EXPORTS,
SLOWER THAN IN THE LATTER
RESPECTIVELY IN THE FIRST QUARTER, WERE PART OF LAST YEAR.
/"WHILE THE