FRIDAY, AUGUST 10, 1990
ESTIMATES FOR 1989 OF THE GROWTH RATES IN REAL TERMS FOR GROSS DOMESTIC FIXED CAPITAL FORMATION, CHANGE IN STOCKS, IMPORTS OF SERVICES, AND EXPORTS OF SERVICES HAVE BEEN REVISED UPWARDS, WHILE THOSE FOR THE OTHER GDP COMPONENTS REMAIN THE SAME AS PREVIOUSLY
PUBLISHED.
THE REVISED PROVISIONAL ESTIMATE OF THE GROWTH RATE IN REAL TERMS OF THE EXPENDITURE-BASED GDP FOR 1988 HAS BEEN REVISED UPWARDS ΤΟ 7.9 PER CENT, AS AGAINST THE PROVISIONAL ESTIMATE OF 7.2 PER CENT PUBLISHED IN MARCH, MAINLY DUE TO UPWARD REVISIONS IN THE ESTIMATES FOR CHANGE IN STOCKS AND GROSS DOMESTIC FIXED CAPITAL FORMATION AFTER INCORPORATING NEWLY AVAILABLE RESULTS FROM THE ANNUAL ECONOMIC SURVEYS.
ON THE OTHER HAND, THE GROWTH RATES IN REAL TERMS OF PRIVATE CONSUMPTION EXPENDITURE AND EXPORTS OF SERVICES FOR 1988 HAVE BEEN REVISED DOWNWARDS TO 8.4 PER CENT AND 12.3 PER CENT RESPECTIVELY, AS AGAINST THE PREVIOUSLY PUBLISHED FIGURES OF 9.0 PER CENT AND 13.1 PER CENT.
REVISED PRODUCTION-BASED GDP ESTIMATES FOR 1988 (TABLE 2)
THE REVISED PROVISIONAL ESTIMATE OF THE PRODUCTION-BASED GDP AT CURRENT PRICES FOR 1988 IS $413,349 MILLION (AT FACTOR COST), REPRESENTING A DOWNWARD REVISION OF $240 MILLION OR 0.1 PER CENT FROM THE PROVISIONAL ESTIMATE PUBLISHED IN MARCH.
THIS REVISION IS BASED ON THE NEWLY AVAILABLE RESULTS FROM THE ANNUAL ECONOMIC SURVEYS.
A RELATIVELY SIGNIFICANT DOWNWARD REVISION HAS BEEN MADE TO THE ESTIMATE FOR THE ECONOMIC ACTIVITY OF "WHOLESALE, RETAIL AND IMPORT/ EXPORT TRADES, RESTAURANTS AND HOTELS".
THE ESTIMATE IS REVISED DOWNWARDS BY $3,339 MILLION TO
$98,518
MILLION. AS A RESULT, ITS CONTRIBUTION TO GDP IS ALSO ADJUSTED DOWNWARDS BY 0.8 PERCENTAGE POINT TO 23.8 PER CENT.
ON THE OTHER HAND, CONSIDERABLE UPWARD REVISIONS HAVE BEEN MADE IN THE ESTIMATES FOR THE ECONOMIC ACTIVITIES OF "FINANCING, INSURANCE, REAL ESTATE AND BUSINESS SERVICES (UP BY $2,445 MILLION ΤΟ 79,416 MILLION) AND "OWNERSHIP OF PREMISES" (UP BY $1,906 MILLION TO 43,525 MILLION).
THEIR SHARES IN GDP ARE ACCORDINGLY ADJUSTED UPWARDS BY 0.6 AND 0.4 PERCENTAGE POINT TO 19.2 PER CENT AND 10.5 PER CENT RESPECTIVELY.
REVISIONS MADE TO THE OTHER ECONOMIC ACTIVITIES ARE LESS SIGNIFICANT.
THE SCHEDULE FOR PUBLISHING GDP ESTIMATES
RELATIVELY
REVISIONS OF THIS NATURE ARE PART OF THE ROUTINE PROCESS OF PRODUCING ESTIMATES OF THE GDP. THEY ARE NECESSARY BECAUSE THE DATA USED IN COMPILING THE GDP ESTIMATES ARE AVAILABLE IN STAGES AND OFTEN WITH SIGNIFICANT TIME LAGS.
/THE PRELIMINARY