4
1
THIRD QUARTER ECONOMIC REPORT PUBLISHED
* * * * *
DESPITE
THE
AND
UNCERTAINTIES CREATED BY THE GULF CRISIS DOWNTURN IN THE U.S. ECONOMY, THE THIRD QUARTER ECONOMIC REPORT 1990, PUBLISHED TODAY (FRIDAY), SHOWS THAT THE PERFORMANCE OF THE HONG ECONOMY HAS IMPROVED COMPARED WITH THE PREVIOUS FOUR QUARTERS.
KONG
EXPORTS HAVE GROWN SIGNIFICANTLY, WITH THE DECLINE IN DOMESTIC EXPORTS BEING
IN RE- MORE THAN OFFSET BY A FURTHER MARKED INCREASE EXPORTS. RETAINED IMPORTS HAVE ALSO SHOWN A
THE MARKED REVIVAL,
REPORT NOTED.
THE
SLOW-DOWN
OF
LAST
BUT
THE
IN ECONOMIC ACTIVITY SINCE THE MIDDLE YEAR HAS HELPED TO EASE SOME OF THE LOCAL INFLATIONARY PRESSURES. THE OIL PRICE HIKE SINCE AUGUST HAS KEPT THE INFLATION RATE HIGH, REPORT SAID.
THE "ON
BASIS OF THIS REPORT AND THE LATEST AVAILABLE A
OF INFORMATION,
REVIEW HAD BEEN MADE OF THE FORECASTS
THE GROSS DOMESTIC PRODUCT (GDP) AND OF PRICE TRENDS FOR 1990, ECONOMIST, MR K.Y. TANG, SAID.
|| THE GOVERNMENT
"AS A RESULT OF THIS REVIEW, THE FORECAST GROWTH RATE IN CENT, TERMS OF THE GDP IS REVISED SLIGHTLY DOWNWARD TO 2.3 PER 2.5 PER CENT IN THE AUGUST UPDATE," HE SAID.
REAL FROM
"THE FORECAST RATE OF INCREASE IN THE CONSUMER PRICE INDEX
SLIGHTLY
PER CENT, IS
WHILE FROM 9.5 PER CENT TO 9.7 RAISED FORECAST RATE OF INCREASE IN THE GDP DEFLATOR REMAINS UNCHANGED AT 9 PER CENT, MR TANG ADDED.
(A) THE
CONTINUED TO
IN THE THIRD QUARTER OF 1990, DOMESTIC EXPORTS DECREASE, BY ABOUT 2 PER CENT IN REAL TERMS OVER A YEAR EARLIER.
A MIXED THOSE
DOMESTIC EXPORTS TO THE VARIOUS MAJOR MARKETS SHOWED PERFORMANCE. DOMESTIC EXPORTS TO CHINA PICKED UP FURTHER, AND TO THE FEDERAL REPUBLIC OF GERMANY ALSO RECORDED APPRECIABLE GROWTH.
THE
STATES FROM
HOWEVER, DOMESTIC EXPORTS TO THE UNITED STATES, JAPAN AND UNITED KINGDOM CONTINUED TO DECLINE. THE SHARE OF THE UNITED IN THE TOTAL VALUE OF HONG KONG'S DOMESTIC EXPORTS FELL FURTHER, 32 PER CENT IN 1989 TO 30 PER CENT IN THE FIRST NINE MONTHS OF 1990.
RE-EXPORTS SHOWED A RAPID INCREASE OF ABOUT 14 PER CENT IN REAL TERMS IN THE THIRD QUARTER OF 1990 OVER THE SAME QUARTER LAST YEAR.
AS
FASTER TO GROW CONSIDERABLY RE-EXPORTS CONTINUED DOMESTIC EXPORTS, ITS SHARE IN THE TOTAL EXPORTS INCREASED FURTHER 64 PER CENT IN THE FIRST NINE MONTHS OF 1990, FROM 61 PER CENT IN SAME PERIOD LAST YEAR.
THAN
то
THE
PROCESSING
OUTWARD TO THE CONTINUED INCREASE IN LARGELY DUE ACTIVITIES ACROSS THE BORDER, RE-EXPORTS TO CHINA RECORDED AN 8 PER CENT GROWTH IN VALUE TERMS IN THE THIRD QUARTER OVER A YEAR THIS GROWTH WAS ALSO THE RESULT OF REFLATIONARY MEASURES IN CHINA EARLIER THIS YEAR.
KARLIER. IMPLEMENTED
/THE PERFORMANCE