6
FRIDAY, MAY 24, 1991
THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE, AT 1.8% IN THE FIRST THAN IN THE QUARTER OF 1991, WAS 0.4 OF A PERCENTAGE POINT HIGHER PRECEDING QUARTER AND 0.1 OF A PERCENTAGE POINT HIGHER THAN SAME QUARTER LAST YEAR.
IN THE
AND
THE UNDEREMPLOYMENT RATE, AT 1.5% IN THE FIRST QUARTER, WAS 0.7
THAN IN RESPECTIVELY
THE 0.8 OF A
HIGHER A PERCENTAGE POINT PRECEDING QUARTER AND IN THE SAME QUARTER LAST YEAR.
IN
THE FOURTH QUARTER OF 1990, THE PROPORTION OF THE POPULATION WORKING OVERTIME WAS REDUCED. VACANCIES ALSO DECREASED MOST SECTORS.
EMPLOYED
IN
MARKET SIZED
OUT THE ON THE RESIDENTIAL PROPERTY MARKET, MR TANG POINTED
SMALL TO MEDIUM- PICKED UP FURTHER DURING THE FIRST QUARTER. RESIDENTIAL FLATS CONTINUED TO ATTRACT KEEN BUYERS' INTEREST.
WERE
APART FROM SUPPORT FROM END-USERS, SPECULATIVE INTERESTS
SHOWED SOME ALSO APPARENT. THE DEMAND FOR LARGE RESIDENTIAL FLATS
IMPROVEMENT.
"THE MARKET FOR SHOPPING SPACE IN THE MAIN SHOPPING AREAS WELL.
AFFECTED BY UP
THE MARKET FOR OFFICE SPACE WAS STILL SUPPLY, WHILE THE MARKET FOR INDUSTRIAL PROPERTY REMAINED QUIET,' TANG SAID.
IN THE FINANCIAL SECTOR, OBSERVED DURING THE FIRST QUARTER.
HELD
OVER-
MR
THE FOLLOWING DEVELOPMENTS
WERE
FIRST, REFLECTING THE APPRECIATION OF THE US DOLLAR THE QUARTER, THE EFFECTIVE EXCHANGE RATE INDEX OF THE KONG DOLLAR ROSE FROM 109.3 AT THE END OF 1990 TO 112.2 THE END OF MARCH 1991.
DURING
HONG AT
SECONDLY, LOCAL MONEY MARKET INTEREST
THE FIRST QUARTER, IN LINE WITH THE MOVEMENT IN INTEREST RATES.
RATES EASED DURING US DOLLAR
THIRDLY, CONSISTENT WITH AN IMPROVED ECONOMIC DOMESTIC LOANS AND ADVANCES REGISTERED FURTHER GROWTH.
PERFORMANCE,
FOURTHLY, LOCAL SHARE PRICES AND TURNOVER REGISTERED SIGNIFICANT INCREASES DURING THE FIRST QUARTER.
1991
TO MADE
THE
MR TANG SAID IN UPDATING THE GDP AND PRICE FORECASTS FOR IN THE LIGHT OF THESE DEVELOPMENTS, ADJUSTMENTS WERE COMPONENT FORECASTS AS APPROPRIATE.
IN
INCREASE FORECAST,
THE
EXTERNAL
TO EARLIER
EXPORTS SECTOR, DOMESTIC
ARE EXPECTED BY ABOUT 2.5% IN REAL TERMS IN 1991, SAME AS IN THE
"ORDERS-ON-HAND CONTINUED то IMPROVE IN RECENT MONTHS, FOLLOWING DECLINES FOR MANY MONTHS IN 1990," MR TANG SAID.
H
'CURRENT INFORMATION ON RETAINED IMPORTS OF RAW MATERIALS SEMI-MANUFACTURES ALSO SUGGESTS THAT THE IMPROVED PERFORMANCE DOMESTIC EXPORTS COULD BE SUSTAINED IN THE NEAR FUTURE.
AND
OF
/THE GROWTH