تنا
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FRIDAY, AUGUST 23, 1991
THE SIGNIFICANT GROWTH IN DOMESTIC DEMAND IN THE FIRST QUARTER OF 1991 WAS SUSTAINED IN THE SECOND QUARTER. ON INVESTMENT DEMAND, THE YEAR-ON-YEAR GROWTH RATE IN REAL TERMS OF RETAINED IMPORTS OF CAPITAL GOODS ACCELERATED SHARFLY FROM 9% IN THE FIRST QUARTER ABOUT 20% IN THE SECOND QUARTER.
RETAINED IMPORTS OF INDUSTRIAL MACHINERY SHOWED RAPID GROWTH.
ON CONSUMER SPENDING, MR TANG SAID, SENTIMENT IMPROVED AFTER THE ENDING OF THE GULF WAR.
TO
PARTICULARLY
SHOULD HAVE
ON A YEAR-ON-YEAR COMPARISON, RETAINED IMPORTS OF CONSUMER GOODS SHOWED A SMALLER DECLINE OF ABOUT 2% IN REAL TERMS IN THE SECOND QUARTER, AS
A AGAINST
DECLINE OF 6% IN
"OF THE FIRST QUARTER. PARTICULAR NOTE IS THE REBOUND IN THE VOLUME OF RETAIL SALES, GIVING A
INCREASE YEAR-ON-YEAR
OF 4% IN THE FIRST FIVE MONTHS
HE COMBINED,'
ADDED.
THE CONSUMER PRICE INDEX (A) ROSE BY 11.9% AND 13.1% RESPECTIVELY IN THE FIRST AND SECOND QUARTERS OF 1991 COMPARED WITH THE SAME QUARTERS LAST YEAR. REFLECTING A DECELERATION IN CONSUMER PRICE INFLATION DURING THE SECOND QUARTER, THE CPI(A) ROSE BY 13.9% IN APRIL, 13.0% IN MAY, AND 12.3% IN JUNE OVER A YEAR EARLIER.
THE
YEAR
THE GDP
FOR DEFLATOR, AS A BROAD INDICATOR OF INFLATION ECONOMY AS A WHOLE, INCREASED BY 8% IN THE FIRST QUARTER OVER A EARLIER.
IT
ROSE AT A LESS RAPID RATE THAN THE CPI, INCREASES IN THE MODERATE
PRICES OF EXPORTS MACHINERY, AND TO A LESSER EXTENT, IN THE PRICES CONSTRUCTION OUTPUT.
OF
MAINLY DUE TO AND OF PLANT BUILDING
MORE
AND
AND
THE LABOUR MARKET EASED SOMEWHAT DURING THE FIRST HALF OF 1991. AT QUARTER, THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE IN THE SECOND 2.4%, WAS 0.6 OF A PERCENTAGE POINT HIGHER THAN IN PRECEDING QUARTER, AND
LAST 0.8 OF A PERCENTAGE POINT HIGHER THAN IN THE SAME QUARTER YEAR.
THE UNDEREMPLOYMENT RATE ROSE TO 1.7% IN THE SECOND QUARTER. THIS
0.2 WAS
OF A PERCENTAGE POINT HIGHER THAN
THE IN
PRECEDING QUARTER, AND 0.8 OF A PERCENTAGE POINT HIGHER THAN IN THE SAME QUARTER LAST YEAR.
IN
SECTORS
THE FIRST QUARTER, THE NUMBER OF VACANCIES IN MOST CONTINUED TO DECLINE. MOST RECENTLY, THE UNEMPLOYMENT SITUATION SEEMS TO HAVE STABILISED.
THE
THE
RESIDENTIAL PROPERTY MARKET WAS ACTIVE DURING MOST OF FIRST HALF OF 1991. THE UNDERLYING DEMAND FOR SMALL TO MEDIUM-SIZED
CONTINUED FLATS
TO BE STRONG.
IN SPECULATIVE ACTIVITY
RESIDENTIAL EASED IN INTENSIFIED DURING THE MONTHS OF MARCH TO MAY BUT PROPERTY JUNE.
IN
"THE INCREASE IN THE MORTGAGE RATE BY ONE PERCENTAGE POINT LATE MAY AND THE GENERALLY TIGHTER BANK POLICY ON MORTGAGE LENDING CONTRIBUTED TO THIS MODERATION," MR TANG POINTED OUT.
/THE DEMAND