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FRIDAY, NOVEMBER 22, 1991
THE EFFECT ON GDP GROWTH OF THE FASTER INCREASES IN CONSUMPTION AND INVESTMENT IS LARGELY OFFSET BY MORE RAPID GROWTH IN RETAINED IMPORTS AND A SMALLER STOCK ACCUMULATION.
A
ON CONSUMER PRICE INFLATION, THE RECENT TREND SUGGESTS THAT FURTHER MODERATION OF INFLATION CAN BE EXPECTED IN THE COMING MONTHS.
HOWEVER, THE PACE OF ADJUSTMENT IS LIKELY ΤΟ DE GRADUAL. ALLEVIATING FACTORS INCLUDE THE LESS RAPID INCREASE IN LOCAL WAGES AND SALARIES AND THE STABLE WORLD COMMODITY PRICES.
AGAINST THESE, THE RECENT SOFTENING OF THE U.S. DOLLAR AND THE FASTER INCREASE IN DOMESTIC DEMAND COULD RENEW PRESSURE ON PRICES IN DUE
THE
YEAR.
COURSE.
MOREOVER, HOUSING RENTALS ARE LIKELY TO RISE FURTHER FOLLOWING SURGE IN THE PRICE OF RESIDENTIAL FLATS OVER THE COURSE OF THIS
OVERALL, THE BARLIER FORECASTS OF INFLATION ARE STILL APPLICABLE; THAT IS, THE CONSUMER PRICE INDEX (A) AND THE GDP DEFLATOR ARE FORECAST TO INCREASE AT 12% AND 9% RESPECTIVELY FOR 1991 AS A WHOLE.
THE THIRD QUARTER ECONOMIC REPORT 1991 WILL BE ON SALE ON MONDAY (NOVEMBER 25) AT THE GOVERNMENT PUBLICATIONS CENTRE, GROUND FLOOR, GPO BUILDING, CONNAUGHT PLACE, CENTRAL, AT $27 A COPY.
HK'S EXPORTS STATISTICS NOT UNDERVALUED
* *
REFERRING TO SOME REPORTS IN THE PRESS RECENTLY CLAIMING THAT HONG KONG'S EXPORTS STATISTICS WERE UNDERVALUED BY 35 PER CENT, A SPOKESMAN FOR THE CENSUS AND STATISTICS DEPARTMENT TODAY (FRIDAY) SAID SUCH A STATEMENT WAS SIMPLY INCORRECT.
ACCORDING TO THOSE REPORTS, THE VALUE OF HONG KONG'S TOTAL EXPORTS ARE UNDERVALUED FOR FAILING TO CAPTURE THE SO-CALLED "TRIANGULAR TRADE" WITH LOCAL BUSINESSES ACTING AS "MIDDLEMEN”,
THE SPOKESMAN SAID: "TRADE STATISTICS RELATE ΤΟ GOODS WHICH MOVE PHYSICALLY INTO OR OUT OF A COUNTRY OR TERRITORY. THEY SHOULD NOT COVER GOODS WHICH DO NOT PASS THROUGH IT.
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"THE TRADE STATISTICS OF HONG KONG ARE COMPILED BASED ON INTERNATIONALLY ACCEPTED PRACTICE, HE SAID. "SUCH STATISTICAL STANDARDS ARE ADOPTED BY COUNTRIES THROUGHOUT THE WORLD, INCLUDING HONG KONG'S MAJOR TRADING PARTNERS.'
QUOTING AN EXAMPLE, THE SPOKESMAN SAID GOODS EXPORTED FROM MEXICO TO CANADA DIRECTLY, WITH A FIRM IN THE UNITED STATES ACTING AS MIDDLEMAN, WOULD NOT BE RECORDED IN THE TRADE STATISTICS OF THE UNITED STATES.
/COVERING "MIDDLEMAN"