5
FRIDAY, AUGUST 7, 1992
"THAT IS TO SAY THOSE WHO APPLY WILL HAVE
CENT OF THE MONEY.
**
ΤΟ PUT UP 50 PER
"SO LET'S NOT TALK OURSELVES INTO TOO PESSIMISTIC A STATE OF MIND ABOUT INDUSTRY. I AM QUITE SURE THAT ALTHOUGH SERVICE SECTOR IS GROWING FASTER, THERE WILL STILL BE AN IMPORTANT INDUSTRIAL SECTOR HERE IN HONG KỌNG FOR MANY YEARS TO COME,' HE SAID.
·
GDP
←
PRELIMINARY ESTIMATES FOR FIRST QUARTER OF 1992
AND REVISED ESTIMATES FOR 1990 AND 1991
* * * * *
IN THE FIRST QUARTER OF THIS YEAR, HONG KONG'S GROSS DOMESTIC PRODUCT (GDP) GREW BY 4.7% IN REAL TERMS OVER THE SAME QUARTER OF 1991, ACCORDING TO THE PRELIMINARY ESTIMATES RELEASED TODAY (FRIDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
AMONG THE MAIN EXPENDITURE COMPONENTS OF GDP, PRIVATE CONSUMPTION EXPENDITURE GREW BY 8.7% IN REAL TERMS IN THE FIRST QUARTER OF 1992 OVER THE SAME QUARTER OF 1991.
UNDERLYING THIS RAPID GROWTH WAS A SIGNIFICANT CONSUMPTION EXPENDITURE ON DURABLE GOODS.
OVER THE SAME PERIOD OF
COMPARISON,
EXPENDITURE GREW BY 7.4% IN REAL TERMS.
INCREASE
IN
GOVERNMENT CONSUMPTION
AMONG THE VARIOUS COMPONENTS OF GROSS DOMESTIC FIXED CAPITAL FORMATION, INVESTMENT EXPENDITURE ON MACHINERY AND EQUIPMENT CONTINUED GROW RAPIDLY, BY 10.3% IN REAL TERMS IN THE FIRST QUARTER OF 1992 OVER THE YEAR EARLIER.
TO
ON THE OTHER HAND, INVESTMENT EXPENDITURE ON BUILDINGS AND CONSTRUCTION DECREASED BY 2.6% IN REAL TERMS.
FIRST
EXTERNAL TRADE CONTINUED TO RECORD SIGNIFICANT GROWTH IN THE QUARTER OF 1992.
TOTAL EXPORTS OF GOODS REGISTERED A YEAR-ON-YEAR GROWTH RATE OF 20.8% IN REAL TERMS. OF THESE, RE-EXPORTS GREW SUBSTANTIALLY BY 31.7%, WHILE DOMESTIC EXPORTS DECLINED MARGINALLY BY 0.5%. THE CORRESPONDING GROWTH RATE FOR IMPORTS OF GOODS WAS 21.9%.
AS REGARDS EXPORTS OF SERVICES, THE GROWTH RATE IN REAL TERMS WAS 13.9%, REFLECTING AN IMPROVED PERFORMANCE OF TOURIST INDUSTRIES IN THE FIRST QUARTER OF 1992 AS COMPARED TO THE SAME PERIOD LAST YEAR WHEN TOURIST INDUSTRIES WERE ADVERSELY AFFECTED BY THE GULF WAR. CORRESPONDING GROWTH RATE FOR IMPORTS OF SERVICES WAS 9.3%.
THE
/THE IMPLICIT