FRIDAY, AUGUST 7, 1992
THE IMPLICIT PRICE DEFLATOR OF GDP, AS A BROAD MEASURE OF OVERALL INFLATION IN THE ECONOMY, ROSE BY 12.1% IN THE FIRST QUARTER OF 1992 OVER A YEAR EARLIER, FOLLOWING AN INCREASE OF 11.2% IN THE FOURTH QUARTER OF 1991.
A
THE FASTER INCREASE IN THE FIRST QUARTER DID NOT CONSTITUTE CASE FOR CONCERN, BECAUSE IT WAS MAINLY DUE то A SIGNIFICANT IMPROVEMENT IN THE TERMS OF TRADE.
THE GROWTH RATE OF OVERALL GDP FOR THE FIRST QUARTER
OF 1992 WAS COMPARATIVELY LOWER THAN THE GROWTH RATES RECORDED FOR THE VARIOUS FINAL DEMAND COMPONENTS, INCLUDING PRIVATE CONSUMPTION EXPENDITURE, GROSS DOMESTIC FIXED CAPITAL FORMATION AND TOTAL EXPORTS OF GOODS AND SERVICES.
THIS IS BECAUSE THE INCREASES FOR THE VARIOUS FINAL DEMAND COMPONENTS WERE SUPPORTED TO A CONSIDERABLE EXTENT BY A LARGE INCREASE IN IMPORTS, APART FROM THE INCREASE IN LOCAL PRODUCTION.
GDP REFLECTS HOW MUCH THE LOCAL ECONOMY HAS PRODUCED AND IS ACTUALLY THE SUM OF ALL FINAL DEMAND COMPONENTS NET OF THEIR CORRESPONDING IMPORT CONTENTS.
ALONG WITH THE RELEASE OF THE PRELIMINARY GDP ESTIMATES FOR THE FIRST QUARTER OF 1992, GDP ESTIMATES FOR 1990 AND 1991 HAVE ALSO BEEN UPDATED, TAKING INTO ACCOUNT LATEST DATA SOURCES, SUCH AS THE RESULTS FROM VARIOUS ECONOMIC SURVEYS.
AS A RESULT, THE REAL GROWTH RATE OF GDP FOR 1990 WAS SLIGHTLY REVISED FROM 3.0% TO 3.2%, THAT FOR 1991 REVISED FROM 3.9% TO 4.2%.
FOR
THE
FOR
FOR THE PRODUCTION-BASED GDP, THE REVISED ESTIMATES
1990 SHOW THAT, AMONG THE VARIOUS ECONOMIC ACTIVITIES, "WHOLESALE, RETAIL AND IMPORT/EXPORT TRADES, RESTAURANTS AND HOTELS" ACCOUNTED LARGEST SHARE (24.3%) OF GDP, FOLLOWED BY "FINANCING, INSURANCE, ESTATE AND BUSINESS SERVICES" (20.8%) AND "MANUFACTURING" (17.2%).
REAL
OF
LATEST EXPENDITURE-BASED GDP FIGURES FROM THE FIRST QUARTER 1990 TO THE FIRST QUARTER OF 1992 ARE PRESENTED IN TABLE 1. REVISED PRODUCTION-BASED GDP ESTIMATES FOR 1990 ARE PRESENTED IN TABLE 2.
LATEST ESTIMATES of EXPENDITURE-BASED GDP FROM THE FIRST QUARTER OF 1990 TO THE FIRST QUARTER OF 1992 ARE PUBLISHED IN A REPORT ENTITLED "QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT, 1ST QUARTER 1992". THE REVISED (AUGUST 92) PRODUCTION-BASED GDP ESTIMATES FOR 1990 ARE ALSO INCLUDED IN THE PUBLICATION.
THE REPORT IS NOW ON SALE AT $2 A COPY AT THE GOVERNMENT PUBLICATIONS SALES CENTRE, GROUND FLOOR, GERERAL POST OFFICE BUILDING, CONNAUGHT PLACE, CENTRAL AND AT THE PUBLICATION SALES COUNTER OF CENSUS AND STATISTICS DEPARTMENT, 19TH FLOOR, WANCHAI HARBOUR ROAD, WAN CHAI.
TOWER
THE
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ENQUIRIES MAY BE DIRECTED TO THE NATIONAL INCOME BRANCH OF CENSUS AND STATISTICS DEPARTMENT ON 582 5077.
THE
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