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FRIDAY, MAY 28, 1993
ALTHOUGH THIS WAS 0.2 OF A PERCENTAGE POINT HIGHER THAN IN THE PRECEDING QUARTER, IT WAS 0.1 OF A PERCENTAGE POINT LOWER THAN A YEAR EARLIER.
THE UNDEREMPLOYMENT RATE, AT 1.6% IN THE FIRST QUARTER OF 1993, WAS 0.4 OF A PERCENTAGE POINT LOWER THAN IN THE PRECEDING QUARTER AND 0.6 OF A PERCENTAGE POINT LOWER THAN A YEAR EARLIER. REFLECTING THE ONGOING STRUCTURAL TRANSFORMATION OF THE ECONOMY TOWARDS SERVICES, EMPLOYMENT AND VACANCIES IN THE SERVICE SECTORS CONTINUED
то RISE, WHILE THOSE IN THE MANUFACTURING SECTOR CONTINUED TO DECLINE.
COMPARING DECEMBER 1992 WITH DECEMBER 1991, AVERAGE EARNINGS IN MANUFACTURING AND IN ALL MAJOR SERVICE SECTORS SHOWED INCREASES BOTH IN MONEY TERMS AND IN REAL TERMS, WITH A PARTICULARLY NOTABLE INCREASE FOR THE MANUFACTURING SECTOR.
CONSTRUCTION
REAL TERMS.
THE
WAGE RATES, HOWEVER, RECORDED LITTLE CHANGE IN
PROPERTY MARKET SHOWED A VARIED PERFORMANCE IN THE FIRST QUARTER OF 1993.
THE RESIDENTIAL PROPERTY MARKET WAS STILL IN A STATE OF CONSOLIDATION, BEING AFFECTED IN PART BY THE TIGHTER MORTGAGE LENDING POLICY MAINTAINED BY THE BANKS AND IN PART BY A DAMPENED MARKET SENTIMENT.
TRADING IN THE SECONDARY MARKET WAS GENERALLY SUBDUED DESPITE THE RELATIVELY LOW MORTGAGE RATE.
BUT RESPONSE TO PRE-COMPLETION SALES IN THE PRIMARY MARKET WAS MORE FAVOURABLE, MAINLY DUE TO THE LOWER ASKING PRICES AS WELL AS THE HIGHER MORTGAGE LENDING CEILING AND MORE FLEXIBLE PAYMENT TERMS OFFERED BY THE DEVELOPERS CONCERNED.
RENTALS FOR NEW LETTINGS OF FLATS REMAINED GENERALLY STABLE, WITH SOME INCREASES FOR FLATS IN FAVOURED LOCATIONS.
TOWARDS THE END OF THE QUARTER, THE RESIDENTIAL PROPERTY MARKET SHOWED AN INCREASE IN ACTIVITY WITH PRICES FIRMING UP SLIGHTLY.
ON
END-USER MONTHS.
ON
OFFICE SPACE, RENTALS FIRMED UP IN THE FACE OF SUSTAINED DEMAND. THE SALES MARKET WAS, HOWEVER, QUIETER IN RECENT THE OVERALL SUPPLY OF OFFICE SPACE WAS STILL ABUNDANT.
THE
SHOPPING SPACE, THERE WAS A GREATER DEMAND DUE TO CONTINUED INCREASE IN BOTH LOCAL CONSUMER AND TOURIST SPENDINGS.
PRICES AND RENTALS OF SHOPPING SPACE ROSE FURTHER PARTICULARLY IN THE MAIN SHOPPING AREAS.
AS REGARDS INDUSTRIAL PROPERTY, THE MARKETS FOR FLATTED FACTORY SPACE AND STORAGE PREMISES WERE GENERALLY QUIET, ALTHOUGH NEW INDUSTRIAL BUILDINGS WITH A GOOD DESIGN WERE BETTER RECEIVED.
IN THE FINANCIAL SECTOR. THE FOLLOWING OBSERVED DURING THE FIRST QUARTER OF 1993.
DEVELOPMENTS WERE
/FIRST, THE
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