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Consumer spending, on the other hand, remained slack. Private consumption expenditure grew by only 1.4% in real terms in the second quarter over a year earlier. The slow-down was mainly associated with the setback in spending on motor cars and other durable goods. Spending on consumer non-durables and on various services continued to show some increases.
Government consumption expenditure (defined in national accounts terms) increased by 2.3% in real terms in the second quarter over a year earlier.
Imports continued to record a large increase, by 13.6% in real terms in the second quarter over a year earlier, reflecting mainly the strong import requirements for production and capital investment. Imports of services grew by 8.7% in real terms over the same period.
Revised estimates of GDP and its components for the first quarter of 1995 and the earlier periods are also released today. The real growth rate of GDP for the first quarter of 1995 remains unchanged at 5.9%, same as the preliminary estimate released in August 1995.
The implicit price deflator of the GDP rose by 3.9% in the second quarter of 1995 over a year earlier. This was mainly due to the continued deterioration in the terms of trade, brought about by the faster increase in import prices which had an initial effect of lowering the rate of increase in the GDP deflator. Excluding this
earlier. effect, the domestic demand deflator rose by 8.0% over a year
Summaries of the latest GDP figures are presented in Tables 1 and 2.
More detailed quarterly estimates of GDP from the first quarter of 1993 to the second quarter of 1995 are published in a report entitled "Quarterly Estimates of Gross Domestic Product 2nd Quarter 1995".
This bilingual report is now on sale at $8 per copy at the Government Publications Centre, Queensway Government Offices, Low Block, ground floor, 66 Queensway, Hong Kong; and at the Publications Unit of the Census and Statistics Department, 19th floor, Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong. Telephone enquiries may be directed to the National Income Branch (1) of the Census and Statistics Department on 2582 5077.