XN000022-1991-08-09 — Page 3

FRIDAY, AUGUST 9, 1991

2.

GROSS DOMESTIC PRODUCT:

QUARTERLY ESTIMATES AND REVISED ANNUAL ESTIMATES

QUARTERLY GDP ESTIMATES

+

IN THE FIRST QUARTER. OF 1991. HONG RONG'S GROSS DOMESTIC

(GDP) GREW PRODUCT

BY 4.1 PER CENT IN REAL TERMS OVER THE FIRST AND QUARTER OF 1990, ACCORDING TO PRELIMINARY ESTIMATES BY THE CRUSUS STATISTH'S DEPARTMENT.

IS THE FIRST TIME THIS

ТПАТ THE DEPARTMENT PUBLISHES QUARTERLY GDP ESTIMATES. IT 15 IN ADDITION TO THE ANNUAL GDP ESTIMATĖS WHICH ARE ALREADY BEING PUBLISHED REGULARLY BY THE DEPARTMENT.

PRESENTING THESE QUARTERLY GDP ESTINATES AT A PRESS CONFERENCE TODAY (FRIDAY), DEPUTY COMMISSIONER FOR CENSUS AND STATISTICS, MR FREDER (CK FRO WING HUEN, SAID THE DEPARTMENT WOULD NOW REGULARLY REFERENCE PUBLISH QUARTERLY GDE ESTIMATES ABOUT FOUR MONTIIS AFTER THE PERIOD.

"THIS NAS DEEN MADE POSSIBLE AS A RESULT OF DEVELOPMENT IN DATA SOURCES AND ESTIMATION METHODS, HE SAID.

CONTENUOUS

"IT WAS NOT POSSIBLE TO RELEASE FIGURES UP TO THE MOST RECENT THE QUARTER BECAUSE OF THE TIME REQUIRED TO OBTAIN THE BASIC DATA FOR ESTIMATION, HE ADDED.

IN

AMONG THE MAIN COMPONENTS OF THE QUARTERLY GDP ESTIMATES, PRIVATE CONSUMPTION EXPENDITURE GREW BY 5.2 PER CENT IN REAL TERMS THE FIRST QUARTER OF 1991 OVER THE FIRST QUARTER OF 1990.

THE GROWTH RATE IN REAL TERMS FOR GOVERNMENT CONSUMPTION EXPENDITURE WAS 6.3 PER CENT, WHILE THAT FOR GROSS DOMESTIC FIXED CAPITAL FORMATION WAS 6.9 PER CENT.

IN REGARDING EXTERNAL TRADE IN GOODS, SIGNIFICANT GROWTH RATES REAL TERMS WERE REGISTERED FOR IMPORTS AND RE-EXPORTS OF GOODS AT 18.4 PER CENT AND 22.4 PER CENT RESPECTIVELY, WHILE THAT FOR DOMESTIC EXPORTS WAS 2.3 PER CENT.

AS REGARDS TRADE IN SERVICES, THE GROWTH RATE IN REAL TERMS FOR EXPORTS OF SERVICES, AT 4.7 PER CENT, WAS LESS THAN THAT FOR IMPORTS OF SERVICES, AT 9.9 PER CENT.

THE SLOWER GROWTH IN EXPORTS OF SERVICES WAS PARTLY DUE TO THE EFFECT OF THE GULF WAR ON THE TOURIST INDUSTRY IN THE FIRST QUARTER OF 1991. NEVERTHELESS, AN INVISIBLE TRADE SURPLUS OF HK$4,687 MILLION AT CURRENT MARKET PRICES WAS STILL RECORDED.

THE

ESTIMATES,

ALONG WITH THE FIRST RELEASE OF THESE QUARTERLY GDP CENSUS AND STATISTICS DEPARTMENT TODAY ALSO PUBLISHED RETROSPECTIVELY A SERIES OF QUARTERLY GDP STATISTICS, DATING BACK THE FIRST QUARTER OF 1973.

TO

/"THE ENTIRE