XN000022-1992-05-08 — Page 6

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GDP FOR 4TH QUARTER OF 1991

FRIDAY, MAY 8, 1992

HONG KONG'S GROSS DOMESTIC PRODUCT (GDP) IN THE FOURTH QUARTER OF 1991 GREW BY 4.4% IN REAL TERMS OVER THE SAME QUARTER OF 1990, ACCORDING TO THE PRELIMINARY ESTIMATES RELEASED TODAY (FRIDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

FOR 1991 AS A WHOLE, THE GROWTH RATE OF GDP IN REAL TERMS WAS 3.9%, SAME AS THE PRELIMINARY ESTIMATE RELEASED IN MARCH 1992.

AMONG THE MAIN EXPENDITURE COMPONENTS OF GDP, PRIVATE IN THE FOURTH

CONSUMPTION EXPENDITURE GREW BY 8.2% IN REAL TERMS QUARTER OF 1991 OVER THE SAME QUARTER OF 1990.

THIS GROWTH WAS MAINLY DUE TO A SIGNIFICANT EXPENDITURE OF RESIDENT HOUSEHOLDS TRAVELLING ABROAD.

INCREASE IN

ON THE SAME BASIS OF COMPARISON, THE GROWTH RATE IN REAL TERMS FOR GOVERNMENT CONSUMPTION EXPENDITURE WAS 5.0%.

REGARDING GROSS DOMESTIC FIXED CAPITAL FORMATION, INVESTMENT EXPENDITURE ON MACHINERY AND EQUIPMENT CONTINUED TO GROW SUBSTANTIALLY IN THE FOURTH QUARTER OF 1991, RECORDING AN INCREASE OF 21.9% IN REAL TERMS OVER THE SAME QUARTER OF 1990.

ON THE OTHER HAND, INVESTMENT EXPENDITURE ON BUILDINGS AND CONSTRUCTION DECREASED BY 4.0% IN REAL TERMS.

EXTERNAL TRADE CONTINUED TO RECORD CONSIDERABLE GROWTH IN THE FOURTH QUARTER OF 1991.

TOTAL EXPORTS OF GOODS REGISTERED A GROWTH RATE IN REAL OF 15.7%, AMONG WHICH RE-EXPORTS GREW SUBSTANTIALLY BY 25.7% DOMESTIC EXPORTS DECLINED BY 1.5%. THE CORRESPONDING GROWTH RATE IMPORTS OF GOODS WAS 15.6%.

TERMS

WHILE

FOR

AS REGARDS EXPORTS OF SERVICES, THE GROWTH RATE IN REAL TERMS WAS 8.2%, REFLECTING AN IMPROVED PERFORMANCE OF TOURIST INDUSTRIES IN THE FOURTH QUARTER AS COMPARED TO THE FIRST THREE QUARTERS OF 1991.

IMPORTS OF SERVICES ALSO GREW SIGNIFICANTLY BY 15.0%, MAINLY DUE ΤΟ INCREASED EXPENDITURE OF RESIDENTS TRAVELLING ABROAD IN THE FOURTH QUARTER OF 1991.

DESPITE THE HIGH 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, THE OVERALL GROWTH RATE OF GDP WAS COMPARATIVELY LOWER.

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