XN000022-1992-05-29 — Page 6

5

FRIDAY, MAY 29, 1992

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THE VOLUME OF RETAIL SALES ALSO SHOWED A SHARP INCREASE OF IN THE FIRST TWO MONTHS OF 1992 OVER A YEAR EARLIER.

THESE LARGE INCREASES WERE, HOWEVER, AFFECTED BY THE LOW OF COMPARISON IN THE FIRST QUARTER OF 1991 DUE TO THE GULF WAR.

14%

BASE

ON INVESTMENT DEMAND, RETAINED IMPORTS OF CAPITAL

FURTHER, INCREASED

BY ABOUT 11% IN REAL TERMS IN THE FIRST QUARTER OVER A YEAR EARLIER.

GOODS

THIS

RETAINED IMPORTS

OF

INCLUDED A CONTINUED GROWTH IN INDUSTRIAL MACHINERY FOR MANUFACTURING USE.

CONSUMER PRICE INFLATION WAS ON A MODERATING TREND IN THE FIRST THE EARLIER, OF 1992. QUARTER

COMPARED WITH THE SAME MONTHS A YEAR CONSUMER PRICE INDEX (A) ROSE BY 10.5%, 10.4% AND 9.5% RESPECTIVELY IN JANUARY, FEBRUARY AND MARCH (AND BY 8.9% IN APRIL).

A REPRESENTED THIS

SIGNIFICANT DECELERATION

FROM THE PEAK

FIGURE OF 13.9% IN APRIL LAST YEAR.

FOR THE FIRST QUARTER OF 1992 AS A WHOLE, THE INCREASE 10.1%. THE CORRESPONDING INCREASES IN THE CPI(B) AND HANG SENG WERE 10.0% AND 9.9%, WHILE THE COMPOSITE CPI WAS 10.0% HIGHER.

WAS CPI

IN THE LABOUR MARKET, BOTH THE UNEMPLOYMENT AND UNDEREMPLOYMENT RATES EDGED UP IN THE FIRST QUARTER.

THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE STOOD AT 2.4% AND THE UNDEREMPLOYMENT RATE AT 2.2%.

ECONOMY,

BE

THE JUDGING FROM THE CURRENT STATE OF NEVERTHELESS, THE EASING IN THE LABOUR MARKET SEEN IN THE FIRST QUARTER MAY ONLY TEMPORARY,

THE

IN

PERFORMANCE OF THE PROPERTY MARKET VARIED AMONG SUB-

RESIDENTIAL SECTORS.

THE

PROPERTY

A MARKET, AFTER

BRIEF CONSOLIDATION TOWARDS THE END OF 1991 DUE то

ANTI-SPECULATION THE

IN THE MEASURES, THE PRICES OF RESIDENTIAL FLATS CONTINUED TO RISE FIRST QUARTER OF 1992.

WAS HOWEVER, THE NUMBER OF TRANSACTIONS IN THE FIRST QUARTER

PROSPECTIVE FLAT WAY BELOW THOSE RECORDED IN THE PRECEDING QUARTERS.

ALTHOUGH THE LOW BUYERS TENDED TO ADOPT A WAIT-AND-SEE ATTITUDE,

AN INTEREST RATE RELATIVE TO THE PREVAILING INFLATION STILL PROVIDED INDUCEMENT TO DEMAND.

PRICES WITH FASTER

THE DEMAND FOR SHOPPING SPACE REMAINED FAIRLY STABLE. RENTALS GENERALLY MOVED WITHIN A NARROW RANGE, BUT INCREASES RECORDED FOR THE PRIME LOCATIONS.

AND

THE MARKET FOR OFFICE SPACE CONTINUED TO FACE AN WITH RENTALS SHOWING LITTLE SIGN OF IMPROVEMENT.

OVER-SUPPLY,

THE

ATTRACTED A

MARKET

WAS

THE SALES MARKET FOR OFFICE STRATA NEVERTHELESS GREATER

AS INTEREST.

FOR FLATTED FACTORY SPACE, GENERALLY QUIET.

IN THE FINANCIAL SECTOR, THE OBSERVED DURING THE FIRST QUARTER.

FOLLOWING

DEVELOPMENTS

/FIRST, THE

WERE