XN000022-1995-11-24 — Page 15

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13

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year.

Moreover, building consents are down after a temporary pick-up earlier in the

On the other hand, the forecast of public sector expenditure on building and construction is kept unchanged, at a growth rate of 20% in real terms.

Work continues to be propelled by implementation of the Airport Core Programme and the on-going public housing development programme.

Taking the private and the public sectors together, the forecast growth rate in real terms of total expenditure on building and construction in 1995 is lowered from 8.9% to 5.0%.

The forecast growth rate in real terms of expenditure on machinery and equipment in 1995 is revised further upwards to 24%, from the earlier forecast of 18%.

This is mainly bolstered by the faster-than-expected growth in retained imports of capital goods in the first nine months of the year.

Overall, the downward adjustments in the forecast growth rates of private consumption expenditure, private sector building and construction, and domestic exports are compensated by the upward adjustments in the forecast growth rates of expenditure on machinery and equipment, and exports of services.

5%.

The forecast growth rate in real terms of GDP in 1995 is hence maintained at

In the first three quarters of the year, the GDP growth rate averaged at also about 5% in real terms.

Consumer price inflation, in terms of the CPI(A), is forecast to increase by an average of 9.0% in 1995, same as the earlier forecast.

The average increase recorded in the first ten months of the year was also 9.0%.

With the prices of fresh foodstuffs settling after the temporary upsurge during the third quarter, consumer price inflation should show less volatility in the remaining months of the year.