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21
28.
In
The rapid growth in exports has helped to
maintain a high demand for labour. In the period
July to September 1987, unemployment fell to a record
low of 1.8 per cent and underemployment to 1 per
cent. Earnings have also risen significantly.
the twelve months ending September 1987, the earnings
of workers in manufacturing and service employment
rose by 13 percent and 12 percent respectively in
money terms or 7 percent and 6 percent respectively
in real terms.
29.
In line with these trends internal demand
has been strong and growing in terms of both
consumption and investment. The property market has
also been active. Consequently, the growth rate of
the gross domestic product (GDP) has continued to be
high in 1987 following a strong performance in 1986.
The growth rate in 1986 is now estimated to have been
11 per cent, while the latest forecast is for at
least 12 per cent growth in 1987.
30.
The high level of demand in the economy,
coupled with the continued depreciation of the Hong
dollar, has resulted in some increase in
inflationary pressures compared with recent years.
Kong
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