CONFIDENTIAL #3
Table 1
gross terms.
On investment in property, the
statistics on building completions and on
consents to commence work provide the most
up-to-date indicators.
Investment in plant and machinery
(all growth rates quoted in this section are
on a year-on-year basis and expressed in real terms, unless otherwise indicated)
3.
(a)
Capital expenditure on plant and machinery
According to the latest estimates
in the quarterly GDP series, overall
expenditure on plant and machinery grew by
17% in the second quarter of 1988. This was
higher than the corresponding growth rate of
10% in the first quarter, but was lower than
the growth rate of 28% for 1987 as a whole
(Table 1).
4.
The private sector plays a leading
role in this category of investment. Its
share amounted to 97% in the first half of
1988, while for 1987 as a whole it was 98%.
The growth rate of expenditure on plant and
machinery by the private sector was 16% in
the second quarter, up from 9% in the first
quarter. The corresponding growth rate in
1987 was 28%. Public sector expenditure on
plant and machinery has been subject to
considerable fluctuations. After growing by 60% in the first quarter of 1988, it grew by
G.F. 326
CONFIDENTIAL #
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