TNAG-1942-FCO40-2768-Internal-economic-situation-in-Hong-Kong-1989 — Page 50

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3.

He added that this review was the

first in a new programme under which the

short-term GDP forecast would be updated at

quarterly intervals. The Financial Secretary

had referred to this new approach in his

Concluding Speech on the Budget Debate. The

release of the results of each review would

coincide with the publication of the quarterly

economic reports.

4.

In the first quarter of 1989, domestic

exports grew by about 6% in real terms over the

same quarter last year. This was considerably

slower than the corresponding growth rates of

11% in the preceding quarter, and of 9% for 1988

as a whole.

5.

Domestic exports to the various major

markets showed a mixed performance.

Domestic

exports to Japan and China recorded the fastest

increases in real terms in the first quarter, by

about 37% and 33% respectively over a year

earlier.

Domestic exports to the United Kingdom

grew by about 10%, while those to the United

States and the Federal Republic of Germany fell