Property
14.
In the residential property market, the anti-speculation measures introduced by the Government since late 1991 and the tighter lending policies pursued by the banks had produced some noticeable effects. As the market adjusted itself, the volume of transactions fell and prices had tended to stabilise in recent months. The market for shopping space was supported by the sustained rise in retail sales, with prices and rentals being steady to slightly firmer. There was some increase in demand for office space, with a slight pick-up in rentals in some locations. The sales market for office space also showed signs of recovery. Demand for flatted factory space varied amongst locations but the market remained generally sluggish.
Investment
15.
Retained imports of capital goods increased sharply by 18% in real terms in the first half of 1992 over a year earlier. Within this category, retained imports of industrial machinery for manufacturing use registered an increase of 15%. Building and construction activity remained sluggish however.
Economic indicators
16.
The main economic indicators are shown in the following statistical appendix. Details of the updated forecast for economic growth in 1992 also follow.
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