ENG-1995 — Page 90

Percent

15.0

10.0

5.0

-5.0

0

THE ECONOMY

Earnings by broad economic sector (year-on-year rate of change in real terms)

Manufacturing sector

Service sectors as a whole

['

-10.0

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Q1 Q2 Q3

1990

1991

1992

1993

Earnings continued to show increases in real terms in 1995.

1994

1995

三三

employment in foundation and superstructure construction, employment in the building and construction industry as a whole, comprising both site and non-site workers, also showed a notable increase of seven per cent.

The local workforce generally enjoyed a continued rise in income. For the first three quarters of 1995 taken together, average earnings in the service sectors as a whole increased by 11 per cent in money terms or two per cent in real terms. Among the major service sectors, earnings in financing, insurance, real estate and business services rose by 13 per cent in money terms or three per cent in real terms. Within this, earnings in the real estate sub-sector, however, fared less well, affected by the consolidation in the property market. Earnings in transport, storage and communication also rose by 13 per cent in money terms or three per cent in real terms. This was followed by the wholesale, retail and import/export trades, with increases of 12 per cent in money terms or three per cent in real terms. Earnings in restaurants and hotels rose by five per cent in money terms, but declined by three per cent after discounting inflation. This was largely associated with the slack restaurant business locally. Earnings in the manufacturing sector were 11 per cent higher in money terms or two per cent higher in real terms. Construction wage rates maintained a steady increase, by nine per cent in money terms but showed virtually no change in real terms.

The Property Market

The residential property market continued to consolidate in 1995, after the buoyancy in 1993 and the early part of 1994. There was a brief rebound after the Chinese New Year until around April but the market quietened thereafter. Buying interests were

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