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The index of industrial production for the second quarter of 1998 decreased by 4.5% compared with the same quarter in 1997, according to the results of a survey released today (Thursday) by the Census and Statistics Department.
Analysed by industry group, output of the chemical, rubber, plastic and non-metallic mineral products industry decreased by 10.2%. Within this group, output of the plastic products industry decreased markedly by 17.7%.
Decreases in output were also recorded in the basic metals and fabricated metal products industry (-8.3%) and the food, beverages and tobacco industry (-7.7%). Output of the paper products and printing industry also decreased, by 7.5%, due in part to the weaker demand for advertising on newspapers.
A decrease of 4.2% was recorded in the output of the industry group of electrical and electronic products, machinery, professional equipment and optical goods. Within this group, output of the consumer electrical and electronic products industry decreased by 12.3%. Nevertheless, output of the machinery, equipment, apparatus, parts and components industry increased by 7.0%.
Slight decreases in output were recorded in the textiles (including knitting) industry (-1.8%) and the wearing apparel (except footwear) industry (-0.2%).
Compared with the first quarter of 1998, the index of industrial production increased by 11.3%. This was consistent with the usual pick-up in manufacturing activities in the second quarter, following the lower level of manufacturing production in the first quarter due to the Lunar New Year holidays.
The index of industrial production reflects changes of local manufacturing output in real terms. In other words, it measures the volume of local production after discounting the effect of price changes.
More detailed information can be obtained from the Quarterly Index of Industrial Production, second Quarter 1998 report, which is on sale at $8 a copy at the Government Publications Sales Centre, ground floor, Low Block, Queensway Government Offices, 66 Queensway, Hong Kong, or at the Census and Statistics Department Publications Unit, 19th floor, Wanchai Tower, 12 Harbour Road, Wan Chai. Regular subscription may also be arranged.
Enquiries about the survey results may be directed to the General Economic Surveys Section of the Census and Statistics Department on 2805 6108.
End/Thursday, October 8, 1998
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