This was much stronger than even the most optimistic forecasts, and came on top of a 9.2 per cent growth in the final quarter of 1999. Admittedly, the figures have been made more impressive because of last year's relatively low base of comparison when we were still in the grip of the recession. We realize the double digit rate won't continue in the coming months. But it is most encouraging that the pick up in economic growth has been so broadly based. Exports of goods have jumped nearly 21 per cent and that of services by a robust 16 per cent.
Consumer spending is up.
Investment has returned to positive growth after falling for six consecutive quarters. Unemployment is trending downwards from its peak of just over 6 per cent. And our economic outlook for the medium term remains favorable, underpinned by sustained growth and further economic reform and liberalization in China after its accession to the World Trade Organization. This has enabled us to forecast a trend rate of growth of 4 per cent annually for the period between 2000 and 2003. On the whole, then, the picture is looking a lot healthier, although there is a downside.