The hospitality industry had to resort to cutting budgets, which led to a steep
plunge in the number of employed in the service sector. Out of a total of 12,100
made unemployed, hotels and restaurants went through the biggest cut, that being
5,800 employees. The breakdown of total job losses showed 47% in the service
sector, 28% in construction, and 25% in manufacturing. Additionally, transactions in
the retail sector were dropped by 50%.
The private property volume transactions for condominiums and private property
price index are also good proxies on the impact of the economy from SARS. Based
on quarterly figures between 2002 and 2004, the volume transactions dipped to a low
in the first quarter of 2003. Also, there was a corresponding decline in the price
index. Transactions recovered steadily by the third quarter boosted by confidence in
market sentiments (See Figure 5). The STI and private property price index seemed
to display fairly similar trends, albeit with some observed lag. Note also that there is
The hospitality industry had to resort to cutting budgets, which led to a steepplunge in the number of employed in the service sector. Out of a total of 12,100made unemployed, hotels and restaurants went through the biggest cut, that being5,800 employees. The breakdown of total job losses showed 47% in the servicesector, 28% in construction, and 25% in manufacturing. Additionally, transactions inthe retail sector were dropped by 50%.The private property volume transactions for condominiums and private propertyprice index are also good proxies on the impact of the economy from SARS. Basedon quarterly figures between 2002 and 2004, the volume transactions dipped to a lowin the first quarter of 2003. Also, there was a corresponding decline in the priceindex. Transactions recovered steadily by the third quarter boosted by confidence inmarket sentiments (See Figure 5). The STI and private property price index seemedto display fairly similar trends, albeit with some observed lag. Note also that there is
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