The nation's tertiary industry activity grew 1 percent in 1999, marking the first rise in two years, according to a preliminary report issued Monday by the Ministry of International Trade and Industry. The index of activity in the tertiary industry for the year stood at 103.2 against a base of 100 in 1995. The yearly increase is largely attributed to the spread of mobile communication tools, active stock transactions and robust housing sales, the report says. Retail, wholesale and service for engineering businesses slumped. The latest figure in the tertiary industry brings the index of overall industrial activity in 1999 to 100.3, up 0.5 percent from the previous year. In December, tertiary industry activity grew 0.9 percent from the previous month due to boosted demand prompted by fears of Y2K computer problems, according to a ministry official. The seasonally adjusted tertiary index for the month stood at 104.6, marking the second consecutive month of increase. All the tertiary sectors but retail, finance and security increased their activities, the report says. While acknowledging that the Y2K worries contributed to the boost, the official said, "The overall trend is heading for the better." The December index of all industrial activities, including mining and manufacturing, primary industry and construction, was also up 0.3 percent to 101.6, thanks to the growth of the tertiary industry. During the October-December period, the tertiary industry activity index increased 0.1 percent from the previous quarter to 103.7, thanks to the real estate, finance and security sectors. The index of all industrial activities for the third quarter stood the same as the previous quarter at 101.2.
