H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the second quarter of 2014, the economy expanded by 8.1% year-on-year in real terms; the second quarter growth was attributable to the increase in investment and exports of other tourism services. For the first half year of 2014, the economy increased by 10.2% year-on-year.
Looking ahead to the third quarter, domestic demand is expected to expand further;
private consumption expenditure is likely to register steady growth upon increase in total employment and working income; private investment is expected to sustain continuous growth with the construction of major tourism and gaming facilities. As regards external demand, although merchandise exports and visitor arrivals posted increase in July and August, gross gaming revenue decreased by 4.8% year-on-year, coupled with deceleration in total visitors spending, exports of services is likely to see negative growth in the third quarter. Taking into consideration these factors, as tourism and gaming are the leading industries of the local economy, the expanding domestic demand maybe unable to compensate the effect triggered by the declining exports of services; therefore, economic growth for the third quarter is projected to stay level year-on-year, even negative growth is also probable.
SYMBOLS AND ABBREVIATIONS
.. Not applicable
r Revised figures
- Absolute value equals zero
# Confidential data
~ No figure provided
0# Magnitude less than half of the unit employed p Provisional figures
@ Figures are subject to revision later on
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
Note: Due to rounding, total may not correspond to the sum of the partial figures.
Figures are subject to regular revisions when required.
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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2013 2013 2013 2014 2014
Q2 Q3 Q4 Q1 Q2
USA
ˢGross Domestic Product 1.6r 2.3r 2.2r 1.8r 2.3r 3.1r 1.9r 2.5
ˢExports of goods 15.8 4.4 2.2 1.6 2.7r 4.0r 2.5r 3.3
ˢImports of goods 15.4 3.1r -0.4r -1.3 1.6r 1.0 1.9r 4.5
ˢConsumer Price Index 3.1 2.1 1.5 1.4 1.6 1.2 1.4 2.1
ˢUnemployment rate 8.9 8.1 7.4 7.4 7.3 6.7 6.9 6.1
Euro area a
ˢGross Domestic Product 1.6 -0.7 -0.4 -0.6 -0.3 0.5 1.0r 0.7
ˢExports of goods 13.0 7.6 1.0 1.8 0.2r 1.1r 1.2r 0.6
ˢImports of goods 13.3 1.8r -3.1r -3.0r -1.8r -2.2r 0.2r
-ˢConsumer Price Index 2.7 2.5 1.3 1.4 1.3 0.8 0.6 0.6
ˢUnemployment rate 10.1 11.3 12.0 11.9 11.6 11.9 12.3 11.4
Germany
ˢGross Domestic Product 3.6r 0.4r 0.1r 0.5r 0.8r 1.0r 2.5 0.8
ˢExports of goods 11.5 3.3 -0.2 0.2 -0.8 1.9 3.1 1.7
ˢImports of goods 13.2 0.4 -1.1 -0.1 -0.5 - 4.4 0.8
ˢConsumer Price Index 2.1 2.0 1.5 1.5 1.6 1.3 1.2 1.1
ˢUnemployment rate 7.1 6.8 6.9 6.8 6.7 6.6 7.2 6.6
French
ˢGross Domestic Product 2.1 0.4 0.4 0.7 0.3 0.8 0.8 0.1
ˢExports of goods 9.1 3.9r -1.6 -0.5r -2.4 -2.1r 0.4r -1.4
ˢImports of goods 13.1r 1.8r -2.3r -2.6r -2.0r -1.5 -0.9r -1.2
ˢConsumer Price Index 2.1 2.0 0.9 0.8 0.9 0.6 0.7 0.6
ˢUnemployment rate 9.2 9.8 10.3 10.0r 9.7r 10.4r 10.6r 9.9
United Kingdom
ˢGross Domestic Product 1.1 0.3 1.7 1.8r 1.8 2.7 3.0r 3.2
ˢExports of goods 12.5 0.7 1.4 6.5r -0.4r -0.1r -6.0r -9.3
ˢImports of goods 9.5 2.7 0.9r 2.1r 2.8r -1.3r -4.0r -5.2
ˢConsumer Price Index 4.5 2.8 2.5 2.7 2.8 2.1 1.7 1.7
ˢUnemployment rate 8.1 7.9 7.6 7.8 7.6 7.2 6.8 6.4
a Consists 17 member states since 2011.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics Eurostat
Federal Statistical Office of Germany
National Institute of Statistics and Economic Studies of France; French Customs Office for National Statistics of United Kingdom
2011 2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2013 2013 2013 2014 2014
Q2 Q3 Q4 Q1 Q2
Mainland China
ˢGross Domestic Product 9.2 7.8 7.7 7.5 7.8 7.7 7.4 7.5
ˢExports of goods 20.3 7.9 7.8r 3.8 3.8r 7.3r -3.4 5.0
ˢImports of goods 25.0 4.3 7.3 4.8 8.5 7.2 1.6r 1.5
ˢConsumer Price Index a 5.4 2.6 2.6 2.4 2.5 2.6 2.3 2.3
Hong Kong
ˢGross Domestic Product 4.9 1.5 2.9 3.0 3.0 2.9 2.6r 1.8
ˢExports of goods 10.1 2.9 3.6 2.4 3.3 4.8 0.7 4.8
ˢImports of goods 11.9 3.9 3.8 3.5 2.6 4.3 2.1 4.5
ˢConsumer Price Index 5.3 4.1 4.3 4.0 5.3 4.3 4.2 3.6
ˢUnemployment rate 3.4 3.3 3.4 3.4 3.5 3.1 3.1 3.3
Taiwan
ˢGross Domestic Product 4.2 1.5 2.1 2.7 1.3 2.9 3.2r 3.7
ˢExports of goods 12.3 -2.3 1.4 2.4 -0.8 1.8 1.0 2.9
ˢImports of goods 12.0 -3.9 -0.2 -3.6 -3.4 2.1 -1.6 3.8
ˢConsumer Price Index 1.4 1.9 0.8 0.8 - 0.6 0.8 1.6
ˢUnemployment rate 4.4 4.2 4.2 4.1 4.3 4.2 4.0 3.9
Japan
ˢGross Domestic Product -0.5 1.5r 1.5r 1.2r 2.3r 2.5 3.0 -0.1
ˢExports of goods -2.7 -2.7 9.5 7.0 12.7 17.4 6.6 0.1
ˢImports of goods 12.1 3.8 14.9 10.3 17.5 24.1 17.6 2.6
ˢConsumer Price Index -0.3 - 0.3 -0.3 0.9 1.4 1.5 3.6
ˢUnemployment rate 4.6 4.3 4.0 4.2 4.0 3.7 3.7 3.7
Republic of Korea
ˢGross Domestic Product 3.7 2.3 3.0 2.7 3.4 3.7 3.9 3.6
ˢExports of goods 19.0 -1.3 2.1 0.7 2.8 4.7 1.7 3.3
ˢImports of goods 23.3 -0.9 -0.8 -2.8 0.3 2.5 2.0r 3.2
ˢConsumer Price Index 4.0 2.2 1.3 1.2 1.4 1.1 1.1 1.6
ˢUnemployment rate 3.4 3.2 3.1 3.1 3.0 2.8 4.0 3.7
Singapore
ˢGross Domestic Product 6.1 2.5 3.9 4.0 5.0 4.9 4.8r 2.4
ˢExports of goods 7.5 -0.9 0.6 -0.2 5.8 6.0 7.6 2.7
ˢImports of goods 8.6 3.2 -1.6 -4.0 5.9 1.4 6.8 3.0
ˢConsumer Price Index 5.2 4.6 2.4 1.6 1.8 2.0 1.0 2.4
ˢUnemployment rate 2.0 2.0 1.9 2.6 1.6 1.6 1.9r 2.6
a Accumulated year-on-year comparison.
Source : China National Bureau of Statistics
Hong Kong SAR Census and Statistics Department
Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan; Ministry of Economic Affairs, Taiwan Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan
National Statistics Office of Republic of Korea; Bank of Korea
2011 2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2013 2013 2013 2014 2014
Q2 Q3 Q4 Q1 Q2
USA
ˢGross Domestic Product 1.6r 2.3r 2.2r 1.8r 4.5r 3.5r -2.1r 4.2
ˢExports of goods 15.8 4.4 2.2 0.9r 0.5 2.4r -1.8r 2.1
ˢImports of goods 15.4 3.1r -0.4r 0.4r 0.6r -r 0.9r 2.9
ˢConsumer Price Index 3.1 2.1 1.5 0.1 0.5 0.3 0.5 0.7
ˢUnemployment ratea 8.9 8.1 7.4 7.5 7.2 7.0 6.7 6.2
Japan
ˢGross Domestic Product -0.5 1.5r 1.5r 0.9 0.4r -r 1.5 -1.7
ˢExports of goods -2.7r -3.0r 9.6 5.3r 1.3r 2.1 -1.5r -1.2
ˢImports of goods 12.3 3.3 15.2 3.4r 4.9r 5.1r 2.2r -8.5
ˢConsumer Price Index -0.3 - 0.3 0.2 0.7 0.5 0.1 2.3
ˢUnemployment ratea 4.6 4.3 4.0 4.0 4.0 3.9 3.6 3.6
Hong Kong
ˢGross Domestic Product 4.9 1.5 2.9 0.5 0.8 0.9 0.3r -0.1
ˢExports of goods 10.1 2.9 3.6 -1.2 2.2 3.6 -4.9 3.7
ˢImports of goods 11.9 3.9 3.8 -0.6 1.9 3.6 -3.2 1.6
ˢConsumer Price Index 5.3 4.1 4.3 1.3 -0.8 2.7 1.0 0.7
ˢUnemployment ratea 3.4 3.3 3.4 3.3 3.4r 3.2 3.1 3.2
a After seasonal adjustment.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics
Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan Hong Kong SAR Census and Statistics Department
3. GROSS DOMESTIC PRODUCT OF MACAO
2013 2013 2013 2014 2014
Q2 Q3 Q4 Q1 Q2@
At current prices:
GDP (Million MOP) 293 745 343 416 413 471 96 900 102 746 119 219 115 394 114 967
GDP per capita ('000 MOP) 534.7 603.5 697.5 .. .. .. .. ..
Chain volume measures in chained (2012) dollars:
GDP (Million MOP) 314 658 313 416 384 242 91 092 94 794 107 683 101 928 98 469
Year-on-Year change in real terms (%)
GDP 21.3 9.1 11.9 9.8 11.2 14.3 12.4 8.1
Private consumption expenditure 11.0 8.7 6.3 3.4 6.4 6.5 4.7 7.0
In the domestic market 10.6 8.1 6.5 5.3 5.9 6.2 4.8 7.3
Abroad 10.5 12.1 4.9 1.7 3.4 8.4 2.3 6.6
Government final consumption expenditure 5.8 6.2 6.3 6.1 6.4 6.1 8.6 4.8
Gross fixed capital formation 16.9 19.9 4.7 -1.6 1.4 9.5 30.9 52.7
Private sector 7.1 9.3 27.3 14.7 17.8 58.1 39.8 56.4
Government 62.1 51.8 -48.1 -61.0 -55.0 -43.8 -49.2 9.6
Exports of goods -0.6 30.2 11.4 9.9 3.7 15.9 13.4 10.4
Exports of services 29.5 6.5 12.0 11.1 12.2 16.0 11.9 1.3
Imports of goods 27.3 12.4 15.1 13.8 15.0 22.8 22.1 18.3
Imports of services 32.2 1.4 0# -0.1 0.6 1.9 3.2 -11.1
2013
2011
2011 2012
2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2014 2013 2013 2013 2014 2014
Q1 to Q2 Q2 Q3 Q4 Q1 Q2
A. External Merchandise Trade (Million MOP)
Total exports 6 970.9 8 159.7 9 093.9 5 024.8 2 252.8 2 137.8 2 364.5 2 478.2r 2 546.5 13.0
Textiles and garments 1 339.0 1 053.4 846.9 362.2 221.9 219.3 194.2 194.6 167.6 -24.5
Other products 5 631.9 7 106.3 8 247.0 4 662.6 2 030.9 1 918.5 2 170.3 2 283.6r 2 378.9 17.1
Total imports 62 288.9 70 927.8 81 013.5 43 305.9 19 538.3 20 247.0 22 655.3 21 732.6r 21 573.3 10.4
Trade balance -55 318.0 -62 768.1 -71 919.6 -38 281.2 -17 285.4 -18 109.2 -20 290.8 -19 254.4r -19 026.8 -10.1 B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(Million MOP) 269 058 305 235 361 866 193 727 86 419 89 447 100 401 102 491 91 236 5.6
y-on-y % change 41.9 13.4 18.6 12.6 15.7 19.5 23.8 19.7 5.6
Visitor arrivals('000) 28 002.3 28 082.3 29 324.8 15 283.8 7 065.8 7 768.6 7 414.0 7 690.2 7 593.7 7.5
Average length of stay (days) 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -c
Per capita spending of visitors (MOP) 1 619 1 864 2 030 .. 1 973 1 905 2 201 2 074 2 141 8.5
Hotel occupancy rate (%) 84.1 83.6 83.1 85.9 80.0 85.8 86.8 86.7 85.1 5.1a
C. Construction and real estate
Expenditure on public works (Million MOP) 7 666.0 12 536.5 5 104.4 568.1 707.2 885.2 3 304.1 22.6 545.5 -22.9
Private sector construction
ˢˢ New buildings - no. of units 2 159 1 592 2 241 910 1 119 439 529 804 106 -90.5
ˢˢ New buildings - gross floor area ('000 m²) 367 304 2 396 1 415 662 1 607 93 1 375 40 -93.9
ˢˢ Completion of Buildings - no. of units 1 387 2 558 1 316 1 716 578 82 383 105 1 611 178.7
ˢˢ Completion of Buildings - gross floor area ('000 m²) 1 163 1 568 562 285 87 6 71 17 269 210.0
No. of building units transacted 27 624 25 419 19 237 8 004 6 514 3 193 4 107 3 846 4 158 -36.2
Value of building units transacted (Million MOP) 76 255.1 100 905.5 96 048.4 51 484.8 33 999.7 13 835.2 22 525.3 22 517.6 28 967.1 -14.8 D. Transport (tonne)
ˢ Seaborne containerised cargo 182 959 207 280 194 638 123 019 43 972 50 763 55 876 57 143r 65 876 49.8
ˢ Containerised land cargo 35 093 30 681 28 827 12 042 6 549 10 454 7 415 4 946r 7 096 8.4
ˢ Air cargo 39 524 27 794 26 421 12 965 6 517 6 348 7 571 6 174 6 791 4.2
E. Consumption and Prices
Inflation rate (%) 5.8 6.1 5.5 6.1 5.1 5.6 5.9 6.1 6.2 ..
Composite Consumer Price Index (4/2008-3/2009=100) 110.3 117.0 123.5 129.3 122.7 124.3 126.0 128.3 130.2 6.2
Retail sales turnover (Million MOP) 43 158 53 517 66 126 34 738 15 873 16 045 18 335 18 368 r 16 370 3.1 F. Labour force
Unemployment rate (%) 2.6 2.0 1.8 .. 1.8 1.9 1.8 1.7 1.7 -0.1a
Median monthly employment earnings ('000 MOP) 10.0 11.3 12.0 .. 12.0 12.0 12.3 13.0 13.0 8.3
Non-resident workers in Macao (end-period) 94 028 110 552 137 838 .. 121 194 130 822 137 838 145 692 155 310 28.1 G. Public accounts (Million MOP)
Total revenue 122 972.3 144 994.5 175 949.3 83 447.7 39 335.7 39 448.3 42 207.1 42 146.2 41 301.6 5.0
Tax revenue from gaming 99 656.4 113 377.7 134 382.5 75 352.6 33 688.0 33 406.3 36 071.3 37 976.0 37 376.6 10.9
Total expenditure 45 593.3 54 012.6 51 388.6 23 008.0 10 705.8 18 621.0 23 559.4 7 061.7 15 946.3 49.0
Balance 77 379.0 90 981.9 124 560.7 60 439.7 28 629.9 20 827.3 18 647.8 35 084.5 25 355.2 ..
H. Money and finance (end-period, Million MOP)
ˢ Narrow money supply (M1) 36 243.3 47 621.8 58 937.4r 59 418.9 51 950.3 54 246.5 58 937.4r 57 358.0 59 418.9 14.4 ˢ Broad money supply (M2) 297 963.9 374 931.0 441 410.5r 483 607.0 396 394.2 426 604.4 441 410.5r 455 334.0 483 607.0 22.0 ˢ Resident deposits 291 595.1 367 261.7 432 429.0r 473 897.5 388 064.6 417 942.5 432 429.0r 445 820.8 473 897.5 22.1 ˢ Domestic credit to the private sector 167 855.8 198 701.9 257 512.1r 308 812.2 226 647.6 243 557.7 257 512.1r 284 196.7 308 812.2 36.3 ˢ Net foreign assets 425 292.6 482 694.1 561 495.6r 556 690.8 475 511.3 519 381.0 561 495.6r 516 019.1r 556 690.8 17.1 Foreign exchange reserves b 272 369.4 132 536.2 128 953.9 125 860.7 127 016.1 130 281.4 128 953.9 122 090.5r 125 860.7 -0.9 I. Others
ˢNew incorporations 3 405 3 612 4 481 2 580 1 146 1 147 1 200 1 126 1 454 26.9
ˢCompanies in dissolution 511 501 515 285 144 121 121 155 130 -9.7
ˢConsumption of electricity (Million kWh) 3 856.5 4 204.8 4 291.3 2 089.4 1 152.3 1 294.8 971.0 873.5 1 215.9 5.5 a Percentage points.
b According to the Fiscal Reserve Act that came into effect on 1 January 2012, the fiscal reserves and foreign exchange reserves are managed under separate accounts.
The official transfer of relevant assets was made in February 2012 c day.
2011 2012
2014 Q2 year-on-year
% change 2013