H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the third quarter of 2017, the economic growth of Macao slowed down to 6.1%
year-on-year in real terms due to the high base of comparison in the same quarter of 2016.
In the first three quarters of 2017, the economy grew by 9.3% year-on-year in real terms.
Looking ahead to the fourth quarter of 2017, private consumption and government final consumption expenditure are expected to remain stable; domestic demand is predicted to weaken as investment will continue to decrease on account of the successive completion of large-scale tourism and entertainment facilities. As regards external demand, exports of services is anticipated to remain on the rise in the fourth quarter, attributable to the 6.1% growth in merchandise exports and the 7.9% increase in visitor arrivals in October, as well as a year-on-year growth of 22.2% in gross gaming revenue in October and November. Taking into consideration these factors, the economy of Macao in the fourth quarter of 2017 is expected to maintain continued growth, yet at a slower pace similar to that in the third quarter, which is due to the weakened domestic demand and a higher base of comparison in the fourth quarter of 2016.
SYMBOLS AND ABBREVIATIONS
.. Not applicable r Revised figures
- Absolute value equals zero
# Confidential data
0# Magnitude less than half of the unit employed p Provisional figures
p.p. Percentage point
@ Figures are subject to revision later on
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
MOP Macao pataca
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)
%
2016 2016 2017 2017 2017
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 2.6 2.9 1.5 1.5 1.8 2.0 2.2 2.3
Exports of goods 2.6 -7.3 -3.5 -2.4 1.9 7.5 6.0r 5.0
Imports of goods 3.9 -4.6 -2.7 -2.3 1.8 7.3 7.2r 4.8
Consumer Price Index 1.6 0.1 1.3 1.1 1.8 2.5 1.9 2.0
Unemployment rate 6.2 5.3 4.9 5.0 4.5 4.9 4.2 4.4
Euro area a
Gross Domestic Product 1.3 2.1r 1.8 1.7 1.9 2.1r 2.4r 2.6
Exports of goods 2.3 5.3 0.3 -0.1r 2.3 10.9 5.3r 6.1
Imports of goods 0.7 2.6 -1.2r -1.6r 2.5r 13.8 9.7r 7.6
Consumer Price Index 0.4 - 0.2 0.3 0.7 1.8 1.5 1.4
Unemployment rate 11.6 10.9 10.0 9.6 9.8 9.9 9.0 8.7
Germany
Gross Domestic Product 1.9 1.7 1.9 1.7 1.3 3.4r 1.0r 2.3
Exports of goods 3.3 6.2 0.9r -0.8r 1.9r 8.6r 3.8 6.6
Imports of goods 2.2 4.3 0.6 -1.1r 3.0r 10.1 8.3 7.7
Consumer Price Index 0.9 0.2 0.5 0.5 1.1 1.9 1.7 1.7
Unemployment rate 6.7 6.4 6.1 6.0 5.8 6.2 5.6 5.6
France
Gross Domestic Product 1.0 1.0 1.1 0.9 1.2 1.1 1.8r 2.2
Exports of goods 0.3 3.9 -0.5 -0.7r 2.3 1.7 5.2r 6.4
Imports of goods -0.6r 0.7r 0.4 1.8r 2.6r 7.5r 7.8r 6.9
Consumer Price Index 0.5 - 0.2 0.3 0.5 1.2 0.9 0.9
Unemployment rate 10.3 10.4 10.1 9.6 10.4 10.1 9.1 9.3
United Kingdom
Gross Domestic Product 3.1 2.3r 1.8 1.8r 1.6r 1.8r 1.5r 1.5
Exports of goods -1.6r -2.9r 4.6r 5.5r 15.7 19.4r 15.4r 14.3 Imports of goods -0.4r -3.1r 7.4r 14.8r 14.3r 15.3r 11.9 5.9
Consumer Price Index 1.5 - 0.7 0.8 1.2 2.2 2.8 2.8
Unemployment rate 6.2 5.4 4.9 4.8 4.8 4.6 4.4 4.3
a Consists 19 member states since 2015.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics
2014 2015 2016
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2016 2016 2017 2017 2017
Q3 Q4 Q1 Q2 Q3
Mainland China
Gross Domestic Product 7.4 6.9 6.7 6.7 6.8 6.9 6.9 6.8
Exports of goods 6.0 -3.0 -7.7 -7.0 -5.3 7.5r 8.5r 6.5
Imports of goods 0.5 -14.3 -5.5 -4.4 2.7 24.2r 14.2r 14.3
Consumer Price Index a 2.0 1.4 2.0 2.0 2.0 1.4 1.4 1.5
Hong Kong
Gross Domestic Product 2.7 2.4 2.0 2.0 3.2 4.3 3.9r 3.6
Exports of goods 3.2 -1.8 -0.5 -0.2 5.5 10.3 7.4 8.0
Imports of goods 3.9 -4.1 -0.9 1.2 5.6 10.7 8.2 7.7
Consumer Price Index 4.4 3.0 2.4 3.1 1.2 0.5 2.0 1.8
Unemployment rate 3.3 3.3 3.4 3.6 3.1 3.2 3.2 3.2
Taiwan
Gross Domestic Product 4.0 0.8r 1.4r 2.0r 2.8 2.6r 2.3r 3.1
Exports of goodsb 2.8 -10.9 -1.8 0.1 11.7 15.1 10.2 17.5
Imports of goodsb 1.4 -15.8 -2.8 -0.4 11.5 21.6 12.0 11.4
Consumer Price Index 1.2 -0.3 1.4 0.7 1.8 0.8 0.6 0.8
Unemployment rate 4.0 3.8 3.9 4.0 3.9 3.8 3.7 3.8
Japan
Gross Domestic Product 0.3 1.1 1.0 1.0r 1.6r 1.5 1.4r 1.7
Exports of goods 4.8 3.4 -7.4 -10.2 -1.9 8.5 10.5 15.1
Imports of goods 5.7 -8.7 -15.8 -19.3 -9.3 8.6 16.2 14.5
Consumer Price Index 2.7 0.8 -0.1 -0.5 0.3 0.3 0.4 0.6
Unemployment rate 3.6 3.4 3.1 3.1 2.9 2.9 2.9 2.8
Republic of Korea
Gross Domestic Product 3.3 2.8 2.8 2.6 2.4 2.9 2.7 3.6
Exports of goods 2.3 -8.0 -5.9 -5.0 1.8 14.7 16.8r 24.0
Imports of goods 1.9 -16.9 -6.9 -5.1 4.1 23.9 18.2 17.5
Consumer Price Index 1.3 0.7 1.0 0.7 1.5 2.1 1.9 2.3
Unemployment rate 3.5 3.6 3.7 3.6 3.2 4.3 3.9 3.5
Singapore
Gross Domestic Product 3.6 1.9 2.0 1.2 2.9 2.5 2.9 5.2
Exports of goods 0.1 -6.5 -5.1 -4.5 2.1 16.9r 8.3 10.1
Imports of goods -1.4 -11.5 -4.7 -9.1 6.1 15.5r 10.9r 13.5
Consumer Price Index 1.0 -0.5 -0.5 -0.4 - 0.6 0.8 0.4
Unemployment rate 2.0 1.9 2.1 1.8 1.9 2.1 2.9 1.8
a Accumulated year-on-year comparison.
b Imports and exports of goods are compiled according to the general trade system.
Source : National Bureau of Statistics of China
Census and Statistics Department of Hong Kong SAR
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 The Singapore Department of Statistics
2014 2015 2016
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2016 2016 2017 2017 2017
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 2.6 2.9 1.5 2.8 1.8 1.2 3.1r 3.3
Exports of goods 2.6 -7.3 -3.5 3.0 -0.1 3.2 0.2 1.2
Imports of goods 3.9 -4.6 -2.7 1.5 2.1 3.3 0.1 -0.2
Consumer Price Index 1.6 0.1 1.3 0.4 0.8 0.8 -0.1 0.5
Unemployment ratea 6.2 5.3 4.9 4.9 4.7 4.7 4.4 4.3
Japan
Gross Domestic Product 0.3 1.1 1.0 0.2r 0.4 0.3r 0.6r 0.3
Exports of goods 4.6 3.5 -7.8 -0.5r 5.6r 6.6r -1.2r 3.4
Imports of goods 5.5 -8.6 -15.8 0.8r 4.6r 7.8r 2.2r 0.5
Consumer Price Index 2.7 0.8 -0.1 -0.1 0.6 - -0.1 0.1
Unemployment ratea 3.6 3.4 3.1 3.0 3.1 2.9 2.9 2.8
Hong Kong
Gross Domestic Product 2.7 2.4 2.0 0.8 1.2 0.7 1.1r 0.5
Exports of goods 3.2 -1.8 -0.5 1.0 3.8 -0.4 1.0 -
Imports of goods 3.9 -4.1 -0.9 2.6 2.4 2.2 -1.1 0.7
Consumer Price Index 4.4 3.0 2.4 0.4 0.7 0.1 0.7 0.2
Unemployment ratea 3.3 3.3 3.4 3.4 3.3 3.2 3.1 3.1
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
2016 2016 2017 2017 2017
Q3r Q4r Q1r Q2r Q3@
At current prices:
GDP (Million MOP) 442 070 362 213 362 265 92 096 101 236 94 974 95 453 100 421
GDP per capita ('000 MOP) 710.9 564.6 560.9
Chain volume measures in chained (2015) dollars:
GDP (Million MOP) 461 974 362 213 359 087 92 013 98 908 93 266 93 443 97 625
Year-on-Year change in real terms (%)
GDP -1.2 -21.6 -0.9 5.8 8.9 11.3 10.8 6.1
Private consumption expenditure 5.9 2.1 -1.1 0.3 -0.5 0.2 2.7 0.5
In the domestic market 6.3 1.5 -1.3 0.2 -1.5 1.2 2.4 0.7
Abroad 3.4 4.7 0.2 2.7 3.5 0.1 0.8 1.8
Government final consumption expenditure 6.4 4.2 4.4 0.6 6.8 4.0 -5.5 -0.7
Gross fixed capital formation 37.1 5.4 -11.8 5.2 1.5 12.2 -4.1 -25.1
Private sector 43.7 3.2 -12.3 6.2 6.4 5.9 -10.8 -32.2
2016
2014
2014 2015
2015r 2016r
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2017 2016 2016 2017 2017 2017
Q1 - Q3 Q3 Q4 Q1 Q2 Q3
A. External Merchandise Trade (Million MOP)
Total exports 9 914.8 10 692.1 10 046.6 8 563.0 2 624.4 2 309.7 2 947.7 2 675.2r 2 940.1 12.0
Textiles and garments 781.3 831.3 691.4 734.9 186.9 143.9 196.5 138.2 400.2 114.2
Other products 9 133.5 9 860.8 9 355.2 7 828.1 2 437.5 2 165.8 2 751.2 2 537.0r 2 539.9 4.2
Total imports 89 952.2 84 663.2 71 351.6 54 252.3 18 479.4 19 610.4 17 805.7r 17 058.3r 19 388.3 4.9
Trade balance -80 037.4 -73 971.2 -61 305.0 -45 689.3 -15 855.0 -17 300.6 -14 858.0r -14 383.1r -16 448.2 -3.7 B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 352 714 231 811 224 128 193 982 55 220 60 655 63 682 63 088 67 212 21.7
y-on-y % change -2.5 -34.3 -3.3 18.7 1.1 10.2 12.9 21.6 21.7
Visitor arrivals('000) 31 525.6 30 714.6 30 950.3 23 835.0 8 104.5 8 081.5 7 872.5 7 691.8 8 270.7 2.1
Average length of stay (days) 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.3 0.1 a
Per-capita spending of visitors (MOP) 1 959 1 665 1 701 .. 1 806 1 830 1 709 1 787 1 926 6.7
Hotel occupancy rate (%) 86.5 81.5 83.3 85.6 87.0 87.0 83.0 85.6r 88.1 1.1b
No. of events 1 050 1 263 1 276 1 003 277 371 366 333 304 9.7
No. of participants 2 614.5 2 516.1 1 721.5 1 207.6 627.4 489.6 221.7 405.0 580.8 -7.4
C. Construction and real estate
Expenditure on public works (Million MOP) 5 185.4 7 904.3 7 505.9 7 436.9 1 087.9 4 660.1 1 039.0 4 838.8 1 559.1 43.3 Private sector construction
Building with construction permit issued – no. of units 1 810r 3 688r 5 372 3 178 879 1 594 2 964 209 5 -99.4
Building with construction permit issued 2 233r 1 695r 869 406 125 221 381 23 2 -98.6
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 3 001 4 364 498 4 119 153 111 551 2 947 621 305.9
Building with licence of use issued 440 2 578 192 762 44 83 254 316 191 336.7
– gross floor area ('000 m²)
No. of building units transacted 13 230 9 771 14 108 10 744 3 166 5 132 3 337 4 589 2 818 -11.0
Value of building units transacted (Million MOP) 83 690.3 51 660.1 74 129.0 63 656.8 17 217.3 29 329.9 17 931.6 30 102.3 15 622.9 -9.3 D. Transport (tonne)
Gross weight of seaborne containerized cargo 246 424 252 160 179 557 122 315 39 194 45 273 43 287r 40 395r 38 633 -1.4
Gross weight of containerized cargo by land 28 719 26 040 20 750 11 681 5 430 3 142 3 648 4 801 3 232 -40.5
Gross weight of air cargo 28 770 30 058 32 891 26 503 7 683 10 091 7 732 9 599 9 172 19.4
E. Consumption and Prices
Inflation rate (%) 6.0 4.6 2.4 1.0 1.8 1.4 0.9 0.9 1.3 ..
Composite Consumer Price Index (10/2013-9/2014=100) 101.1 105.7 108.2 109.2 108.2 108.6 108.9 109.2 109.6 1.3
Retail sales turnover (Million MOP) 67 996 61 541 58 839r 47 236 14 084r 16 416r 16 498 14 559r 16 178 14.9 F. Labour force
Unemployment rate (%) 1.7 1.8 1.9 .. 1.9 1.9 2.0 2.0 2.0 0.1b
Median monthly employment earnings ('000 MOP) 13.3 15.0 15.0 .. 15.0 15.0 15.0 15.0 15.0 -
Non-resident workers in Macao (end-period) 170 346 181 646 177 638 .. 180 277 177 638 179 879 178 694 176 666 -2.0 G. Public accounts (Million MOP)
Total revenue 161 861.0 116 111.5 110 501.9 85 622.8 26 139.1 28 277.7 26 615.3 28 367.5 30 640.0 17.2
Tax revenue from gaming 136 709.9 89 572.6 84 375.1 72 933.4 19 949.9 22 389.4 23 726.8 24 321.3 24 885.2 24.7
Total expenditure 67 078.3 80 753.8 82 629.1 49 941.5 21 961.5 28 215.9 13 598.4 21 148.9 15 194.2 -30.8
Balance 94 782.7 35 357.6 27 872.8 35 681.3 4 177.7 61.8 13 016.9 7 218.7 15 445.7 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 61 863.3 61 661.3 63 674.3 .. 65 315.9 63 674.3 71 296.8 70 050.3 66 559.6 1.9
Broad money supply (M2) 487 471.8 472 829.0 532 475.3 .. 505 799.6 532 475.3 547 202.1 556 634.2 567 686.4 12.2
Resident deposits 476 610.8 460 788.8 518 919.5 .. 492 470.5 518 919.5 533 150.5 542 540.5 552 981.1 12.3
Domestic credit to the private sector 339 352.0 389 393.7 423 033.9 .. 412 911.2 423 033.9 420 564.0 433 443.3 441 312.4 6.9
Net foreign assets 579 930.4 506 936.4 525 901.6 .. 481 359.5 525 901.6 529 129.3 548 187.9 568 319.5 18.1
Foreign exchange reserves 131 389.0 150 812.7 155 674.3 .. 154 976.4 155 674.3 155 100.5 159 184.0 157 688.9 1.8 I. Others
New incorporations 5 409 5 023 4 392 3 951 1 087 1 047 1 472 1 229 1 250 15.0
Companies in dissolution 536 595 780 578 163 193 223 195 160 -1.8
Consumption of electricity (Million kWh) 4 739.9 5 016.6 5 293.7 4 186.2 1 618.4 1 248.1 1 068.0 1 434.2 1 684.0 4.1 a day.
b Percentage points.
Nota : 1. "Construction permit issued” refers to projects that were issued the construction permit to start construction, expansion and superstructure works during the reference period. It was referred to as "Construction of new buildings" prior to the second quarter of 2017.
2. "Licence of use issued” refers to projects that were issued the licence of use (also known as occupation permit) during the reference period. It was referred to as "Completion of buildings" prior to the second quarter of 2017.
2014 2015
2017 Q3 year-on-year
% change 2016