H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the fourth quarter of 2018, the economy of Macao went up by 2.1% year-on-year in real terms on account of the growth in exports of services. Moreover, favourable employment situation, the relatively low unemployment rate, the surplus in public accounts and the modest rise in CPI contributed to stable economic development. For the whole year of 2018, the economy grew by 4.7% year-on-year in real terms; the growth rate for the first half of the year was 7.6% and that for the second half of the year was 2.0%.
Looking ahead to the first quarter of 2019, private consumption and government final consumption expenditure are expected to remain stable, while investment may see a slower rate of decline; as a result, domestic demand is projected to grow steadily. As regards external demand, merchandise exports in January went up by 24.6%; meanwhile, the opening of the Hong Kong-Zhuhai-Macao Bridge was conducive to a growth in number of visitors, which led to an upsurge of 24.9% in visitor arrivals in January; gross revenue from games of chance rebounded by 4.4% in February after a 5.0% drop in January;
exports of services, therefore, is anticipated to increase continuously, yet at a slower pace.
Taking these factors into consideration, the economy is projected to remain on an upswing in the first quarter.
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.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2017 2018 2018 2018 2018
Q4 Q1 Q2 Q3 Q4
USA
Gross Domestic Product 1.6 2.2 2.9 2.5 2.6 2.9 3.0 3.1
Exports of goods -3.1r 6.6 7.6 7.9 8.0 11.3r 8.1 3.4
Imports of goods -1.8r 6.9r 8.6 9.0r 9.0r 8.5 10.7 6.3
Consumer Price Index 1.3 2.1 2.4 2.1 2.2 2.7 2.6 2.2
Unemployment rate 4.9 4.4 3.9 3.9 4.3 3.8 3.9 3.6
Euro area a
Gross Domestic Product 2.0r 2.4 1.8 2.7 2.4 2.1r 1.6 1.1
Exports of goods 0.3 7.1 3.7 6.2 2.1r 4.3 4.7r 3.7
Imports of goods -1.2 10.0 6.2 8.1 2.1r 5.8 10.0r 7.0
Consumer Price Index 0.2 1.5 1.8 1.4 1.3 1.7 2.1 1.9
Unemployment rate 10.0 9.1 8.2 8.7 8.9 8.2 7.8 7.9
Germany
Gross Domestic Product 2.2 2.2 1.5 2.2 1.4 2.3 1.1 0.9
Exports of goods 0.9 6.2 3.0 6.2 2.7 5.1 2.9 1.6
Imports of goods 0.6 8.0 5.7 6.8 3.6 6.3 8.1r 4.9
Consumer Price Index 0.5 1.5r 1.7 1.4r 1.3r 1.7r 1.9r 2.0
Unemployment rate 6.1 5.7 5.2 5.3 5.7 5.1 5.1 4.9
France
Gross Domestic Product 1.1 2.3 1.5 2.8 2.2r 1.7 1.3r 0.9
Exports of goods -0.6 4.5 3.8 4.6 4.4 4.2 3.0r 5.2
Imports of goods -0.2r 6.8r 3.8 4.9 1.7r 6.6r 3.5r 4.6
Consumer Price Index 0.2 1.0 1.9 1.1 1.4 1.9 2.2 1.9
Unemployment rate 10.1 9.4 9.1 9.2 9.6 8.7 8.8r 9.1
United Kingdom
Gross Domestic Product 1.8 1.8r 1.4 1.6r 1.3r 1.4r 1.6r 1.3
Exports of goods 4.3 13.3 3.3 5.8r 3.9r 2.2r 3.2r 4.0
Imports of goods 6.7 10.2 2.7 6.0r 1.1r 1.8 3.4r 4.6
Consumer Price Index 0.7 2.7 2.4 3.1 2.6 2.4 2.5 2.2
Unemployment rate 4.9 4.4 4.1 4.4 4.2 4.0 4.1 4.0
a Consists 19 member states since 2015.
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
2016 2017 2018
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2017 2018 2018 2018 2018
Q4 Q1 Q2 Q3 Q4
Mainland China
Gross Domestic Product 6.7 6.9 6.6 6.8 6.8 6.7 6.5 6.4
Exports of goods -7.7 7.9 9.9 9.6 13.7 11.5 11.7 3.9
Imports of goods -5.5 16.1 15.8 12.8 19.4 20.6r 20.4r 4.4
Consumer Price Indexa 2.0 1.6 2.1 1.6 2.1 2.0 2.1 2.1
Hong Kong
Gross Domestic Product 2.2 3.8 3.0 3.5r 4.6 3.5 2.8r 1.3
Exports of goods -0.5 8.0 7.3 6.8 9.7 9.0 9.0 2.2
Imports of goods -0.9 8.7 8.4 8.5 10.6 10.4 11.5 1.8
Consumer Price Index 2.4 1.5 2.4 1.6 2.4 2.1 2.5 2.6
Unemployment rate 3.4 3.1 2.8 2.8 2.8 2.8 3.0 2.7
Taiwan
Gross Domestic Product 1.5r 3.1r 2.6 3.5r 3.2r 3.3 2.4r 1.8
Exports of goodsb -1.8 13.2 5.9 10.4 10.6 11.2 3.0 0.1
Imports of goodsb -2.8 12.4 10.4 6.9 11.0 10.6r 13.7r 6.7
Consumer Price Index 1.4 0.6 1.4 0.4 1.6 1.7 1.7 0.5
Unemployment rate 3.9 3.8 3.7 3.7 3.7 3.7 3.8 3.7
Japan
Gross Domestic Productc 0.6r 1.9r 0.7r 2.4 1.3r 1.5r 0.1r -
Exports of goods -7.4 11.8 4.1 13.0 4.9 7.5 2.9 1.3
Imports of goods -15.8 14.1 9.7 17.0 7.5 7.5 12.4 11.2
Consumer Price Index -0.1 0.5 1.0 0.6 1.3 0.6 1.1 0.9
Unemployment rate 3.1 2.8 2.4 2.6 2.5 2.5 2.5 2.4
Republic of Korea
Gross Domestic Product 2.9 3.1 2.7 2.8 2.8 2.8 2.0 3.1
Exports of goods -5.9 15.8 5.5 8.4 9.8r 3.1 1.7 7.9
Imports of goods -6.9 17.8 11.8 11.6 13.7 13.0r 7.8 12.9
Consumer Price Index 1.0 1.9 1.5 1.4r 1.1r 1.5 1.6 1.8
Unemployment rate 3.7 3.7 3.8 3.2 4.3 3.9 3.8 3.4
Singapore
Gross Domestic Product 2.8r 3.9r 3.2 3.7r 4.7r 4.2r 2.4r 1.9
Exports of goods -5.1 10.3 7.9 6.6 2.3 9.3 12.7 7.2
Imports of goods -4.7 12.1 10.6 9.1 2.8 11.1 17.0 11.5
Consumer Price Index -0.5 0.6 0.4 0.5 0.2 0.3 0.7 0.5
Unemployment rate 2.1 2.2 2.1 1.8 1.9 2.7 1.9r 2.0
a Accumulated year-on-year comparison.
b Imports and exports of goods are compiled according to the general trade system.
c Refer to annualised growth rates.
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
2016 2017 2018
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2017 2018 2018 2018 2018
Q4 Q1 Q2 Q3 Q4
USA
Gross Domestic Product 1.6 2.2 2.9 2.3 2.2 4.2 3.4r 2.6
Exports of goods -3.1 6.6 7.6 3.6 1.8r 4.4r -1.8 -0.9
Imports of goods -1.8 6.9 8.6 5.1 3.0r - 2.6 -
Consumer Price Index 1.3 2.1 2.4 0.8 0.8r 0.5r 0.5 0.4
Unemployment ratea 4.9 4.4 3.9 4.1 4.1 3.9 3.8 3.8
Japan
Gross Domestic Product 0.6r 1.9r 0.7r 0.5r -0.2r 0.6r -0.7r 0.3
Exports of goods -7.8 12.4 4.1 2.0r 0.1r 2.7r -1.2r -1.1
Imports of goods -15.8 14.3r 9.3 4.4r 2.8r 1.1r 3.1r 2.0
Consumer Price Index -0.1 0.5 1.0 0.4r 0.7r -0.4r 0.5r -
Unemployment ratea 3.1 2.8 2.4 2.7 2.5 2.4 2.4 2.4
Hong Kong
Gross Domestic Product 2.2 3.8 3.0 1.1r 1.9r -0.3r 0.1 -0.3
Exports of goods -0.5 8.0 7.3 2.4r 2.1r 1.2r 1.0r -3.9
Imports of goods -0.9 8.7 8.4 3.1r 2.4r 1.1r 2.1 -5.4
Consumer Price Index 2.4 1.5 2.4 0.6 0.8r 0.4 0.6r 0.7
Unemployment ratea 3.4 3.1 2.8 3.0 2.9 2.8 2.8 2.8
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
2017 2018 2018 2018 2018
Q4 Q1r Q2r Q3r Q4@
At current prices:
GDP (Million MOP) 362 356 405 790 440 316 112 573 108 422 106 053 107 099 118 742
GDP per capita ('000 MOP) 561.1 625.3 666.9
Chain volume measures in chained (2016) dollars:
GDP (Million MOP) 362 356 397 519 416 235 107 589 103 940 101 198 101 228 109 869
Year-on-Year change in real terms (%)
GDP -0.9 9.7 4.7 7.8 9.3 6.0 1.9 2.1
Private consumption expenditure -0.8 2.2 4.5 3.8 5.3 5.9 4.2 2.8
In the domestic market -1.1 2.0 4.5 2.9 5.8 5.2 3.9 3.1
Abroad 1.3 4.8 5.8 7.9 2.2 7.1 5.0 8.5
Government final consumption expenditure 4.5 0.6 3.8 0.6 1.5 4.4 5.7 3.4
Gross fixed capital formation -11.9 -4.7 -12.5 -8.5 0.9 -14.4 -21.4 -14.3
Private sector -12.4 -10.5 -18.6 -10.7 -16.0 -18.4 -19.6 -20.4
Government -8.1 41.0 17.2 -1.1 145.7 8.3 -31.8 4.0
Exports of goods -20.3 13.1 11.0 22.3 13.9 30.7 -8.1 10.2
Exports of services -0.8 17.0 9.4 16.9 15.3 11.9 6.2 5.2
Imports of goods -12.6 5.6 4.7 11.9 9.5 7.0 0.9 2.3
Imports of services -1.6 11.2 9.8 7.5 28.8 13.9 1.7 -1.7
2018
2016
2016 2017
2017 2018@
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2017 2018 2018 2018 2018
Q4 Q1 Q2 Q3 Q4
A. External Merchandise Trade (Million MOP)
Total exports 10 046.6 11 283.1 12 192.6 2 720.4 2 972.1 3 224.2 2 866.1r 3 130.1 15.1
Textiles and garments 691.4 859.2 693.1 124.3 184.0 149.0 192.7r 167.3 34.6
Other products 9 355.2 10 423.9 11 499.5 2 596.1 2 788.1 3 075.2 2 673.4 2 962.8 14.1
Total imports 71 351.6 75 851.1 90 102.6 21 689.3 22 324.3r 20 837.7r 22 529.1r 24 411.5 12.6
Trade balance -61 305.0 -64 568.0 -77 910.0 -18 968.9 -19 352.1r -17 613.5r -19 663.0r -21 281.4 ..
B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 224 128 266 607 303 879 72 625 76 750 74 036 74 083 79 010 8.8
y-on-y % change -3.3 19.0 14.0 19.7 20.5 17.4 10.2 8.8
Visitor arrivals('000) 30 950.3 32 610.5 35 803.7 8 775.5 8 545.7 8 268.5 8 999.1 9 990.4 13.8
Average length of stay (days) 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.2 - a
Per-capita spending of visitors (MOP) 1 701 1 880 1 946 2 072 1 921 1 996 2 039 1 844 -11.0
Hotel occupancy rate (%) 83.3 87.2 91.1 91.4 90.0 90.0 91.3 92.9 1.5 b
No. of events 1 276 1 381 1 427 378 328 327 311 461 22.0
No. of participants and attendees ('000) 1 721.5 1901.7 r 2 121.6 694.9 r 277.7 r 411.7 r 696.6 735.6 5.8 C. Construction and real estate
Expenditure on public works (Million MOP) 7 505.9 11 387.7 12 562.0 3 704.8 4 537.9 2 631.8 1 133.2 4 259.2 15.0 Private sector construction
Building with construction permit issued – no. of units 5 372 3 223 1 670 45 368 668 599 35 -22.2
Building with construction permit issued 869 411 576 5 200 86 80 210 3 907.2
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 498 4 511 4 259 392 270 1 022 822 2 145 447.2
Building with licence of use issued 192 840 1 294 78 414 316 120 443 469.6
– gross floor area ('000 m²)
No. of building units transacted 14 108 13 985 15 073 3 241 5 501 4 100 3 151 2 321 -28.4
Value of building units transacted (Million MOP) 74 129.0 85 228.4 89 604.1 21 571.6 32 797.7 24 793.1 17 854.7 14 158.6 -34.4 D. Transport (tonne)
Gross weight of seaborne containerized cargo 179 557 160 483 171 026 38 203 38 270r 42 232 44 345r 46 179 20.9
Gross weight of containerized cargo by land 20 750 13 892 16 043 2 304 3 126 4 127 3 856r 4 934 114.2
Gross weight of air cargo 32 891 37 493 41 481p 10 990 8 802 10 146 9 150 13 384p 21.8p
E. Consumption and Prices
Inflation rate (%) 2.4 1.2 3.0 1.8 2.5 3.0 3.4 3.1 ..
Composite Consumer Price Index (10/2013-9/2014=100) 108.2 109.6 112.9 110.5 111.7 112.4 113.3 114.0 3.1
Retail sales turnover (Million MOP) 58 839 66 262 76 802 19 084 20 786 17 999 18 151r 19 865 4.1
F. Labour force
Unemployment rate (%) 1.9 2.0 1.8 1.9 1.9 1.8 1.8 1.7 -0.2 b
Median monthly employment earnings ('000 MOP) 15.0 15.0 16.0 15.5 16.0 16.0 16.0 16.0 3.2
Non-resident workers in Macao (end-period) 177 638 179 456 188 480 179 456 181 345 181 499 186 332 188 480 5.0 G. Public accounts (Million MOP)
Total revenue 110 501.9 126 366.7 134 204.6 32 446.4 31 325.7 33 281.6 35 310.4 34 286.9 5.7
Tax revenue from gaming 84 375.1 99 844.8 113 512.4 26 911.4 27 941.9 29 231.5 28 202.2 28 136.7 4.6
Total expenditure 82 629.1 81 303.5 80 331.9 27 781.9 15 404.9 18 445.4 19 670.6 26 867.3 -3.3
Balance 27 872.8 45 063.1 53 872.7 4 664.5 15 920.8 14 836.2 15 639.8 7 419.6 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 63 674.3 72 392.9 80 757.9 72 392.9 78 101.6 79 299.7 75 258.6 80 757.9 11.6
Broad money supply (M2) 532 475.3 591 465.6 651 438.0 591 465.6 604 204.0 604 704.1 626 433.5 651 438.0 10.1
Resident deposits 518 919.5 576 557.2 635 431.0 576 557.2 588 315.2 589 136.9 610 526.1 635 431.0 10.2
Domestic credit to the private sector 423 033.9 458 700.5 506 129.1 458 700.5 464 695.0 478 842.0 492 620.2 506 129.1 10.3 Net foreign assets 525 901.6 591 597.0r 695 765.4 591 597.0r 591 207.7r 601 692.3r 665 664.8r 695 765.4 17.6 Foreign exchange reserves 155 674.3 162 305.3 163 596.6 162 305.3 156 894.3 152 830.8 154 812.8 163 596.6 0.8 I. Others
New incorporations 4 392 5 177 5 953 1 226 1 453 1 720 1 420 1 360 10.9
Companies in dissolution 780 803 813 225 264 169 172 208 -7.6
Consumption of electricity (Million kWh) 5 293.7 5 416.6 5 567.2 1 230.4 1 093.6 1 506.0 1 696.0 1 271.7 3.4 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.
2016 2017
2018 Q4 year-on-year
% change 2018