H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
The economy of Macao expanded by 21.1% in real terms in the third quarter of 2011, attributable to the increase in exports of services, private consumption expenditure and investment.
GDP for the first three quarters of 2011 registered a year-on-year increase of 21.8% in real terms.
Looking ahead to the fourth quarter of 2011, in terms of domestic demand, even though public investment keep expanding, growth in total investment is expected to narrow upon decelerating private investment; nevertheless, rising total employment and income is likely to sustain the upsurge in private consumption expenditure and retain the unemployment rate below the 3.0% level.
As regards external demand, merchandise exports will see continuous decline upon the turbulent
world economy and the still sluggish weakening demand in Europe and the US. However,
satisfactory increase is expected in exports of tourism and gaming services, with visitor arrivals in
October and November increasing by 16.8% year-on-year when gross gaming revenue soaring by
37.5%. In sum, the economy of Macao is projected to have double-digit growth in the fourth quarter
and the whole year of 2011, yet the pace of increase is likely to decelerate.
STATISTICAL TABLES
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)
Notes: Due to rounding, the totals may not correspond to the sums of the partial figures.
The figures presented are subject to regular revisions as and when required.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 1/2
2010 2010 2011 2011 2011
Q3 Q4 Q1 Q2 Q3
USA
ΓGross Domestic Product -0.3 -3.5 3.0 3.5 3.1 2.2 1.6
r1.5
ΓExports of goods 12.1 -18.0 21.0 20.5 18.2 18.2 17.7 17.5
ΓImports of goods 7.5 -25.9 22.7 23.0 15.8 18.8 17.0
r14.1
ΓConsumer Price Index 3.8 -0.4 1.7 1.2 1.3 2.1 3.4 3.8
ΓUnemployment rate 5.8 9.3 9.6 9.5 9.1 9.5 8.9 9.1
Euro area
aΓGross Domestic Product 0.4 -4.2
r1.9
r2.1
r2.0 2.4 1.7
r1.4
ΓExports of goods 3.9
r-18.0
r20.0
r22.7
r22.2
r21.7
r13.0
r9.4
ΓImports of goods 8.1 -21.8 22.5 27.1
r25.6
r24.2
r12.8
r8.9
ΓConsumer Price Index 3.3 0.3 1.6 1.7 2.0 2.5 2.8 2.7
ΓUnemployment rate 7.7 9.6 10.2 9.8 10.1 10.4 9.8 9.9
Germany
ΓGross Domestic Product 1.1 -5.1 3.7 4.0 3.8 5.0 3.0
r2.5
ΓExports of goods 2.0 -18.4 18.5
r19.9
r20.0
r19.2
r11.8
r10.1
ΓImports of goods 4.7 -17.5 19.9
r22.6
r24.7
r21.5
r13.5
r11.7
ΓConsumer Price Index 2.6 0.3 1.1 1.2 1.5 2.1 2.3 2.5
ΓUnemployment rate 7.8 8.1 7.7 7.5 7.0 7.8 7.1 6.9
French
ΓGross Domestic Product -0.2 -2.6 1.4 1.6 1.4 2.2
r1.6 1.6
ΓExports of goods 2.7
r-17.3
r12.8
r14.4
r15.3
r12.9
r8.5 7.1
ΓImports of goods 5.4 -17.7 13.1
r19.0
r13.1
r18.7
r12.6
r9.2
ΓConsumer Price Index 2.8 0.1 1.5 1.5 1.6 1.8 2.1 2.1
ΓUnemployment rate 7.8 9.5 9.8 9.6 10.0 10.0 9.2 9.7
The United Kingdom
ΓGross Domestic Product -1.1
r-4.4
r1.8
r2.6
r1.3
r1.6 0.6
r0.5
ΓExports of goods 14.4
r-9.5
r16.5 16.9
r15.4
r19.4
r11.1 11.4
ΓImports of goods 11.3
r-10.2 17.1
r20.5
r18.2
r13.6
r10.2 10.3
ΓConsumer Price Index 3.6 2.1 3.3 3.1 3.4 4.1 4.4 4.7
ΓUnemployment rate 5.7 7.7 7.8 7.7 7.9 7.7 7.9 8.3
a The Euro area consists of 17 member states from 2011 onwards.
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
2008 2009 2010
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 2/2
2010 2010 2011 2011 2011
Q3 Q4 Q1 Q2 Q3
Mainland China
ΓGross Domestic Product 9.0 8.7 10.3 9.6 9.8 9.7 9.5 9.1
ΓExports of goods 17.3 -15.9 31.3 32.2 24.9 26.4 22.1 20.6
ΓImports of goods 18.5 -11.3 38.7 27.3 29.6 32.9
r23.1 25.0
ΓConsumer Price Index
a5.9 -0.7 3.3 2.9 3.3 5.0 5.4 5.7
Hong Kong
ΓGross Domestic Product 2.3 -2.7 7.0 6.9 6.4 7.5 5.3
r4.3
ΓExports of goods 5.1 -12.6 22.8 27.8 14.4 24.6 7.7 4.2
ΓImports of goods 5.5 -11.0 25.0 24.1 15.1 20.6 10.3 8.9
ΓConsumer Price Index 4.3 0.5 2.4 2.3 2.7 3.8 5.2 6.4
ΓUnemployment rate 3.6 5.4 4.3 4.4 3.7 3.4 3.6 3.4
Taiwan, China
ΓGross Domestic Product 0.7 -1.8
r10.7
r11.2
r6.5
r6.6 4.5
r3.4
ΓExports of goods 3.6 -20.3 34.8 27.1 20.9 19.4 14.6 11.6
ΓImports of goods 9.7 -27.5 44.1 31.5 27.6 21.8 19.0 10.3
ΓConsumer Price Index 3.5 -0.9 1.0 0.4 1.1 1.3 1.6 1.3
ΓUnemployment rate 4.1 5.9 5.2 5.1 4.8 4.6 4.3 4.4
Japan
ΓGross Domestic Product -1.2 -6.3 4.1
r5.2
r2.3
r-1.0 -1.1
r-ΓExports of goods -3.5 -33.1 24.4 17.8 10.0 2.4 -8.0 0.5
ΓImports of goods 8.0 -34.8 18.0 14.9 11.3 11.4 10.4 13.8
ΓConsumer Price Index 1.4 -1.4 -0.7 -1.0
r-0.3
r-0.5
r-0.4
r0.1
ΓUnemployment rate 4.0 5.1 5.1 5.1 4.8 4.8
r4.7 4.4
Republic of Korea
ΓGross Domestic Product 2.3 0.3 6.2 4.4 4.7 4.2 3.4 3.4
ΓExports of goods 13.6 -13.9 28.3 22.7 23.8 29.6 18.7
r22.3
ΓImports of goods 22.0 -25.8 31.6 24.6 24.6 26.0
r27.2 28.1
ΓConsumer Price Index 4.6 2.8 2.9 2.9 3.6 4.5 4.2 4.8
ΓUnemployment rate 3.2 3.6 3.8
r3.5 3.3 4.2 3.4 3.1
Singapore
ΓGross Domestic Product 1.5 -0.8 14.5 10.5 12.0 9.4
r1.0
r6.1
ΓExports of goods 5.8 -18.0 22.4 20.0 14.5 13.4 6.7
r4.8
ΓImports of goods 13.9 -21.0 18.8 15.6 9.7 10.2 8.4 6.2
ΓConsumer Price Index 6.6 0.6 2.8 3.4 4.0 5.2 4.7 5.5
ΓUnemployment rate 2.2 3.0 2.2 1.8 2.0 1.8 2.7 1.7
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, China; Ministry of Economic Affairs, Taiwan, China 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
2008 2009 2010
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)
Change from preceding period (seasonally adjusted) (%)
2010 2010 2011 2011 2011
Q3 Q4 Q1 Q2 Q3
USA
ΓGross Domestic Product -0.3 -3.5 3.0 2.5 2.3 0.4 1.3
r2.0
ΓExports of goods 12.1 -18.0 21.0 3.2 5.2 4.9 3.3 2.7
ΓImports of goods 7.5 -25.9 22.7 2.4 1.7 8.3 3.5
r0.1
ΓConsumer Price Index 3.8 -0.4 1.7 0.4 0.7 1.3 1.0 0.8
ΓUnemployment rate
a5.8 9.3 9.6 9.6 9.6 8.9 9.1 9.1
Japan
ΓGross Domestic Product -1.2 -6.3 4.1
r0.7
r-0.7
r-0.7
r-0.3 1.5
ΓExports of goods -3.5
r-33.3 24.7 -3.2 -1.0
r2.1
r-6.1
r5.8
ΓImports of goods 7.6
r-34.6 18.0 -1.3
r1.3
r6.0
r4.1
r1.6
ΓConsumer Price Index 1.4 -1.4 -0.7 -0.7
r0.3
r0.1 -0.2
r-0.1
ΓUnemployment rate
a4.0 5.1 5.1 5.0
r5.0 4.7 4.6 4.4
Hong Kong
ΓGross Domestic Product 2.3 -2.7 7.0 0.9 1.5 3.1 -0.4
r0.1
ΓExports of goods 5.1 -12.6 22.8 1.9 -4.1 16.3 -12.6 -1.1
ΓImports of goods 5.5 -11.0 25.0 1.0 -2.7 12.1 -6.1 -0.1
ΓConsumer Price Index 4.3 0.5 2.4 -2.2 3.7 1.8 1.8 -0.9
ΓUnemployment rate
a3.6 5.4 4.3 4.2 4.0 3.4 3.5 3.2
a Unemployment rate 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
2010 2010 2011 2011 2011
Q3
rQ4
rQ1
rQ2
rQ3
@At current prices:
GDP (MOP billion) 166.0 170.1 226.3 57.7 66.5 61.7 70.5 75.4
GDP per capita (MOP thousand) 302.4 312.5 414.4 .. .. .. .. ..
Chain volume measures in chained (2009) dollars:
GDP (MOP billion) 167.4 170.1 216.2 55.1 62.1 57.0 64.0 66.8
% growth in real terms
GDP 3.4 1.6 27.1 28.3 27.9 20.9 23.4 21.1
Private consumption expenditure 5.8 2.7 7.6 10.3 5.2 11.1 8.4 9.0
In the domestic market 4.3 0.6 5.4 6.5 5.7 10.9 7.9 9.4
Abroad 7.9 12.7 20.1 34.9 4.5 10.1 8.5 7.8
Government final consumption expenditure 2.3 11.5 5.4 7.3 12.0 -2.0 6.4 6.9
Gross fixed capital formation -14.8 -32.3 -16.8 -1.7 11.7 16.0 20.6 5.7
Private sector -14.2 -36.8 -22.4 -11.8 8.9 11.7 19.1 1.8
Government -23.7 34.4 24.1 70.6 19.0 289.3 39.8 19.8
Exports of goods -22.0 -48.2 -7.3 -9.5 -2.8 -7.1 -8.3 -4.4
Exports of services 14.6 3.9 47.4 41.1 41.6 30.0 33.0 33.5
Imports of goods -8.4 -24.0 14.9 13.9 18.9 20.7 24.3 29.5
Imports of services 18.5 -12.3 46.1 39.0 44.0 35.7 35.8 35.7
2010
2009
r2008
2008 2009
2010
rI. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2011 2010 2010 2011 2011 2011
Q1 to Q3 Q3 Q4 Q1 Q2 Q3
A. External Merchandise trade (MOP million)
Total exports 16 025.4 7 672.5 6 960.0 5 056.0 1 653.6 1 673.9 1 618.4r 1 782.2 1 655.4 0.1
Textiles and garments 9 145.2 2 469.9 1 627.3 1 050.7 467.1 384.0 337.1 371.7 341.9 -26.8
Other products 6 880.2 5 202.6 5 332.7 4 005.3 1 186.5 1 289.9 1 281.3r 1 410.5 1 313.5 10.7
Total imports 43 034.2 36 902.0 44 118.4 44 487.9 11 415.7 12 357.1 13 134.6r 14 635.3r 16 718.0 46.4
Trade balance -27 008.8 -29 229.4 -37 158.4 -39 431.9 -9 762.1 -10 683.2 -11 516.2r -12 853.1r -15 062.6 -54.3 B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(MOP million) 109 826 120 383 189 588 195 256 47 723 55 398 58 835 65 900 70 521 47.8
y-on-y % change 31.0 9.6 57.5 45.5 49.0 51.9 42.6 45.7 47.8
No. of visitor arrivals(thousand) 22 933.2 21 752.8 24 965.4 20 662.2 6 359.1 6 376.8 6 431.2 6 815.5 7 415.5 16.6
Average length of stay of visitors (days) 1.1 1.1 0.9c .. 1.0cr 0.9 0.9c 0.9c 1.0 c
Visitor spending per capita b(MOP) 1 729 1 616 1 518c .. 1 529cr 1 812 1 516c 1 482c 1 633 c 6.8
Hotel occupancy rate (%) 74.3 71.4 79.8 83.2 78.9 83.0 81.0 82.9 85.5 6.6a
C. Construction and real estate
Expenditure on public works (MOP million) 2 419.7 3 021.2 4 274.9 1 644.1 1 430.6 2 257.8 36.8 305.4 1 301.9 -9.0 Private sector construction
ΓΓ Buildings started - no. of units 2 046 1 547 870 1 646 132 189 93 61 1 492 1 030.3
ΓΓ Buildings started - gross floor area (thousand m²) 533 229 184 267 22 31 9 28 229 928.2
ΓΓ Buildings completed - no. of units 1 177 3 251 4 527 1 078 466 2 043 567 389 122 -73.8
ΓΓ Buildings completed - gross floor area (thousand m²) 584 1 406 1 272 658 241 356 164 476 18 -92.5
No. of building units transacted d 21 516 17 310 29 617 24 081 5 838 8 818 7 422 12 921 3 738 -36.0
Value of building units transacted d(MOP million) 35 024.9 26 298.7 56 753.6 66 139.9 10 567.1 19 367.1 17 670.2 38 853.3 9 616.4 -9.0 D. Transport
Γ Seaborne containerised cargo (tonne) 328 196 180 413 178 380 128 802 46 655 44 895 38 382 45 878 44 543 -4.5 Γ Containerised land cargo (tonne) 104 312 51 694 45 718 26 044 13 393 11 017 9 357 8 245 8 442 -37.0
Γ Air cargo (tonne) 100 767 52 464 52 166 29 083 10 868 13 397 8 520 10 701 9 862 -9.3
E. Prices and consumption
Inflation rate (%) 8.6 1.2 2.8 5.5 3.1 3.9 5.0 5.2 6.2 ..
Composite Consumer Price Index (4/2008-3/2009=100) 100.2 101.4 104.2 109.5 104.6 105.6 108.0 109.5 111.0 6.2 Retail sales turnover (MOP million) 19 391 22 354 30 588r 30 433 7 697r 8 699r 10 030r 9 815r 10 588 37.6 F. Employment
Unemployment rate (%) 3.0 3.6 2.8 .. 2.9 2.7 2.7 2.7 2.6 -0.3a
Median monthly employment earnings (MOP thousand) 8.0 8.5 9.0 .. 9.0 9.0 9.6 9.6 10.0 11.1
Non-resident workers in Macao (end-period) 92 161 74 905 75 813 .. 74 525 75 813 81 416 85 273 89 896 20.6 G. Public accounts (MOP million)
Total revenue 62 259.3 69 870.9 88 488.1 81 426.3 20 302.8 23 815.2 24 355.7 27 093.9 29 976.6 47.6
Tax revenue from gaming 43 207.5 45 697.5 68 776.1 72 754.7 17 362.4 19 517.1 21 864.5 24 519.2 26 371.1 51.9
Total expenditure 30 443.4 35 459.9 38 393.9 25 336.3 14 767.0 13 568.4 7 100.4 8 139.9 10 096.0 -31.6
Balance 31 815.9 34 411.0 50 094.1 56 090.0 5 535.8 10 246.8 17 255.3 18 954.0 19 880.6 ..
H. Money and finance (period-end values, MOP million)
Γ Narrow money supply (M1) 24 729.6 30 606.8 34 729.7 36 254.0 34 132.3 34 729.7 33 832.6 36 667.4 36 254.0 6.2 Γ Broad money supply (M2) 189 790.3 212 233.3 243 259.8 278 639.2 236 970.2 243 259.8 258 976.4 271 289.2 278 639.2 17.6 Γ Resident deposits 185 389.8 207 327.4 237 639.4 272 371.4 231 505.6 237 639.4 252 711.2 265 067.9 272 371.4 17.7 Γ Domestic credit to the private sector 91 801.6 101 125.2 130 676.9 165 150.5 119 789.9 130 676.9 140 070.6 156 962.4 165 150.5 37.9 Γ Net foreign assets 233 256.6 275 171.7 333 837.7 390 699.9 320 377.8 333 837.7 354 061.4 371 174.8r390 699.9 21.9 Foreign exchange reserves 127 160.6 146 578.7 190 186.8 246 839.5 169 670.1 190 186.8 204 084.4 225 691.9r246 839.5 45.5 I. Others
ΓNo. of new companies incorporated 2 738 2 529 2 991 2 529 782 737 768 911 850 8.7
ΓNo. of companies in dissolution 447 469 492 374 120 119 137 112 125 4.2
ΓConsumption of electricity (million kWh) 3 311.7 3 463.3 3 655.5 2 948.6 1 120.3 838.0 736.2 1 014.8 1 197.6 6.9 a Percentage points.
b Visitor spending does not include gaming expenses.
c Results from statistical extrapolation.
d Including residential units exempt from payment of Stamp Duty.
2008
2011 Q3 year-on-year
% change
2009 2010