CONCLUDING REMARKS

In the fourth quarter of 2014, the economy of Macao contracted by 17.2%

year-on-year in real terms, owing to the significant decline in gross gaming revenue and shrinking visitor spending. In spite of the adjustment of the gaming and tourism sector underway, domestic demand was barely affected for the time being, where private investment saw no slowdown, employment situation stayed favourable and the public accounts remained sound. GDP for the whole year of 2014 contracted by 0.4% in real terms.

Looking ahead to the first quarter of 2015, domestic demand is expected to remain stable; rising total employment and working income is conducive to a steady growth in private consumption; private investment is likely to maintain continuous growth, albeit at a slower pace, upon the construction of major tourism and entertainment facilities; public investment is expected to remain stable. As regards external demand, despite a slight increase in visitor arrivals in January and February, merchandise exports decreased modestly and gross gaming revenue tumbled by 35.1% year-on-year, thus exports of services is likely to see a substantial decline in the first quarter. Taking into consideration these factors, as the economy of Macao is mainly driven by the tourism and gaming industries, the growth in domestic demand can only offset some of the impact of declining exports of services on the economy; therefore, economic contraction is expected to further intensify in the first quarter.

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.

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)

%

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

USA

　Gross Domestic Product 2.3 2.2 2.4 3.1 1.9 2.6 2.7^r 2.4

　Exports of goods 4.4 2.2 2.8 4.0 2.5 3.3 4.2 1.1

　Imports of goods 3.1 -0.4 3.4 1.0 1.9 4.5 3.6 3.5

　Consumer Price Index 2.1 1.5 1.6 1.2 1.4 2.1 1.8 1.2

　Unemployment rate 8.1 7.4 6.2 6.7 6.9 6.1 6.2 5.5

Euro area ^a

　Gross Domestic Product -0.8^r -0.5^r 0.9 0.4 1.1 0.8 0.8 0.9

　Exports of goods 7.6 1.0 2.3 1.0 1.3^r 0.8^r 3.0^r 4.3

　Imports of goods 1.8 -2.9 0.1 -2.1 0.2^r 0.3^r 0.4^r -0.5

　Consumer Price Index 2.5 1.3 0.4 0.8 0.6 0.6 0.4 0.2

　Unemployment rate 11.3 12.0 11.6 11.9 12.3 11.4 11.1 11.5

Germany

　Gross Domestic Product 0.4 0.1 1.6 1.0 2.6 1.0 1.2 1.6

　Exports of goods 3.3 -0.2 3.7 1.7 2.6^r 1.5^r 5.4^r 5.3

　Imports of goods 0.4 -0.9 2.1 0.1 3.5^r 0.5^r 2.1^r 2.2

　Consumer Price Index 2.0 1.5 0.9 1.3 1.2 1.1 0.8 0.5

　Unemployment rate 6.8 6.9 6.7 6.6 7.2 6.6 6.6 6.3

French

　Gross Domestic Product 0.4 0.4 0.4 0.8 0.8 - 0.4 0.2

　Exports of goods 3.9 -1.4^r 0.3 -1.9 0.5^r -1.6^r -0.8 3.1

　Imports of goods 1.8^r -2.3 -1.4 -1.4^r -1.1^r -1.8^r -1.2^r -1.4

　Consumer Price Index 2.0 0.9 0.5 0.6 0.7 0.6 0.4 0.3

　Unemployment rate 9.8 10.3 10.2 10.5^r 10.6 9.8^r 9.8^r 10.5

United Kingdom

　Gross Domestic Product 0.7 1.7 2.6 2.4^r 2.5^r 2.6^r 2.5^r 2.7

　Exports of goods -1.3 0.5 -4.8 -1.2^r -2.9^r -8.4^r -6.2^r -1.3

　Imports of goods 2.1 1.3^r -1.7 0.7^r -0.2^r -2.7^r -3.6^r -0.4

　Consumer Price Index 2.8 2.5 1.5 2.1 1.7 1.7 1.4 0.9

　Unemployment rate 8.0 7.6 6.2 7.2 6.8 6.3 6.0 5.7

a Consists 18 member states since 2014.

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

2012 2013 2014

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)

%

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

Mainland China

　Gross Domestic Product 7.8 7.7 7.4 7.7 7.4 7.5 7.3 7.3

　Exports of goods 7.9 7.8 6.0 7.3 -3.5 5.0 13.0 8.6

　Imports of goods 4.3 7.3 0.5 7.2 1.5^r 1.4^r 1.1 -1.8

　Consumer Price Index ^a 2.6 2.6 2.0 2.6 2.3 2.3 2.1 2.0

Hong Kong

　Gross Domestic Product 1.5 2.9 2.3 2.8^r 2.6 1.8 2.7 2.2

　Exports of goods 2.9 3.6 3.2 4.8 0.7 4.8 5.8 1.2

　Imports of goods 3.9 3.8 3.9 4.3 2.1 4.5 5.7 3.2

　Consumer Price Index 4.1 4.3 4.4 4.3 4.2 3.6 4.8 5.1

　Unemployment rate 3.3 3.4 3.2 3.1 3.1 3.3 3.4 3.1

Taiwan

　Gross Domestic Product 2.1 2.2 3.7 3.4 3.4 3.9 4.3^r 3.4

　Exports of goods -2.3 1.4 2.7 1.8 1.0 2.9 6.7 0.4

　Imports of goods -3.9 -0.2 1.6 2.1 -1.6 3.8 7.7 -3.2

　Consumer Price Index 1.9 0.8 1.2 0.6 0.8 1.6 1.5 0.9

　Unemployment rate 4.2 4.2 4.0 4.2 4.0 3.9 4.0 3.9

Japan

　Gross Domestic Product 1.8^r 1.6^r - 2.3^r 2.4^r -0.4^r -1.4^r -0.5

　Exports of goods -2.7 9.5 4.8 17.4 6.6 0.1 3.2 9.2

　Imports of goods 3.8 14.9 5.7 24.1 17.6 2.7 2.4 1.2

　Consumer Price Index - 0.3 2.8 1.4 1.5 3.6 3.3 2.5

　Unemployment rate 4.3 4.0 3.6 3.7 3.7 3.7 3.6 3.3

Republic of Korea

　Gross Domestic Product 2.3 3.0 3.3 3.7 3.9 3.5 3.2 2.7

　Exports of goods -1.3 2.1 2.4 4.7 1.6^r 3.2 3.6^r 1.2

　Imports of goods -0.9 -0.8 1.9 2.5 2.0 3.3^r 5.4^r -2.7

　Consumer Price Index 2.2 1.3 1.3 1.1 1.1 1.6 1.4 1.0

　Unemployment rate 3.2 3.1 3.5 2.8 4.0 3.7 3.3 3.2

Singapore

　Gross Domestic Product 3.4^r 4.4^r 2.9 5.4^r 4.6^r 2.3 2.8 2.1

　Exports of goods -0.9 0.6 1.1 6.0 7.4 2.7 -1.4 -3.8

　Imports of goods 3.2 -1.6 -0.6 1.4 6.8 3.0 -5.7 -6.0

　Consumer Price Index 4.6 2.4 1.0 2.0 1.0 2.4 0.9 -0.1

　Unemployment rate 2.0 1.9 2.0 1.6 1.9 2.6 1.7 1.6

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

2012 2013 2014

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)

%

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

USA

　Gross Domestic Product 2.3 2.2 2.4 3.5 -2.1 4.6 5.0^r 2.2

　Exports of goods 4.4 2.2 2.8 2.4 -1.6^r 2.1 1.5 -1.1

　Imports of goods 3.1 -0.4 3.4 - 0.9 2.9 -0.3 -

　Consumer Price Index 2.1 1.5 1.6 0.4^r 0.5 0.6^r 0.3 -0.2

　Unemployment rate^a 8.1 7.4 6.2 7.0 6.6^r 6.2 6.1 5.7

Japan

　Gross Domestic Product 1.8^r 1.6^r - -0.4 1.3^r -1.7^r -0.6^r 0.6

　Exports of goods -3.0 9.6 4.6 1.9^r -2.9^r -0.1^r 4.5^r 6.3

　Imports of goods 3.2^r 15.3^r 5.5 4.9 2.9^r -8.7^r 4.3^r 2.6

　Consumer Price Index - 0.3 2.8 0.6^r 0.2^r 2.2^r 0.3^r -0.2

　Unemployment rate^a 4.3 4.0 3.6 3.9 3.6 3.6 3.6 3.5

Hong Kong

　Gross Domestic Product 1.5 2.9 2.3 1.0^r 0.5^r -0.2^r 1.4^r 0.4

　Exports of goods 2.9 3.6 3.2 3.1^r -4.0^r 3.8^r 2.4^r -3.2

　Imports of goods 3.9 3.8 3.9 3.1^r -2.7^r 2.4^r 1.9^r -0.3

　Consumer Price Index 4.1 4.3 4.4 2.7 0.9^r 0.7 0.5^r 2.9

　Unemployment rate^a 3.3 3.4 3.2 3.2 3.1 3.2 3.3 3.3

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 2014 2014 2014 2014

Q4^r Q1^r Q2^r Q3^r Q4^@

At current prices:

GDP (Million MOP) 343 499 409 959 443 298 117 604 115 384 114 115 108 682 105 116

GDP per capita ('000 MOP) 603.6 691.6 713.5 .. .. .. .. ..

Chain volume measures in chained (2012) dollars:

GDP (Million MOP) 343 499 380 108 378 766 105 888 101 844 97 507 91 739 87 676

Year-on-Year change in real terms (%)

GDP 9.2 10.7 -0.4 12.4 13.1 8.0 -2.3 -17.2

Private consumption expenditure 8.7 6.6 5.9 7.1 4.7 6.5 7.7 4.6

In the domestic market 8.1 7.2 6.0 7.0 5.1 7.1 7.3 4.3

Abroad 11.6 3.5 6.0 8.1 0.4 4.1 11.9 6.6

Government final consumption expenditure 6.2 5.1 7.1 4.3 11.1 4.7 8.0 5.9

Gross fixed capital formation 19.9 8.9 35.2 12.3 29.2 49.2 37.6 27.7

Private sector 9.3 33.3 41.6 63.2 39.3 53.5 41.6 33.7

Government 51.8 -47.9 -6.0 -43.3 -67.6 -3.1 -2.7 7.3

Exports of goods 30.2 7.8 20.7 12.3 13.4 9.8 13.1 42.7

Exports of services 6.5 11.9 -6.3 15.9 12.1 1.3 -9.9 -26.0

Imports of goods 12.4 19.7 16.7 30.3 20.7 17.4 14.2 15.3

Imports of services 1.3 0.1 -13.8 1.4 1.9 -11.3 -18.1 -26.6

2014

2012^r

2012 2013

2013^r 2014

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

A. External Merchandise Trade (Million MOP)

Total exports 8 159.7 9 093.9 9 914.8 2 364.5 2 473.1^r 2 541.5^r 2 268.1^r 2 632.1 11.3

Textiles and garments 1 053.4 846.9 781.3 194.2 194.6 167.6 215.6 203.5 4.8

Other products 7 106.3 8 247.0 9 133.5 2 170.3 2 278.5^r 2 373.9^r 2 052.5^r 2 428.6 11.9

Total imports 70 927.8 81 013.5 89 952.2 22 655.3 21 581.6^r 21 235.2^r 22 037.1^r 25 098.2 10.8

Trade balance -62 768.1 -71 919.6 -80 037.4 -20 290.8 -19 108.6^r -18 693.8^r -19 768.9^r -22 466.2 -10.7 B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(Million MOP) 305 235 361 866 352 714 100 401 102 491 91 236 83 143 75 844 -24.5

y-on-y % change 13.4 18.6 -2.5 23.8 19.7 5.6 -7.0 -24.5

Visitor arrivals('000) 28 082.3 29 324.8 31 525.6 7 414.0 7 690.2 7 593.7 8 245.2 7 996.6 7.9

Average length of stay (days) 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 -0.1^c

Per capita spending of visitors (MOP) 1 864 2 030 1 959 2 201 2 074 2 141 1 878 1 757 -20.2

Hotel occupancy rate (%) 83.6 83.1 86.5 86.8 86.7 85.1 87.1 87.0 0.2^a

C. Construction and real estate

Expenditure on public works (Million MOP) 12 536.5 5 104.4 4 965.2 3 304.1 22.6 545.5 671.7 3 725.4 12.8 Private sector construction

　　 New buildings - no. of units 1 592 2 241 1 900 529 804 106 91 899 69.9

　　 New buildings - gross floor area ('000 m²) 304 2 396 2 239 93 1 375 40 502 322 244.5

　　 Completion of Buildings - no. of units 2 558 1 316 3 001 383 105 1 611 40 1 245 225.1

　　 Completion of Buildings - gross floor area ('000 m²) 1 568 562 440 71 17 269 8 147 107.2

No. of building units transacted 25 419 19 237 13 230 4 107 3 846 4 158 3 070 2 156 -47.5

Value of building units transacted (Million MOP) 100 905.5 96 048.4 83 690.3 22 525.3 22 517.6 28 967.1 18 394.1 13 811.4 -38.7 D. Transport (tonne)

　 Gross weight of seaborne containerized cargo 207 280 194 638 246 424 55 876 57 047^r 65 874 56 567^r 66 936 19.8 　 Gross weight of containerized cargo by land 30 681 28 827 28 719 7 415 4 946 7 096 9 459 7 219 -2.6

　 Gross weight of air cargo 27 794 26 421 28 770 7 571 6 174 6 791 6 645 9 160 21.0

E. Consumption and Prices

Inflation rate (%) 6.1 5.5 6.0 5.9 6.1 6.2 5.9 6.0 ..

Composite Consumer Price Index (10/2013-9/2014=100) 90.4 95.3 101.1 97.3 99.1 100.6 101.7 103.1 6.0 Retail sales turnover (Million MOP) 53 517 66 799^r 67 656 18 457^r 18 430^r 16 361^r 15 825^r 17 040 -7.7 F. Labour force

Unemployment rate (%) 2.0 1.8 1.7 1.8 1.7 1.7 1.7 1.7 -0.1^a

Median monthly employment earnings ('000 MOP) 11.3 12.0 13.3 12.3 13.0 13.0 13.0 14.0 13.8

Non-resident workers in Macao (end-period) 110 552 137 838 170 346 137 838 145 692 155 310 162 877 170 346 23.6 G. Public accounts (Million MOP)

Total revenue 144 994.5 175 949.3 156 071.4 42 207.1 42 146.2 41 301.6 37 545.7 35 077.9 -16.9

Tax revenue from gaming 113 377.7 134 382.5 136 709.9 36 071.3 37 976.0 37 376.6 31 924.9 29 432.3 -18.4

Total expenditure 54 012.6 51 388.6 65 775.0 23 559.4 7 058.9 15 946.3 17 804.6 24 992.0 6.1

Balance 90 981.9 124 560.7 90 296.4 18 647.8 35 087.3 25 355.3 19 741.2 10 085.9 ..

H. Money and finance (end-period, Million MOP)

　 Narrow money supply (M1) 47 621.8 58 937.4 61 862.3 58 937.4 57 358.0 59 418.9 59 042.0 61 862.3 5.0 　 Broad money supply (M2) 374 931.0 441 410.5 487 593.3 441 410.5 455 334.0 483 607.0 487 364.6 487 593.3 10.5 　 Resident deposits 367 261.7 432 429.0 476 732.3 432 429.0 445 820.8 473 897.5 477 282.7 476 732.3 10.2 　 Domestic credit to the private sector 198 701.9 257 512.1 339 373.5 257 512.1 284 196.7 308 812.2 329 201.7 339 373.5 31.8 　 Net foreign assets 482 694.1 561 495.6 579 612.7 561 495.6 516 019.0 557 491.4 563 793.1 579 612.7 3.2 Foreign exchange reserves ^b 132 536.2 128 953.9 131 389.0 128 953.9 122 090.5 125 860.7 129 162.5 131 389.0 1.9 I. Others

　New incorporations 3 612 4 481 5 409 1 200 1 126 1 454 1 375 1 454 21.2

　Companies in dissolution 501 515 536 121 155 130 107 144 19.0

　Consumption of electricity (Million kWh) 4 204.8 4 291.3 4 532.5 971.0 873.5 1 215.9 1 405.4 1 037.8 6.9 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.

2012 2013

2014 Q4 year-on-year

% change 2014

在文檔中 MACAO ECONOMIC BULLETIN (頁 33-39)