H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the third quarter of 2015, the economy of Macao contracted by 24.2% year-on-year in real terms, a slowdown from the 26.4% drop in the second quarter. The decline was mainly due to the continuous decrease in exports of services. Amid economic adjustment, private consumption expenditure stayed stable while investment dropped modestly;
nonetheless, the employment situation was still favourable and the public accounts remained in surplus. Meanwhile, economic adjustment slightly pulled down the CPI growth, which is conducive to a sound and steady economic growth.
Looking ahead to the fourth quarter of 2015, domestic demand is expected to stay steady but may continue to decline; private consumption may see a slight increase;
government final consumption expenditure and public investment are expected to remain stable but private investment may decrease. As regards external demand, despite an increase in merchandise exports in November, exports of services is likely to drop further in the fourth quarter as visitor arrivals decreased in October and November while gross gaming revenue tumbled by 30.2% year-on-year. Taking into consideration these factors, the tourism and gaming industries will continue to undergo adjustment, and domestic demand may hardly reduce the magnitude of economic contraction. As a result, the economy of Macao is likely to continue its downward trend; nevertheless, as the economic adjustment started in the fourth quarter of 2014, the rate of economic contraction in the fourth quarter of 2015 is expected to slow down.
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)
%
2014 2014 2015 2015 2015
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 2.2 1.5 2.4 2.9 2.5 2.9 2.7 2.2
Exports of goods 4.4 2.1 2.7 4.1 0.9 -4.8 -5.5 -7.7
Imports of goods 3.1 -0.3 3.5 3.7 3.3 -1.9 -4.8r -4.9
Consumer Price Index 2.1 1.5 1.6 1.8 1.2 -0.1 - 0.1
Unemployment rate 8.1 7.4 6.2 6.2 5.5 5.8 5.3 5.2
Euro area a
Gross Domestic Product -0.9r -0.3 0.9 0.8 0.9 1.3r 1.6r 1.6
Exports of goods 7.6r 1.2r 2.0r 2.6r 4.1r 5.6r 8.2r 4.4
Imports of goods 1.7r -2.8r 0.5r 0.9r 0.1r 1.8r 3.9r 0.7
Consumer Price Index 2.5 1.3 0.4 0.4 0.2 -0.3 0.2 0.1
Unemployment rate 11.4 12.0 11.6 11.1 11.6 11.6 10.9 10.3
Germany
Gross Domestic Product 0.4 0.3 1.6 1.2 1.6 1.2 1.6 1.8
Exports of goods 3.0r -0.4r 3.3r 5.0r 4.7r 6.3r 9.1r 5.8
Imports of goods -0.3r -1.0r 2.2r 2.4r 2.4r 2.7r 4.8r 5.1
Consumer Price Index 2.0 1.5 0.9 0.8 0.5 - 0.5 0.1
Unemployment rate 6.8 6.9 6.7 6.6 6.3 6.9 6.3 6.3
French
Gross Domestic Product 0.2 0.7 0.2 0.1r 0.1 0.9 1.1r 1.2
Exports of goods 3.9r -1.6 0.2 -0.8r 2.8 2.6r 7.1r 4.1
Imports of goods 2.0r -2.4 -0.7r -0.3r -0.9r -0.2r 1.8r -0.9
Consumer Price Index 2.0 0.9 0.5 0.4 0.3 -0.2 0.2 0.1
Unemployment rate 9.8 10.3 10.3 9.9 10.8 10.9r 10.1r 10.2
United Kingdom
Gross Domestic Product 1.2r 2.2r 2.9r 2.9r 3.0r 2.7r 2.4r 2.3
Exports of goods -1.3 0.6r -3.5r -6.9 0.9r -2.2r 1.4r -3.1
Imports of goods 2.3r 2.6r -0.6r -1.2r 2.2r 2.2r -0.8r -1.7
Consumer Price Index 2.8 2.5 1.5 1.4 0.9 0.2 - -
Unemployment rate 8.0 7.6 6.2 6.0 5.7 5.5 5.6 5.3
a Consists 19 member states since 2015.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics 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)
%
2014 2014 2015 2015 2015
Q3 Q4 Q1 Q2 Q3
Mainland China
Gross Domestic Product 7.8 7.7 7.4 7.3 7.3 7.0 7.0 6.9
Exports of goods 7.9 7.8 6.0 13.0 8.6 4.5r -2.9r -6.2
Imports of goods 4.3 7.3 0.5 1.0 -1.9 -17.8r -13.8r -14.5
Consumer Price Index a 2.6 2.6 2.0 2.1 2.0 1.2 1.3 1.4
Hong Kong
Gross Domestic Product 1.5 3.1 2.5 2.9 2.4 2.4 2.8 2.3
Exports of goods 2.9 3.6 3.2 5.8 1.2 2.3 -1.9 -4.1
Imports of goods 3.9 3.8 3.9 5.7 3.2 1.4 -3.2 -6.7
Consumer Price Index 4.1 4.3 4.4 4.8 5.1 4.4 3.0 2.3
Unemployment rate 3.3 3.4 3.3 3.5 3.1 3.2 3.3 3.5
Taiwan
Gross Domestic Product 2.1 2.2 3.9r 4.3 3.6r 4.0r 0.6r -0.6
Exports of goods -2.3 1.4 2.7 6.6 0.4 -4.2 -9.8 -13.9
Imports of goods -3.9 -0.2 1.5 7.5 -3.3 -15.0 -14.9 -19.4
Consumer Price Index 1.9 0.8 1.2 1.5 0.8 -0.6 -0.7 -0.3
Unemployment rate 4.2 4.2 4.0 4.0 3.9 3.7 3.7 3.9
Japan
Gross Domestic Product 1.7 1.6 -0.1 -1.4 -0.9r -0.8 1.0r 1.0
Exports of goods -2.7 9.5 4.8 3.2 9.1 9.0 6.7 3.7
Imports of goods 3.8 14.9 5.7 2.4 1.2 -9.3 -5.1 -5.8
Consumer Price Index - 0.3 2.8 3.4 2.5 2.3 0.5 0.2
Unemployment rate 4.3 4.0 3.6 3.6 3.3 3.5 3.5 3.4
Republic of Korea
Gross Domestic Product 2.3 2.9 3.3 3.3 2.7 2.5 2.2 2.6
Exports of goods -1.3 2.1 2.3 3.6 0.9 -3.0 -7.2 -9.4
Imports of goods -0.9 -0.8 1.9 5.4 -2.8 -15.5 -15.6 -18.4
Consumer Price Index 2.2 1.3 1.3 1.4 1.0 0.6 0.5 0.7
Unemployment rate 3.2 3.1 3.5 3.3 3.2 4.1 3.8 3.4
Singapore
Gross Domestic Product 3.4 4.4 2.9 2.8 2.1 2.7r 2.0r 1.9
Exports of goods -0.9 0.6 1.1 -1.4 -3.8 -5.4 -8.7r -8.0
Imports of goods 3.2 -1.6 -0.6 -5.7 -6.0 -16.1 -13.0r -9.1
Consumer Price Index 4.6 2.4 1.0 1.0 - -0.3 -0.4 -0.6
Unemployment rate 2.0 1.9 2.0 1.7 1.6 1.7 2.6 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; 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)
%
2014 2014 2015 2015 2015
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 2.2 1.5 2.4 4.3 2.1 0.6 3.9r 2.1
Exports of goods 4.4 2.1 2.7 1.2 -0.9 -6.5 0.5 -1.1
Imports of goods 3.1 -0.3 3.5 -0.2 -0.1 -3.8 -0.5 -0.1
Consumer Price Index 2.1 1.5 1.6 0.3 -0.2 -0.8 0.7 0.4
Unemployment ratea 8.1 7.4 6.2 6.1 5.7 5.6 5.4 5.2
Japan
Gross Domestic Product 1.7 1.6 -0.1 -0.3 0.3 1.1 -0.2r -0.2
Exports of goods -3.0r 9.6 4.6 4.2r 5.9r - -2.9r 0.1
Imports of goods 3.3 15.2 5.6 3.0r 2.1r -6.0r -3.7 1.7
Consumer Price Index - 0.3 2.8 0.3 -0.2 -0.1 0.4 -
Unemployment ratea 4.3 4.0 3.6 3.6 3.5 3.5 3.3 3.4
Hong Kong
Gross Domestic Product 1.5 3.1 2.5 1.4 0.2 0.7 0.4 0.9
Exports of goods 2.9 3.6 3.2 2.0 -3.2 -0.6 -1.3 -
Imports of goods 3.9 3.8 3.9 1.8 -0.4 -2.0 -2.5 -1.8
Consumer Price Index 4.1 4.3 4.4 0.5 2.9 0.3 -0.6 -0.2
Unemployment ratea 3.3 3.4 3.3 3.3 3.3 3.3 3.2 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
2014 2014 2015 2015 2015
Q3 Q4 Q1 Q2 Q3@
At current prices:
GDP (Million MOP) 343 499 409 959 443 298 108 682 105 116 91 901 88 233 85 795
GDP per capita ('000 MOP) 603.6 691.6 713.5 .. .. .. .. ..
Chain volume measures in chained (2013) dollars:
GDP (Million MOP) 370 476 409 959 408 509 99 022 94 528 82 797 77 485 75 047
Year-on-Year change in real terms (%)
GDP 9.2 10.7 -0.4 -2.3 -17.2 -24.5 -26.4 -24.2
Private consumption expenditure 8.7 6.6 5.9 7.7 4.6 6.7 2.0 0#
In the domestic market 8.1 7.2 6.0 7.3 4.3 4.7 1.3 0.1
Abroad 11.6 3.5 6.0 11.9 6.6 10.6 7.2 -0.3
Government final consumption expenditure 6.2 5.1 7.1 8.0 5.9 6.8 5.7 6.2
Gross fixed capital formation 19.9 8.9 35.2 37.6 27.7 32.2 3.2 -0.4
Private sector 9.3 33.3 41.6 41.6 33.7 28.1 1.6 -1.6
Government 51.8 -47.9 -6.0 -2.7 7.3 208.7 36.0 17.1
Exports of goods 30.2 7.8 20.7 13.1 42.7 32.5 25.6 5.4
Exports of services 6.5 11.9 -6.3 -9.9 -26.0 -35.6 -35.9 -32.4
Imports of goods 12.4 19.7 16.7 14.2 15.3 10.4 1.3 -0.1
Imports of services 1.3 0.1 -13.8 -18.1 -26.5 -37.9 -35.5 -30.8
2014
2012
2012 2013
2013 2014
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2015 2014 2014 2015 2015 2015
Q1 - Q3 Q3 Q4 Q1 Q2 Q3
A. External Merchandise Trade (Million MOP)
Total exports 8 159.7 9 093.9 9 914.8 8 148.7 2 268.1 2 632.1 2 702.9r 2 755.6r 2 690.2 18.6
Textiles and garments 1 053.4 846.9 781.3 612.0 215.6 203.5 203.3r 172.3r 236.4 9.7
Other products 7 106.3 8 247.0 9 133.5 7 536.7 2 052.5 2 428.6 2 499.6r 2 583.3r 2 453.8 19.6
Total imports 70 927.8 81 013.5 89 952.2 63 624.5 22 037.1 25 098.2 22 228.8r 20 422.1r 20 973.5 -4.8
Trade balance -62 768.1 -71 919.6 -80 037.4 -55 475.7 -19 768.9 -22 466.2 -19 525.9r -17 666.5r -18 283.3 7.5
B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(Million MOP) 305 235 361 866 352 714 176 750 83 143 75 844 65 033 57 115 54 602 -34.3
y-on-y % change 13.4 18.6 -2.5 -36.2 -7.0 -24.5 -36.5 -37.4 -34.3
Visitor arrivals('000) 28 082.3 29 324.8 31 525.6 22 854.0 8 245.2 7 996.6 7 412.2 7 344.3 8 097.5 -1.8
Average length of stay (days) 1.0 1.0 1.0 1.0 1.0 0.9 0.9 1.1 1.1 0.1c
Per capita spending of visitors (MOP) 1 864 2 030 1 959 .. 1 878 1 757 1 802 1 668 1 540 -18.0
Hotel occupancy rate (%) 83.6 83.1 86.5 80.0 87.1 87.0 79.1r 78.3r 82.5 -4.6a
C. Construction and real estate
Expenditure on public works (Million MOP) 12 536.5 5 104.4 5 185.4 2 101.9 671.7 3 725.4 1.9 815.5 1 284.5 91.2
Private sector construction
New buildings - no. of units 1 592 2 241 1 900 5 359 91 899 706 1 838 2 815 2 993.4
New buildings - gross floor area ('000 m²) 304 2 396 2 239 1 965 502 322 1 191 309 465 -7.3
Completion of Buildings - no. of units 2 558 1 316 3 001 1 949 40 1 245 547 878 524 1 210.0
Completion of Buildings - gross floor area ('000 m²) 1 568 562 440 1 482 8 147 207 1 168 106 1 315.6
No. of building units transacted 25 419 19 237 13 230 7 289 3 070 2 156 1 883 3 083 2 323 -24.3
Value of building units transacted (Million MOP) 100 905.5 96 048.4 83 690.3 40 621.3 18 394.1 13 811.4 10 098.0 18 028.3 12 495.0 -32.1 D. Transport (tonne)
Gross weight of seaborne containerized cargo 207 280 194 638 246 424 199 290 56 567 66 936 63 088r 69 928r 66 274 17.2 Gross weight of containerized cargo by land 30 681 28 827 28 719 18 112 9 459 7 219 4 257 5 869r 7 986 -15.6
Gross weight of air cargo 27 794 26 421 28 770 21 405 6 645 9 160 6 491 7 469 7 445 12.0
E. Consumption and Prices
Inflation rate (%) 6.1 5.5 6.0 4.8 5.9 6.0 5.1 4.8 4.5 ..
Composite Consumer Price Index (10/2013-9/2014=100) 90.4 95.3 101.1 105.3 101.7 103.1 104.1 105.4 106.3 4.5
Retail sales turnover (Million MOP) 53 517 66 799 67 907r 45 317 15 834r 17 333 16 283 14 423r 14 611 -7.7 F. Labour force
Unemployment rate (%) 2.0 1.8 1.7 .. 1.7 1.7 1.7 1.8 1.9 0.2a
Median monthly employment earnings ('000 MOP) 11.3 12.0 13.3 .. 13.0 14.0 15.0 15.0 15.0 15.4
Non-resident workers in Macao (end-period) 110 552 137 838 170 346 .. 162 877 170 346 174 924 180 523 180 751 11.0 G. Public accounts (Million MOP)
Total revenue 144 994.5 175 949.3 161 861.0 83 135.9 37 545.7 35 077.9 28 574.7 26 755.8 27 805.4 -25.9
Tax revenue from gaming 113 377.7 134 382.5 136 709.9 69 214.7 31 924.9 29 432.3 25 382.6 23 112.0 20 720.2 -35.1
Total expenditure 54 012.6 51 388.6 67 078.3 51 086.2 17 804.6 24 992.0 11 786.5 18 125.3 21 174.4 18.9
Balance 90 981.9 124 560.7 94 782.7 32 049.7 19 741.2 10 085.9 16 788.2 8 630.5 6 631.0 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 47 621.8 58 937.4 61 863.3 59 041.2 59 042.0 61 863.3 60 446.2 66 506.2r 59 041.2 0#
Broad money supply (M2) 374 931.0 441 410.5 487 471.8 482 321.9 487 364.6 487 471.8 477 595.4 488 763.1 482 321.9 -1.0
Resident deposits 367 261.7 432 429.0 476 610.8 470 617.4 477 282.7 476 610.8 466 175.0 477 361.4 470 617.4 -1.4
Domestic credit to the private sector 198 701.9 257 512.1 339 352.0 390 596.5 329 201.7 339 352.0 354 475.5 376 145.5r 390 596.5 18.6 Net foreign assets 482 694.1 561 495.6 579 930.4 494 465.5 563 793.1 579 930.4 491 227.9 502 728.2r 494 465.5 -12.3 Foreign exchange reserves b 132 536.2 128 953.9 131 389.0 145 342.9 129 162.5 131 389.0 136 864.7 144 057.3r 145 342.9 12.5 I. Others
New incorporations 3 612 4 481 5 409 3 975 1 375 1 454 1 455 1 294 1 226 -10.8
Companies in dissolution 501 515 536 424 107 144 158 116 150 40.2
Consumption of electricity (Million kWh) 4 416.2 4 472.3 4 739.9 3 838.7 1 499.7 1 072.7 951.6 1 353.0 1 534.1 2.3 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
2015 Q3 year-on-year
% change 2014