H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the second quarter of 2015, the economy of Macao contracted by 26.4%
year-on-year in real terms, down further from the 24.5% drop in the first quarter, on account of a decline in exports of services. In spite of the continuous adjustment of the economy, expenditure and investment maintained growth, the employment situation was still favourable and the public accounts remained in surplus. At the same time, economic adjustment weighed on salaries, prices and rents, which is helpful in promoting appropriate economic diversification.
Looking ahead to the third quarter of 2015, domestic demand is expected to remain stable; private consumption and private investment are likely to maintain growth, albeit at a slower pace; public investment is expected to stay steady. As regards external demand, despite an increase in merchandise exports in July and August, visitor arrivals decreased and gross gaming revenue tumbled by 35.0% year-on-year; thus, exports of services is likely to drop further in the third quarter. Taking into consideration these factors, the tourism and gaming industries will continue to undergo adjustment; meanwhile, limited growth in domestic demand may only slightly reduce the impact of economic contraction.
As the economic adjustment has started since the third quarter of 2014, the economy of Macao is likely to go further down in the third quarter of 2015, but the rate of contraction will slightly 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.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2014 2014 2014 2015 2015
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 2.2r 1.5r 2.4 2.6 2.9r 2.5r 2.9r 2.7
Exports of goods 4.4 2.1r 2.7r 3.4r 4.1r 0.9r -4.8r -5.5
Imports of goods 3.1 -0.3r 3.5r 4.6r 3.7r 3.3 -1.9r -4.7
Consumer Price Index 2.1 1.5 1.6 2.1 1.8 1.2 -0.1 -
Unemployment rate 8.1 7.4 6.2 6.1 6.2 5.5 5.8 5.3
Euro area a
Gross Domestic Product -0.8 -0.3r 0.9 0.7r 0.8 0.9 1.2r 1.5
Exports of goods 7.7 1.1 2.3 0.6 2.9 4.5r 5.1 7.8
Imports of goods 1.8 -2.9 0.2r 0.2 0.4 -r 1.5r 3.8
Consumer Price Index 2.5 1.3 0.4 0.6 0.4 0.2 -0.3 0.2
Unemployment rate 11.4 12.0 11.6 11.5 11.1 11.6r 11.6r 10.9
Germany
Gross Domestic Product 0.4 0.3r 1.6 1.0 1.2 1.6 1.2r 1.6
Exports of goods 3.3 -0.2 3.7 1.5 5.4 5.3 5.3r 8.5
Imports of goods 0.4 -0.9 2.1 0.5 2.1 2.2 1.8 4.1
Consumer Price Index 2.0 1.5 0.9 1.1 0.8 0.5 - 0.5
Unemployment rate 6.8 6.9 6.7 6.6 6.6 6.3 6.9 6.3
French
Gross Domestic Product 0.2 0.7 0.2 -0.2 0.2 0.1r 0.9r 1.0
Exports of goods 4.0r -1.6r 0.2r -1.6 -0.9 2.8r 2.5 6.9
Imports of goods 1.9 -2.4 -0.8r -1.0r -0.7r -1.1r -0.4r 1.9
Consumer Price Index 2.0 0.9 0.5 0.6 0.4 0.3 -0.2 0.2
Unemployment rate 9.8 10.3 10.3 9.9r 9.9r 10.8 10.8 10.0
United Kingdom
Gross Domestic Product 0.7 1.7 3.0r 3.0r 3.0r 3.4r 2.9r 2.6
Exports of goods -1.3 0.5 -4.7r -8.0r -6.9r -1.4r -3.4r 1.9
Imports of goods 2.1 1.3 -1.4r -2.2r -3.3r 0.2r -0.7r -1.3
Consumer Price Index 2.8 2.5 1.5 1.7 1.4 0.9 0.2 -
Unemployment rate 8.0 7.6 6.2 6.3 6.0 5.7 5.5 5.6
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
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 2014 2015 2015
Q2 Q3 Q4 Q1 Q2
Mainland China
Gross Domestic Product 7.8 7.7 7.4 7.5 7.3 7.3 7.0 7.0
Exports of goods 7.9 7.8 6.0 5.0 13.0 8.6 4.6 -2.2
Imports of goods 4.3 7.3 0.5 1.3r 1.0 -1.9r -17.7r -13.5
Consumer Price Index a 2.6 2.6 2.0 2.3 2.1 2.0 1.2 1.3
Hong Kong
Gross Domestic Product 1.5 3.1 2.5 2.0 2.9 2.4 2.4r 2.8
Exports of goods 2.9 3.6 3.2 4.8 5.8 1.2 2.3 -1.9
Imports of goods 3.9 3.8 3.9 4.5 5.7 3.2 1.4 -3.2
Consumer Price Index 4.1 4.3 4.4 3.6 4.8 5.1 4.4 3.0
Unemployment rate 3.3 3.4 3.3 3.3 3.5r 3.1 3.2 3.3
Taiwan
Gross Domestic Product 2.1 2.2 3.8 3.9 4.3 3.5 3.8r 0.5
Exports of goods -2.3 1.4 2.7 2.9 6.6 0.4 -4.2 -9.8
Imports of goods -3.9 -0.2 1.5 3.7 7.5 -3.3 -15.0 -14.9
Consumer Price Index 1.9 0.8 1.2 1.6 1.5 0.8 -0.6 -0.7
Unemployment rate 4.2 4.2 4.0 3.9 4.0 3.9 3.7 3.7
Japan
Gross Domestic Product 1.7 1.6 -0.1 -0.4 -1.4 -1.0r -0.8r 0.7
Exports of goods -2.7 9.5 4.8 0.1 3.2 9.1 9.0 6.7
Imports of goods 3.8 14.9 5.7 2.8 2.4 1.2 -9.3 -5.1
Consumer Price Index - 0.3 2.8 3.6 3.4r 2.5 2.3 0.5
Unemployment rate 4.3 4.0 3.6 3.7 3.6 3.3 3.5 3.5
Republic of Korea
Gross Domestic Product 2.3 2.9 3.3 3.4 3.3 2.7 2.5 2.2
Exports of goods -1.3 2.1 2.3 3.2 3.6r 0.9 -3.0r -6.9
Imports of goods -0.9 -0.8 1.9 3.3 5.4 -2.8 -15.5r -15.6
Consumer Price Index 2.2 1.3 1.3 1.6 1.4 1.0 0.6 0.5
Unemployment rate 3.2 3.1 3.5 3.7 3.3 3.2 4.1 3.8
Singapore
Gross Domestic Product 3.4 4.4 2.9 2.3 2.8 2.1 2.8r 1.8
Exports of goods -0.9 0.6 1.1 2.7 -1.4 -3.8 -5.4 -8.5
Imports of goods 3.2 -1.6 -0.6 3.0 -5.7 -6.0 -16.1 -12.9
Consumer Price Index 4.6 2.4 1.0 2.2 1.0 - -0.3 -0.4
Unemployment rate 2.0 1.9 2.0 2.6 1.7 1.6 1.7r 2.6
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)
%
2014 2014 2014 2015 2015
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 2.2r 1.5r 2.4 4.6 4.3r 2.1r 0.6r 3.7
Exports of goods 4.4 2.1r 2.7r 1.9r 1.2r -0.9r -6.5r 0.5
Imports of goods 3.1 -0.3r 3.5r 2.1r -0.2r -0.1 -3.8r -0.5
Consumer Price Index 2.1 1.5 1.6 0.6 0.3 -0.2 -0.8 0.7
Unemployment ratea 8.1 7.4 6.2 6.2 6.1 5.7 5.6 5.4
Japan
Gross Domestic Product 1.7 1.6 -0.1 -1.9r -0.3r 0.3 1.1r -0.4
Exports of goods -2.9r 9.6 4.6 -0.1r 3.8r 5.8r -r -2.7
Imports of goods 3.3 15.2 5.6r -8.1r 3.4r 1.4r -5.7r -3.7
Consumer Price Index - 0.3 2.8 2.2 0.3 -0.2 -0.1 0.4
Unemployment ratea 4.3 4.0 3.6 3.6 3.6 3.5 3.5 3.3
Hong Kong
Gross Domestic Product 1.5 3.1 2.5 - 1.4 0.2 0.7r 0.4
Exports of goods 2.9 3.6 3.2 3.8 2.0 -3.2 -0.6 -1.3
Imports of goods 3.9 3.8 3.9 2.4 1.8 -0.4 -2.0 -2.5
Consumer Price Index 4.1 4.3 4.4 0.7 0.5 2.9 0.3 -0.6
Unemployment ratea 3.3 3.4 3.3 3.2 3.3 3.3 3.3 3.2
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 2014 2015 2015
Q2 Q3 Q4 Q1 Q2@
At current prices:
GDP (Million MOP) 343 499 409 959 443 298 114 115 108 682 105 116 91 901 88 233
GDP per capita ('000 MOP) 603.6 691.6 713.5 .. .. .. .. ..
Chain volume measures in chained (2013) dollars:
GDP (Million MOP) 370 476 409 959 408 509 105 233 99 022 94 528 82 797 77 485
Year-on-Year change in real terms (%)
GDP 9.2 10.7 -0.4 8.0 -2.3 -17.2 -24.5 -26.4
Private consumption expenditure 8.7 6.6 5.9 6.5 7.7 4.6 6.7 2.0
In the domestic market 8.1 7.2 6.0 7.1 7.3 4.3 4.7 1.3
Abroad 11.6 3.5 6.0 4.1 11.9 6.6 10.6 7.2
Government final consumption expenditure 6.2 5.1 7.1 4.7 8.0 5.9 6.8 5.7
Gross fixed capital formation 19.9 8.9 35.2 49.2 37.6 27.7 32.2 3.2
Private sector 9.3 33.3 41.6 53.5 41.6 33.7 28.1 1.6
Government 51.8 -47.9 -6.0 -3.1 -2.7 7.3 208.7 36.0
2014
2012
2012 2013
2013 2014
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2015 2014 2014 2014 2015 2015
Q1 - Q2 Q2 Q3 Q4 Q1 Q2
A. External Merchandise Trade (Million MOP)
Total exports 8 159.7 9 093.9 9 914.8 5 450.9 2 541.5 2 268.1 2 632.1 2 701.2r 2 749.7 8.2
Textiles and garments 1 053.4 846.9 781.3 367.5 167.6 215.6 203.5 201.7r 165.9 -1.0
Other products 7 106.3 8 247.0 9 133.5 5 083.4 2 373.9 2 052.5 2 428.6 2 499.5r 2 583.8 8.8
Total imports 70 927.8 81 013.5 89 952.2 42 591.6 21 235.2 22 037.1 25 098.2 22 180.2r 20 411.4 -3.9
Trade balance -62 768.1 -71 919.6 -80 037.4 -37 140.7 -18 693.8 -19 768.9 -22 466.2 -19 479.0r -17 661.7 5.5
B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(Million MOP) 305 235 361 866 352 714 122 148 91 236 83 143 75 844 65 033 57 115 -37.4
y-on-y % change 13.4 18.6 -2.5 -36.9 5.6 -7.0 -24.5 -36.5 -37.4
Visitor arrivals('000) 28 082.3 29 324.8 31 525.6 14 756.5 7 593.7 8 245.2 7 996.6 7 412.2 7 344.3 -3.3
Average length of stay (days) 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 1.1 0.1c
Per capita spending of visitors (MOP) 1 864 2 030 1 959 .. 2 141 1 878 1 757 1 802 1 668 -22.1
Hotel occupancy rate (%) 83.6 83.1 86.5 78.1 85.1 87.1 87.0 78.9 77.3 -7.8a
C. Construction and real estate
Expenditure on public works (Million MOP) 12 536.5 5 104.4 5 185.4 817.4 545.5 671.7 3 725.4 1.9 815.5 49.5
Private sector construction
New buildings - no. of units 1 592 2 241 1 900 2 544 106 91 899 706 1 838 1 634.0
New buildings - gross floor area ('000 m²) 304 2 396 2 239 1 500 40 502 322 1 191 309 667.2
Completion of Buildings - no. of units 2 558 1 316 3 001 1 425 1 611 40 1 245 547 878 -45.5
Completion of Buildings - gross floor area ('000 m²) 1 568 562 440 1 375 269 8 147 207 1 168 335.1
No. of building units transacted 25 419 19 237 13 230 4 966 4 158 3 070 2 156 1 883 3 083 -25.9
Value of building units transacted (Million MOP) 100 905.5 96 048.4 83 690.3 28 126.3 28 967.1 18 394.1 13 811.4 10 098.0 18 028.3 -37.8 D. Transport (tonne)
Gross weight of seaborne containerized cargo 207 280 194 638 246 424 133 077 65 874 56 567 66 936 63 146r 69 932 6.2 Gross weight of containerized cargo by land 30 681 28 827 28 719 10 148 7 096 9 459 7 219 4 257r 5 891 -17.0
Gross weight of air cargo 27 794 26 421 28 770 13 960 6 791 6 645 9 160 6 491 7 469 10.0
E. Consumption and Prices
Inflation rate (%) 6.1 5.5 6.0 4.9 6.2 5.9 6.0 5.1 4.8 ..
Composite Consumer Price Index (10/2013-9/2014=100) 90.4 95.3 101.1 104.7 100.6 101.7 103.1 104.1 105.4 4.8
Retail sales turnover (Million MOP) 53 517 66 799 67 897 30 538 16 361 15 825 17 333 16 283r 14 255 -12.9 F. Labour force
Unemployment rate (%) 2.0 1.8 1.7 .. 1.7 1.7 1.7 1.7 1.8 0.1a
Median monthly employment earnings ('000 MOP) 11.3 12.0 13.3 .. 13.0 13.0 14.0 15.0 15.0 15.4
Non-resident workers in Macao (end-period) 110 552 137 838 170 346 .. 155 310 162 877 170 346 174 924 180 523 16.2 G. Public accounts (Million MOP)
Total revenue 144 994.5 175 949.3 161 861.0 55 330.5 41 301.6 37 545.7 35 077.9 28 574.7 26 755.8 -35.2
Tax revenue from gaming 113 377.7 134 382.5 136 709.9 48 494.6 37 376.6 31 924.9 29 432.3 25 382.6 23 112.0 -38.2
Total expenditure 54 012.6 51 388.6 67 078.3 29 913.5 15 946.3 17 804.6 24 992.0 11 788.2 18 125.3 13.7
Balance 90 981.9 124 560.7 94 782.7 25 417.0 25 355.3 19 741.2 10 085.9 16 785.7 8 630.5 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 47 621.8 58 937.4 61 863.3r 66 576.0 59 418.9 59 042.0 61 863.3r 60 446.2 66 576.0 12.0 Broad money supply (M2) 374 931.0 441 410.5 487 471.8r 488 763.1 483 607.0 487 364.6 487 471.8r 477 595.4 488 763.1 1.1 Resident deposits 367 261.7 432 429.0 476 610.8r 477 361.4 473 897.5 477 282.7 476 610.8r 466 175.0 477 361.4 0.7 Domestic credit to the private sector 198 701.9 257 512.1 339 352.0r 376 327.6 308 812.2 329 201.7 339 352.0r 354 475.5 376 327.6 21.9 Net foreign assets 482 694.1 561 495.6 579 930.4r 502 728.5 557 491.4 563 793.1 579 930.4r 491 227.9r 502 728.5 -9.8 Foreign exchange reserves b 132 536.2 128 953.9 131 389.0 144 057.5 125 860.7 129 162.5 131 389.0 136 864.7 144 057.5 14.5 I. Others
New incorporations 3 612 4 481 5 409 2 749 1 454 1 375 1 454 1 455 1 294 -11.0
Companies in dissolution 501 515 536 274 130 107 144 158 116 -10.8
Consumption of electricity (Million kWh)r 4 416.2 4 472.3 4 739.9 2 304.6 1 259.6 1 499.7 1 072.7 951.6 1 353.0 7.4 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 Q2 year-on-year
% change 2014