CONCLUDING REMARKS

Economic growth in the first three quarters of 2007 was fuelled by continued expansion of the gaming and tourism sector, as well as the surge in investment, with GDP of Macao growing by 25.2%, 30.8% and 32.2% respectively in real terms. In the fourth quarter, the gaming and tourism sector saw favourable growth and exports of goods rebounded, but investment registered its first quarterly decline since 2002 due to the completion of a number of gaming and tourism construction projects; therefore, the economy slowed down to rise by 22.1% in the fourth quarter. For 2007, the economy expanded by 27.3% in real terms, higher than the 17.0% in 2006. Underpinned by the robust growth of the gaming and tourism sector, strong demand for manpower, improved employment condition of residents and general upsurge of employment earnings, private consumption expenditure has been able to sustain steady increase in 2007.

Looking ahead to 2008, in terms of domestic demand, private consumption is envisaged to rise

steadily upon favourable employment situation, yet investment is set to slow down. As regard

external demand, number of visitor arrivals is expected to rise continuously, gaming and tourism

sector is anticipated to grow further. According to the latest statistics, visitor arrivals in the first two

months of 2008 rose by 13.9% over the same period of 2007 and gross gaming revenue surged

notably by 62.8%. Hence, keeping from the abrupt adverse factors, the economy of Macao is likely

to attain satisfactory growth in 2008.

STATISTICAL TABLES

SYMBOLS AND ABBREVIATIONS

.. Not applicable r Rectified data - Absolute value equals zero

… Not available

# Confidential data

~ No figure provided

o Less than half of the unit employed p Provisional

TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)

Notes: Owing to rounding, the totals may not correspond to the sum 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 (%)

2006 2007 2007 2007 2007

Q4 Q1 Q2 Q3 Q4

USA

　Gross Domestic Product 3.1 2.9 2.2 2.6 1.5 1.9 2.8 2.5

　Exports of goods 10.7 14.5 12.2 14.6 11.0 10.6 12.9 14.3

　Imports of goods 13.9 10.9 5.4 4.4 4.1 3.6 3.2 10.4

　Consumer Price Index 3.4 3.2 2.8 1.9 2.4 2.7 2.4 4.0

　Unemployment rate 5.1 4.6 4.6 4.2 4.8 4.4 4.7 4.6

Japan

　Gross Domestic Product 1.9 2.4

^r

2.1 2.3

^r

3.0

^r

1.7

^r

1.7

^r

2.0

　Exports of goods 7.3

^r

14.6

^r

11.6 11.2 12.5 13.1 10.7 10.0

　Imports of goods 15.7

^r

18.3

^r

8.6 10.8 6.6 9.9 6.3 11.3

　Consumer Price Index -0.3 0.3 o 0.3 -0.1 -0.1 -0.1 0.5

　Unemployment rate 4.4 4.1 3.8 3.9 4.1 3.8 3.7 3.7

Euro area

　Gross Domestic Product 1.5 2.8 2.7 3.2 3.2

^r

2.5 2.7

^r

2.3

　Exports of goods 7.8 12.1 8.3 12.8 9.3

^r

8.8

^r

8.8

^r

6.5

　Imports of goods 13.5 14.5 5.6 8.6 5.5

^r

3.6

^r

4.1

^r

9.1

　Consumer Price Index 2.2 2.2 2.2 1.8 1.9 1.9 1.9 2.9

　Unemployment rate 8.9 8.3 7.5 8.0 7.7 7.5 7.4 7.2

Mainland China

　Gross Domestic Product 10.4 10.7 11.4 10.4 11.1 11.9 11.5 11.2

　Exports of goods 28.4 27.2 25.7 29.0 27.8 27.5

^r

26.2

^r

22.2

　Imports of goods 17.6 20.0 20.8 15.5 18.2 18.3

^r

20.5

^r

25.4

　Consumer Price Index ª 1.8 1.5 4.8 1.5 2.7 3.2 4.1 4.8

Hong Kong

　Gross Domestic Product 7.1 7.0

^r

6.3 6.6

^r

5.5

^r

6.4

^r

6.3

^r

6.7

　Exports of goods 11.4 9.4 9.2 11.9 9.0 11.7 8.2 8.2

　Imports of goods 10.3 11.6 10.3 14.0 9.0 12.6 9.4 10.5

　Consumer Price Index 1.0

^r

2.0 2.0 2.1 1.7 1.3 1.6 3.5

　Unemployment rate 5.6 4.8 4.0 4.2 4.2 4.3 4.3 3.2

a Accumulated year-on-year comparison Source : U.S. Bureau of Economic Analysis U.S. Census Bureau

U.S. Bureau of Labor Statistics

Japan Economic and Social Research Institute Japan Ministry of Finance

Japan Bureau of Statistics Eurostat

China National Bureau of Statistics

Hong Kong SAR Census and Statistics Department

2005 2006 2007

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) (%)

2006 2007 2007 2007 2007

Q4 Q1 Q2 Q3 Q4

USA

　Gross Domestic Product 3.1 2.9 2.2 2.1 0.6 3.8 4.9 0.6

　Exports of goods 10.7 14.5 12.2 2.6 0.8

^r

3.4

^r

6.4 2.6

　Imports of goods 13.9 10.9 5.4 -2.6 0.7

^r

2.6 2.9

^r

3.2

　Consumer Price Index 3.4 3.2 2.9 -0.5 0.9 1.1

^r

0.7

^r

1.2

　Unemployment rate 5.1 4.6 4.6 4.5 4.5 4.5 4.7

^r

4.8

Japan

　Gross Domestic Product 1.9 2.4

^r

2.1 1.0

^r

1.0

^r

-0.4 0.3

^r

0.9

　Exports of goods 7.5 14.9 11.7 3.0

^r

3.1

^r

2.5

^r

2.6

^r

1.3

　Imports of goods 16.4 18.5

^r

8.2 1.2

^r

0.2

^r

3.3

^r

1.6

^r

4.3

　Consumer Price Index -0.3 0.3 0.1 -0.3 -0.1

^r

0.1

^r

0.2 0.4

　Unemployment rate 4.4 4.1 3.9 4.0 4.0 3.8 3.8 3.8

Hong Kong

　Gross Domestic Product 7.1 7.0

^r

6.3 1.2

^r

1.7

^r

1.5

^r

1.8

^r

1.6

　Exports of goods 11.4 9.4 9.2 2.9

^r

0.8

^r

2.7

^r

0.9

^r

1.8

　Imports of goods 10.3 11.6 10.3 3.3

^r

0.5

^r

4.7

^r

1.2

^r

3.6

　Consumer Price Index 1.0 2.0 2.0 0.2

^r

0.2

^r

-0.1

^r

0.2

^r

0.9

　Unemployment rate 5.6 4.8 4.0 4.4 4.3 4.2 4.1 3.4

Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics

Japan Economic and Social Research Institute, Japan Ministry of Finance, Japan Bureau of Statistics Hong Kong SAR Census and Statistics Department

3. GROSS DOMESTIC PRODUCT OF MACAO

2006 2007 2007 2007 2007

Q4 Q1^r Q2^r Q3^r Q4^p

At current prices:

GDP (MOP billion) 93.0 115.3

^r

153.6 35.2

^r

33.6 38.0 38.7 43.3

GDP per capita (MOP thousand) 195.2 230.9

^r

292.2 .. .. .. .. ..

At constant (2002) prices:

GDP (MOP billion) 85.9 100.5

^r

128.0 29.5

^r

28.6 31.6 31.8 36.0

% growth in real terms

GDP 6.9 17.0 27.3 20.5 25.2 30.8 32.2 22.1

Private consumption expenditure 7.2 7.8

^r

10.7 9.3

^r

10.1 10.5 12.6 9.7

In the domestic market 7.3 8.0 10.2 9.3 9.3 8.9 11.5 11.0

Abroad 5.7 -1.8 7.1 0.2 11.4 10.8 7.1 -0.1

Government final consumption expenditure 11.0 3.8 16.4 7.8 -0.5 10.8 33.3 19.5

Gross fixed capital formation 59.7 44.5

^r

23.5 31.2

^r

42.2 42.7 38.8 -11.9

Private sector 74.5 54.9

^r

28.9 48.2

^r

43.9 48.1 40.7 -7.3

Government 11.5 -8.9 -23.1 -10.4 -62.5 -20.2 12.0 -30.5

Exports of goods -11.5 2.8 0.5 -28.9 -8.6 -5.7 -1.3 19.7

Exports of services 6.0 19.7

^r

35.3 34.2 32.9 36.9 36.9 34.5

Imports of goods 9.1 19.3 14.6 11.5 17.6 13.1 18.0 10.6

Imports of services 15.1 16.9 30.9 19.9 28.0 32.8 31.2 31.3

2005 2006 2007^p 2005 2006 2007

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2007

2007 2006 2007 2007 2007 2007 Q4

Q1 to Q4 Q4 Q1 Q2 Q3 Q4 year-on-year

% change A. External Merchandise trade (MOP million)

Total exports 22 561 19 823 20 461 20 431 4 616 4 314^r 5 237^r 5 430^r 5 450 18.1

Textiles and garments 18 070 15 335 14 660 13 394 2 999 2 681^r 3 385^r 3 657^r 3 671 22.4

Other products 4 491 4 488 5 801 7 037 1 617 1 633 1 852^r 1 773^r 1 779 10.0

Total imports 27 904 31 340 36 527 43 114 9 591 9 155 10 902^r 11 473^r 11 583 20.8

Trade balance -5 343 -11 517 -16 066 -22 683 -4 975 -4 841^r -5 665^r -6 043^r -6 134 -23.3

B. Gaming and tourism

Gross gaming revenue (excluding gratuities) (MOP million) 43 511 47 134 57 521 83 847 17 121 18 598 19 772 20 535 24 942 45.7

y-on-y % change 43.5 8.3 22.0 45.8 43.1 43.5 48.9 45.0 45.7

No. of visitor arrivals (thousand) 16 672.6 18 711.2 21 998.1 26 993.0 6 102.3 6 368.9 6 268.9 6 853.1 7 502.0 22.9 Average length of stay of visitors (days) 1.1 1.1 1.1 .. 1.1 1.1 1.1 1.1 1.1 - ^a

Visitor spending per capita (MOP) 1 633 1 523 1 610 .. 1 670 1 649 1 480 1 584 1 714 2.6

Hotel occupancy rate (%) 75.6 70.9 72.3 77.2 76.4 74.0 73.4 77.4 82.7 6.3^b

C. Construction and real estate

Expenditure on public works (MOP million) 2 814.2 3 652.1 3 682.5 2 821.7 2 363.0 1.9 543.6 658.6 1 617.5 -31.5 Private sector construction

　　 Buildings started - no. of units 2 757 4 947 4 756 4 390 2 923 3 020 938 89 343 -88.3

　　 Buildings started - gross floor area (thousand m²) 715 2 133 1 054 2 200 465 841 789 33 538 15.7

　　 Buildings completed - no. of units 1 108 1 277 3 026 2 051 122 489 122 267 1 173 861.5

　　 Buildings completed - gross floor area (thousand m²) 215 391 1 276 1 926 213 167 141 1 026 593 177.9

No. of building units transacted 27 823 33 644 26 400 32 250 9 979 10 324 9 017 5 875 7 034 -29.5

Value of building units transacted (MOP million) 16 286 23 799 25 096 49 080 11 779 13 998 12 891 8 921 13 271 12.7

D. Transport

　 Seaborne containerised cargo (tonne) 311 481 295 269 324 957 329 288 84 465 78 243 82 150 83 763 85 131 0.8

　 Containerised land cargo (tonne) 100 209 86 709 75 397 75 835 15 339 15 394 17 514 20 585 22 342 45.7

　 Air cargo (tonne) 220 828 227 229 220 573 180 935 57 098 42 935 43 921 45 803 48 276 -15.5

E. Prices and consumption

Inflation rate (%) 1.0 4.4 5.2 5.6 4.4 4.6 4.9 6.1 6.7 ..

Composite Consumer Price Index (7/2004-6/2005=100) 98.8 103.1 108.4 114.5 110.1 111.5 113.4 115.6 117.4 6.7

Retail sales turnover (MOP million) 7 518 8 778 10 659 14 195 2 993 3 107 3 276 3 614^r 4 198 40.3

F. Employment

Unemployment rate (%) 4.9 4.1 3.8 .. 3.5 3.2 3.0 3.1 2.9 -0.6^b

Median of total monthly employment earnings 5.2 5.8 6.7 .. 7.4 7.6 7.7 7.9 7.9 7.5

(MOP thousand)

Non-resident workers in Macao (end-period) 27 736 39 411 64 673 .. 64 673 71 182 75 391 79 753 85 207 31.8 G. Public accounts^c (MOP million)

Total revenue 23 863.5 28 200.8 37 188.5 40 694.1 17 531.1^r 9 266.3 8 915.0 10 791.3 11 721.6 … Revenue from gambling sector 15 236.6 17 318.6 20 747.6 30 948.0 5 889.3 7 022.7 7 654.9 7 222.5 9 047.9 53.6 Total expenditure 17 703.0 21 184.3 27 349.8 18 856.3 17 479.7^r 2 200.0 3 193.5 4 442.8 9 020.0 …

Balance 6 160.5 7 016.6 9 838.8 21 837.9 51.4 7 066.2 5 721.5 6 348.5 2 701.6 …

H. Money and finance

(period-end values, MOP million)

　 Narrow money supply (M1) 13 440.7 12 788.9 18 255.2 22 605.6 18 255.2 17 170.4 17 743.4 18 550.1 22 605.6 23.8

　 Broad money supply (M2) 120 947.0 135 659.8 168 911.9 185 730.0 168 911.9 168 855.6 175 226.5 182 288.0 185 730.0 10.0

　 Resident deposits 118 174.3 132 685.5 165 508.3 181 804.8 165 508.3 165 242.8 171 632.1 178 591.4 181 804.8 9.8

　 Credit to domestic private sector 36 715.4 44 714.1 50 670.5 72 055.8 50 670.5 52 311.5 58 788.4 62 248.3 72 055.8 42.2 　 Net foreign assets 130 675.0 149 142.3 192 088.8 216 390.3 192 088.8 195 308.2 202 266.6 212 411.1 216 390.3 12.7 I. Others

　No. of new companies incorporated 2 215 3 072 3 110 3 405 797 797 980 875 753 -5.5

　No. of companies in dissolution 177 246 254 339 66 99 81 77 82 24.2

　Consumption of electricity (million kwh) 1 903.1 2 159.0 2 423.7 2 984.3 600.1 531.7 759.1 955.9 737.5 22.9

a Days b Percentage points

are different from those for 2006; thus, the annual and quarterly revenue and expenditure for the two years are not comparable. In addition, starting from the first quarter of 2007, the computation of the balance of public accounts has been revised as the difference between total revenue and total expenditure, yet the corresponding figures for and prior to 2006 are computed using the old method, i.e., the balance equals the difference between revenue (autonomous agencies excluded) and expenditure (autonomous agencies excluded) .

2004 2005 2006

c In line with the changes in the compilation methods and concepts of public accounting of the Finance Services Bureau, the components of revenue and expenditure as well as the booking of the accounts for 2007 r r

r r r

在文檔中 MACAO ECONOMIC BULLETIN (頁 32-38)