H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the third quarter of 2014, the economy of Macao contracted by 2.1% year-on-year in real terms, the first negative quarterly growth in five years, attributable to a substantial decline in exports of services. Despite the economic downswing, economic activities other than the gaming sector were barely affected. Employment situation remained favourable and the government recorded a considerable fiscal surplus.
Looking ahead to the fourth quarter, domestic demand is expected to remain strong;
rising total employment and working income is conducive to a steady growth in private consumption expenditure; private investment is likely to sustain continuous growth upon the construction of major tourism and entertainment facilities, but public investment is expected to drop. As regards external demand, although merchandise exports and visitor arrivals posted increase in October and November, gross gaming revenue decreased by 21.5% year-on-year, thus exports of services is likely to see a substantial decline in the fourth quarter. Taking into consideration these factors, as the economy of Macao is mainly driven by the tourism and gaming industries, the expansion of domestic demand will hardly compensate the decline in exports of services; therefore, economic contraction is expected to worsen in the fourth 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.
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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2013 2013 2014 2014 2014
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 1.6 2.3 2.2 2.3 3.1 1.9 2.6r 2.4
Exports of goods 15.8 4.4 2.2 2.7 4.0 2.5 3.3 4.2
Imports of goods 15.4 3.1 -0.4 1.6 1.0 1.9 4.5 3.6
Consumer Price Index 3.1 2.1 1.5 1.6 1.2 1.4 2.1 1.8
Unemployment rate 8.9 8.1 7.4 7.3 6.7 6.9 6.1 6.2
Euro area a
Gross Domestic Product 1.6 -0.7 -0.4 -0.3 0.4r 1.1r 0.8r 0.8
Exports of goods 13.0 7.6 1.0 0.2 1.0r 1.2 0.7r 2.9
Imports of goods 13.3 1.8 -2.9r -1.6r -2.1r 0.1r 0.1r 0.1
Consumer Price Index 2.7 2.5 1.3 1.3 0.8 0.6 0.6 0.4
Unemployment rate 10.1 11.3 12.0 11.6 11.9 12.3 11.4 11.1
Germany
Gross Domestic Product 3.6 0.4 0.1 0.8 1.0 2.6r 1.0r 1.2
Exports of goods 11.5 3.3 -0.2 -0.9r 1.7r 2.9r 1.8r 5.7
Imports of goods 13.2 0.4 -0.9r -0.5 0.1r 3.8r 0.7r 2.3
Consumer Price Index 2.1 2.0 1.5 1.6 1.3 1.2 1.1 0.8
Unemployment rate 7.1 6.8 6.9 6.7 6.6 7.2 6.6 6.6
French
Gross Domestic Product 2.1 0.4 0.4 0.3 0.8 0.8 -r 0.4
Exports of goods 9.2r 3.9 -1.5r -2.3r -1.9r 0.4 -1.5r -0.8
Imports of goods 13.1 1.9r -2.3 -1.9r -1.5 -0.9 -1.7r -0.8
Consumer Price Index 2.1 2.0 0.9 0.9 0.6 0.7 0.6 0.4
Unemployment rate 9.2 9.8 10.3 9.7 10.4 10.6 9.9 10.1
United Kingdom
Gross Domestic Product 1.6r 0.7r 1.7 1.7r 2.7 2.9r 3.2 3.0
Exports of goods 14.2r -1.3r 0.5r -0.4 -1.0r -4.9r -10.9r -7.2 Imports of goods 10.2r 2.1r 0.7r 2.6r -0.3r -3.3r -6.1r -5.9
Consumer Price Index 4.5 2.8 2.5 2.8 2.1 1.7 1.7 1.4
Unemployment rate 8.1 8.0r 7.6 7.6 7.2 6.8 6.3r 6.0
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
2011 2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2013 2013 2014 2014 2014
Q3 Q4 Q1 Q2 Q3
Mainland China
Gross Domestic Product 9.2 7.8 7.7 7.8 7.7 7.4 7.5 7.3
Exports of goods 20.3 7.9 7.8 3.8 7.3 -3.5r 5.0 13.0
Imports of goods 25.0 4.3 7.3 8.5 7.2 1.6 1.5 1.1
Consumer Price Index a 5.4 2.6 2.6 2.5 2.6 2.3 2.3 2.1
Hong Kong
Gross Domestic Product 4.9 1.5 2.9 3.0 2.9 2.6 1.8 2.7
Exports of goods 10.1 2.9 3.6 3.3 4.8 0.7 4.8 5.8
Imports of goods 11.9 3.9 3.8 2.6 4.3 2.1 4.5 5.7
Consumer Price Index 5.3 4.1 4.3 5.3 4.3 4.2 3.6 4.8
Unemployment rate 3.4 3.3 3.4 3.5 3.1 3.1 3.3 3.4
Taiwan
Gross Domestic Product 3.8r 2.1r 2.2r 1.5r 3.4r 3.4r 3.9r 3.6
Exports of goods 12.3 -2.3 1.4 -0.8 1.8 1.0 2.9 6.7
Imports of goods 12.0 -3.9 -0.2 -3.4 2.1 -1.6 3.8 7.7
Consumer Price Index 1.4 1.9 0.8 - 0.6 0.8 1.6 1.5
Unemployment rate 4.4 4.2 4.2 4.3 4.2 4.0 3.9 4.0
Japan
Gross Domestic Product -0.5 1.5 1.5 2.3 2.5 2.9r -0.2r -1.2
Exports of goods -2.7 -2.7 9.5 12.7 17.4 6.6 0.1 3.2
Imports of goods 12.1 3.8 14.9 17.5 24.1 17.6 2.7r 2.4
Consumer Price Index -0.3 - 0.3 0.9 1.4 1.5 3.6 3.3
Unemployment rate 4.6 4.3 4.0 4.0 3.7 3.7 3.7 3.6
Republic of Korea
Gross Domestic Product 3.7 2.3 3.0 3.4 3.7 3.9 3.5r 3.2
Exports of goods 19.0 -1.3 2.1 2.8 4.7 1.7 3.2r 3.9
Imports of goods 23.3 -0.9 -0.8 0.3 2.5 2.0 3.2 5.6
Consumer Price Index 4.0 2.2 1.3 1.4 1.1 1.1 1.6 1.4
Unemployment rate 3.4 3.2 3.1 3.0 2.8 4.0 3.7 3.3
Singapore
Gross Domestic Product 6.1 2.5 3.9 5.0 4.9 4.8 2.3r 2.8
Exports of goods 7.5 -0.9 0.6 5.8 6.0 7.4r 2.7 -1.4
Imports of goods 8.6 3.2 -1.6 5.9 1.4 6.8 3.0 -5.7
Consumer Price Index 5.2 4.6 2.4 1.8 2.0 1.0 2.4 0.9
Unemployment rate 2.0 2.0 1.9 1.6 1.6 1.9 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 The Singapore Department of Statistics
2011 2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2013 2013 2014 2014 2014
Q3 Q4 Q1 Q2 Q3
USA
Gross Domestic Product 1.6 2.3 2.2 4.5 3.5 -2.1 4.6r 3.9
Exports of goods 15.8 4.4 2.2 0.5 2.4 -1.8 2.1 1.5
Imports of goods 15.4 3.1 -0.4 0.6 - 0.9 2.9 -0.3
Consumer Price Index 3.1 2.1 1.5 0.5 0.3 0.5 0.7 0.3
Unemployment ratea 8.9 8.1 7.4 7.2 7.0 6.7 6.2 6.1
Japan
Gross Domestic Product -0.5 1.5 1.5 0.6r -0.4r 1.6r -1.9r -0.4
Exports of goods -2.7 -3.0 9.6 1.4r 1.4r -1.4r -0.8r 4.0
Imports of goods 12.3 3.3 15.2 4.9 4.9r 2.2 -8.2r 4.4
Consumer Price Index -0.3 - 0.3 0.7 0.5 0.1 2.3 0.5
Unemployment ratea 4.6 4.3 4.0 4.0 3.9 3.6 3.6 3.6
Hong Kong
Gross Domestic Product 4.9 1.5 2.9 0.8 0.9 0.3 -0.1 1.7
Exports of goods 10.1 2.9 3.6 2.2 3.6 -4.9 3.7 2.6
Imports of goods 11.9 3.9 3.8 1.9 3.6 -3.2 1.6 2.3
Consumer Price Index 5.3 4.1 4.3 -0.8 2.7 1.0 0.7 0.4
Unemployment ratea 3.4 3.3 3.4 3.4 3.2 3.1 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
2013 2013 2014 2014 2014
Q3 Q4 Q1 Q2 Q3@
At current prices:
GDP (Million MOP) 293 745 343 416 413 471 102 746 119 219 115 394 114 967 109 573
GDP per capita ('000 MOP) 534.7 603.5 697.5 .. .. .. .. ..
Chain volume measures in chained (2012) dollars:
GDP (Million MOP) 314 658 313 416 384 242 94 794 107 683 101 928 98 469 92 847
Year-on-Year change in real terms (%)
GDP 21.3 9.1 11.9 11.2 14.3 12.4 8.1 -2.1
Private consumption expenditure 11.0 8.7 6.3 6.4 6.5 4.7 7.0 7.2
In the domestic market 10.6 8.1 6.5 5.9 6.2 4.8 7.3 6.7
Abroad 10.5 12.1 4.9 3.4 8.4 2.3 6.6 10.6
Government final consumption expenditure 5.8 6.2 6.3 6.4 6.1 8.6 4.8 8.1
Gross fixed capital formation 16.9 19.9 4.7 1.4 9.5 30.9 52.7 38.1
Private sector 7.1 9.3 27.3 17.8 58.1 39.8 56.4 41.5
Government 62.1 51.8 -48.1 -55.0 -43.8 -49.2 9.6 5.0
Exports of goods -0.6 30.2 11.4 3.7 15.9 13.4 10.4 11.4
Exports of services 29.5 6.5 12.0 12.2 16.0 11.9 1.3 -9.9
Imports of goods 27.3 12.4 15.1 15.0 22.8 22.1 18.3 12.4
Imports of services 32.2 1.4 0# 0.6 1.9 3.2 -11.1 -17.8
2013
2011
2011 2012
2012 2013
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2014 2013 2013 2014 2014 2014
Q1 to Q3 Q3 Q4 Q1 Q2 Q3
A. External Merchandise Trade (Million MOP)
Total exports 6 970.9 8 159.7 9 093.9 7 296.1 2 137.8 2 364.5 2 478.2 2 545.3r 2 272.5 6.3
Textiles and garments 1 339.0 1 053.4 846.9 577.8 219.3 194.2 194.6 167.6 215.6 -1.7
Other products 5 631.9 7 106.3 8 247.0 6 718.3 1 918.5 2 170.3 2 283.6 2 377.7r 2 056.9 7.2
Total imports 62 288.9 70 927.8 81 013.5 64 998.3 20 247.0 22 655.3 21 584.3r 21 311.7r 22 102.3 9.2
Trade balance -55 318.0 -62 768.1 -71 919.6 -57 702.3 -18 109.2 -20 290.8 -19 106.1r -18 766.4r -19 829.8 -9.5 B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(Million MOP) 269 058 305 235 361 866 276 870 89 447 100 401 102 491 91 236 83 143 -7.0
y-on-y % change 41.9 13.4 18.6 5.9 19.5 23.8 19.7 5.6 -7.0
Visitor arrivals('000) 28 002.3 28 082.3 29 324.8 23 529.0 7 768.6 7 414.0 7 690.2 7 593.7 8 245.2 6.1
Average length of stay (days) 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -c
Per capita spending of visitors (MOP) 1 619 1 864 2 030 .. 1 905 2 201 2 074 2 141 1 878 -1.4
Hotel occupancy rate (%) 84.1 83.6 83.1 86.3 85.8 86.8 86.7 85.1 87.1 1.3a
C. Construction and real estate
Expenditure on public works (Million MOP) 7 666.0 12 536.5 5 104.4 1 239.8 885.2 3 304.1 22.6 545.5 671.7 -24.1 Private sector construction
New buildings - no. of units 2 159 1 592 2 241 1 001 439 529 804 106 91 -79.3
New buildings - gross floor area ('000 m²) 367 304 2 396 1 917 1 607 93 1 375 40 502 -68.8
Completion of Buildings - no. of units 1 387 2 558 1 316 1 756 82 383 105 1 611 40 -51.2
Completion of Buildings - gross floor area ('000 m²) 1 163 1 568 562 293 6 71 17 269 8 27.6
No. of building units transacted 27 624 25 419 19 237 11 074 3 193 4 107 3 846 4 158 3 070 -3.9
Value of building units transacted (Million MOP) 76 255.1 100 905.5 96 048.4 69 878.9 13 835.2 22 525.3 22 517.6 28 967.1 18 394.1 33.0 D. Transport (tonne)
Seaborne containerised cargo 182 959 207 280 194 638 179 504 50 763 55 876 57 046r 65 874r 56 584 11.5
Containerised land cargo 35 093 30 681 28 827 21 501 10 454 7 415 4 946 7 096 9 459 -9.5
Air cargo 39 524 27 794 26 421 19 610 6 348 7 571 6 174 6 791 6 645 4.7
E. Consumption and Prices
Inflation rate (%) 5.8 6.1 5.5 6.1 5.6 5.9 6.1 6.2 5.9 ..
Composite Consumer Price Index (4/2008-3/2009=100) 110.3 117.0 123.5 130.1 124.3 126.0 128.3 130.2 131.7 5.9
Retail sales turnover (Million MOP) 43 158 53 517 66 126 50 564 16 045 18 335 18 368 16 377 r 15 819 -1.4 F. Labour force
Unemployment rate (%) 2.6 2.0 1.8 .. 1.9 1.8 1.7 1.7 1.7 -0.2a
Median monthly employment earnings ('000 MOP) 10.0 11.3 12.0 .. 12.0 12.3 13.0 13.0 13.0 8.3
Non-resident workers in Macao (end-period) 94 028 110 552 137 838 .. 130 822 137 838 145 692 155 310 162 877 24.5 G. Public accounts (Million MOP)
Total revenue 122 972.3 144 994.5 175 949.3 120 993.5 39 448.3 42 207.1 42 146.2 41 301.6 37 545.7 -4.8
Tax revenue from gaming 99 656.4 113 377.7 134 382.5 107 277.6 33 406.3 36 071.3 37 976.0 37 376.6 31 924.9 -4.4
Total expenditure 45 593.3 54 012.6 51 388.6 40 809.7 18 621.0 23 559.4 7 058.9 15 946.3 17 804.6 -4.4
Balance 77 379.0 90 981.9 124 560.7 80 183.7 20 827.3 18 647.8 35 087.3 25 355.3 19 741.2 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 36 243.3 47 621.8 58 937.4 59 042.0 54 246.5 58 937.4 57 358.0 59 418.9 59 042.0 8.8
Broad money supply (M2) 297 963.9 374 931.0 441 410.5 487 364.6 426 604.4 441 410.5 455 334.0 483 607.0 487 364.6 14.2
Resident deposits 291 595.1 367 261.7 432 429.0 477 282.7 417 942.5 432 429.0 445 820.8 473 897.5 477 282.7 14.2
Domestic credit to the private sector 167 855.8 198 701.9 257 512.1 329 201.7 243 557.7 257 512.1 284 196.7 308 812.2 329 201.7 35.2 Net foreign assets 425 292.6 482 694.1 561 495.6 563 793.1 519 381.0 561 495.6 516 019.0r 557 491.4r563 793.1 8.6 Foreign exchange reserves b 272 369.4 132 536.2 128 953.9 129 162.5 130 281.4 128 953.9 122 090.5 125 860.7 129 162.5 -0.9 I. Others
New incorporations 3 405 3 612 4 481 3 955 1 147 1 200 1 126 1 454 1 375 19.9
Companies in dissolution 511 501 515 392 121 121 155 130 107 -11.6
Consumption of electricity (Million kWh) 3 856.5 4 204.8 4 291.3 3 494.7 1 294.8 971.0 873.5 1 215.9 1 405.4 8.5
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.
2011 2012
2014 Q3 year-on-year
% change 2013