CONCLUDING REMARKS

In the first quarter of 2012, the economy of Macao expanded by 18.4% year-on-year in real terms, lower than the 20.8% rise in the same quarter of 2011; the increment was attributable to the increase in exports of services and investment, as well as the low comparison base of the first quarter of 2011.

Regarding the outlook for the second quarter, in terms of domestic demand, total investment is

likely to see considerable increase as government investment is expected to expand continuously

and private investment remain stable; private consumption expenditure is likely to have steady

growth upon favourable conditions on the job market. As regards external demand, demand on

goods remains weak but merchandise exports are likely to rebound in comparison with the low base

in 2011. Nevertheless, growth in exports of services are expected to decelerate as visitor arrivals for

April and May registered a 2.3% decrease and the increase in gross gaming revenue moderated to

13.8%. In sum, the pace of economic expansion for the second quarter of 2012 is projected to

decelerate and the rate of increase is likely to be lower compared with the first quarter.

STATISTICAL TABLES

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)

Notes: Due to rounding, the totals may not correspond to the sums 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)

(%) 1/2

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

USA

　Gross Domestic Product -3.5 3.0 1.7 2.2 1.6 1.5 1.6 2.0

　Exports of goods -18.0 21.0 15.8 18.2 17.7 17.5 10.6 8.6

　Imports of goods -25.9 22.7 15.4 18.8 17.0 14.2 12.1

^r

8.6

　Consumer Price Index -0.4 1.7 3.1 2.1 3.4 3.8 3.3 2.8

　Unemployment rate 9.3 9.6 8.9 9.5 8.9 9.1 8.3 8.6

Euro area

^a

　Gross Domestic Product -4.4

^r

2.0

^r

1.5

^r

2.4 1.6 1.3 0.7 -0.1

　Exports of goods -18.0 20.0 12.9

^r

21.7

^r

13.2

^r

9.6

^r

8.4 8.5

　Imports of goods -21.7 22.5 12.5

^r

24.3

^r

13.0

^r

9.8

^r

4.7

^r

3.4

　Consumer Price Index 0.3 1.6 2.7 2.5 2.8 2.7 2.9 2.7

　Unemployment rate 9.6 10.2 10.2

^r

10.4 9.8 9.9 10.6

^r

11.4

Germany

　Gross Domestic Product -5.1 3.7 3.0 5.0 3.0 2.6 1.5 1.7

　Exports of goods -18.4 18.5 11.4 19.2 11.7 9.9 5.6

^r

5.8

　Imports of goods -17.5 19.9 13.2 21.5 13.5 11.7 7.1 4.7

　Consumer Price Index 0.3 1.1 2.3 2.1 2.3 2.5 2.3 2.2

　Unemployment rate 8.1 7.7 7.1 7.8 7.1 6.9 6.5 7.3

French

　Gross Domestic Product -3.0

^r

1.6

^r

1.7 2.4

^r

1.7

^r

1.5 1.2

^r

0.3

　Exports of goods -17.3

^r

12.7

^r

8.9

^r

13.1

^r

8.6

^r

6.8

^r

7.5

^r

6.0

　Imports of goods -17.5

^r

13.2 12.1

^r

18.9

^r

12.9 9.4

^r

7.8

^r

3.7

　Consumer Price Index 0.1 1.5 2.1 1.8 2.1 2.1 2.4 2.3

　Unemployment rate 9.5 9.8 9.7 10.0 9.2 9.5 10.1

^r

10.3

The United Kingdom

　Gross Domestic Product -4.4 2.1 0.7

^r

1.5

^r

0.4

^r

0.3

^r

0.5

^r

-0.1

　Exports of goods -9.5 16.5 12.6 19.0

^r

10.8

^r

10.9

^r

10.1

^r

4.1

　Imports of goods -10.2 17.1 9.5

^r

13.5

^r

9.8 10.2 4.9

^r

5.3

　Consumer Price Index 2.1 3.3 4.5 4.2

^r

4.4 4.7 4.7 3.5

　Unemployment rate 7.7 7.8 8.1 7.7 7.9 8.3 8.4 8.2

a The Euro area consists of 17 member states from 2011 onwards.

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

2009 2010 2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%) 2/2

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

Mainland China

　Gross Domestic Product 8.7 10.3 9.2 9.7 9.5 9.1 8.9 8.1

　Exports of goods -15.9 31.3 20.3 26.4 22.0 20.6 14.2 7.6

　Imports of goods -11.3 38.7 25.0 33.0 23.1 25.0 20.5 6.9

　Consumer Price Index

^a

-0.7 3.3 5.4 5.0 5.4 5.7 5.4 3.8

Hong Kong

　Gross Domestic Product -2.7 7.1

^r

5.0 7.6 5.4

^r

4.4

^r

3.0 0.4

　Exports of goods -12.6 22.8 10.1 24.6 7.7 4.2 6.9 -1.5

　Imports of goods -11.0 25.0 11.9 20.6 10.3 8.9 9.3 0.7

　Consumer Price Index 0.5 2.4 5.3 3.8 5.2 6.4 5.7 5.2

　Unemployment rate 5.4 4.3 3.4 3.4 3.7

^r

3.4 3.1 3.3

Taiwan, China

　Gross Domestic Product -1.8 10.7 4.0 6.6 4.5 3.5 1.9 0.4

　Exports of goods -20.3 34.8 12.3 19.4 14.6 11.6 4.5 -4.0

　Imports of goods -27.5 44.1 12.0 21.7 18.9 10.2 -0.9 -5.9

　Consumer Price Index -0.9 1.0 1.4 1.3 1.6 1.4 1.4 1.3

　Unemployment rate 5.9 5.2 4.4 4.6 4.3 4.4 4.3 4.2

Japan

　Gross Domestic Product -5.5 4.4 -0.7

^r

-0.2

^r

-1.7 -0.4

^r

-0.5

^r

2.7

　Exports of goods -33.1 24.4 -2.7 2.4 -8.1

^r

0.5 -5.5 -1.6

　Imports of goods -34.8 18.0 12.1

^r

11.7

^r

10.5

^r

13.8 12.4

^r

9.8

　Consumer Price Index -1.4 -0.7 -0.3 -0.5 -0.4 0.1 -0.3 0.3

　Unemployment rate 5.1 5.1 4.6

^r

4.8 4.8

^r

4.5

^r

4.3 4.5

Republic of Korea

　Gross Domestic Product 0.3 6.3

^r

3.6 4.2 3.5

^r

3.6

^r

3.3

^r

2.8

　Exports of goods -13.9 28.3 19.0

^r

29.6 18.6

^r

21.4 9.0

^r

3.0

　Imports of goods -25.8 31.6 23.3 26.3

^r

27.1

^r

27.7 13.4

^r

7.6

　Consumer Price Index 2.8 2.9 4.0 3.8 4.0 4.3 4.0 3.0

　Unemployment rate 3.6 3.8 3.4 4.2 3.4 3.1 2.9 3.8

Singapore

　Gross Domestic Product -1.0 14.8 4.9 9.1 1.2 6.0 3.6 1.6

　Exports of goods -18.0 22.4 7.5 13.4 6.7 4.7 5.8 4.8

　Imports of goods -21.0 18.8 8.6 10.2 8.4 6.2 9.9 10.4

　Consumer Price Index 0.6 2.8 5.2 5.2 4.7 5.5 5.5 4.9

　Unemployment rate 3.0 2.2 2.0 1.8 2.7 1.8 1.8 1.9

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, China; Ministry of Economic Affairs, Taiwan, China 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

2009 2010 2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%)

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

USA

　Gross Domestic Product -3.5 3.0 1.7 0.4 1.3 1.8 3.0 1.9

　Exports of goods -18.0 21.0 15.8 4.9 3.3 2.7 -0.3 2.1

　Imports of goods -25.9 22.7 15.4 8.1 3.5 0.2 0.7

^r

3.3

　Consumer Price Index -0.4 1.7 3.1 1.1 1.1 0.8 0.3 0.6

　Unemployment rate

^a

9.3 9.6 8.9 9.0 9.0 9.1 8.7 8.3

Japan

　Gross Domestic Product -5.5 4.4 -0.7

^r

-2.0

^r

-0.3

^r

1.9

^r

-

^r

1.0

　Exports of goods -33.2

^r

24.5

^r

-2.6

^r

0.9

^r

-7.9

^r

7.1

^r

-4.8

^r

2.2

　Imports of goods -34.6 18.0 12.3

^r

6.9

^r

3.7

^r

0.9

^r

1.6

^r

1.7

　Consumer Price Index -1.4 -0.7 -0.3 - -0.2 - -0.2 0.6

　Unemployment rate

^a

5.1 5.1 4.6

^r

4.8

^r

4.7

^r

4.4 4.5 4.5

Hong Kong

　Gross Domestic Product -2.7 7.1

^r

5.0 2.9

^r

-0.4

^r

0.1 0.4

^r

0.4

　Exports of goods -12.6 22.8 10.1 11.8

^r

-11.0

^r

-0.5

^r

1.9

^r

2.3

　Imports of goods -11.0 25.0 11.9 8.6

^r

-5.4

^r

0.8

^r

-0.6

^r

1.6

　Consumer Price Index 0.5 2.4 5.3 1.8 1.8 -0.9 3.0 1.3

　Unemployment rate

^a

5.4 4.3 3.4 3.5

^r

3.6

^r

3.2 3.3 3.4

a Unemployment rate 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

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

^@

At current prices:

GDP (MOP billion) 170.2 226.2 292.1 61.9 70.7 75.5 84.0 78.9

GDP per capita (MOP thousand) 317.6 421.3 531.7 .. .. .. .. ..

Chain volume measures in chained (2010) dollars:

GDP (MOP billion) 178.1 226.2 273.1 59.6 67.1 70.0 76.5 70.5

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

GDP 1.7 27.0 20.7 20.8 23.8 21.4 17.5 18.4

Private consumption expenditure 2.4 7.5 10.2 11.1 8.8 8.7 12.1 5.4

In the domestic market 0.3 5.3 9.7 11.0 8.0 9.1 10.6 5.8

Abroad 12.8 20.7 9.1 9.3 9.0 7.2 10.9 8.7

Government final consumption expenditure 13.1 4.8 9.4 -3.2 8.9 10.5 16.3 11.6

Gross fixed capital formation -32.3 -16.8 14.5 16.4 21.5 6.0 15.8 43.8

Private sector -36.8 -22.4 4.9 12.1 19.4 2.0 -10.5 21.2

Government 34.4 24.1 58.9 290.5 47.7 20.7 77.6 449.8

2011

2010 2009

2009 2010

2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2012 2011 2011 2011 2011 2012

Q1 to Q1 Q1 Q2 Q3 Q4 Q1

A. External Merchandise trade (MOP million)

Total exports 7 672.5 6 960.0 6 970.9 1 975.7 1 618.4 1 782.2 1 652.4 1 917.9 1 975.7 22.1

Textiles and garments 2 469.9 1 627.3 1 339.0 284.7 337.1 371.7 341.9 288.3 284.7 -15.5

Other products 5 202.6 5 332.7 5 631.9 1 691.0 1 281.3 1 410.5 1 310.5 1 629.6 1 691.0 32.0

Total imports 36 902.0 44 118.4 62 288.9 17 334.5 13 128.3 14 609.8 16 666.4 17 884.4 17 334.5 32.0

Trade balance -29 229.4 -37 158.4 -55 318.0 -15 358.8 -11 509.9 -12 827.6 -15 013.9 -15 966.5 -15 358.8 -33.4

B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(MOP million) 120 383 189 588 269 058 74 596 58 835 65 900 70 521 73 802 74 596 26.8

y-on-y % change 9.6 57.5 41.9 26.8 42.6 45.7 47.8 33.2 26.8

No. of visitor arrivals(thousand) 21 752.8 24 965.4 28 002.3 6 942.3 6 431.2 6 815.5 7 415.5 7 340.1 6 942.3 7.9

Average length of stay of visitors^b (days) 1.1 0.9 1.0 .. 1.0 1.1 1.0 0.9 0.9 -0.2^d

Visitor spending per capita (MOP) 1 616 1 518 1 619 .. 1 516 1 482 1 633 1 820 1 891 24.7

Hotel occupancy rate (%) 71.4 79.8 84.1 83.2 81.0 82.9 85.5 86.6 83.2 2.2^a

C. Construction and real estate

Expenditure on public works (MOP million) 3 021.2 4 274.9 7 666.0 617.2 36.8 305.4 1 301.9 5 867.0 617.2 1 578.0 Private sector construction

　　 Buildings started - no. of units 1 547 870 2 159 41 93 61 1 492 513 41 -55.9

　　 Buildings started - gross floor area (thousand m²) 229 184 367 11 9 28 229 101 11 19.3

　　 Buildings completed - no. of units 3 251 4 527 1 387 36 567 389 122 309 36 -93.7

　　 Buildings completed - gross floor area (thousand m²) 1 406 1 272 1 163 9 164 476 18 504 9 -94.4

No. of building units transacted 17 310 29 617 27 624 3 592 7 422 12 921 3 738 3 543 3 592 -51.6

Value of building units transacted (MOP million) 26 298.7 56 753.6 76 255.1 11 706.8 17 670.2 38 853.3 9 616.4 10 115.2 11 706.8 -33.7 D. Transport

　 Seaborne containerised cargo (tonne) 180 413 178 380 182 959 50 153 38 382 45 878 44 543 54 157 50 153 30.7

　 Containerised land cargo (tonne) 51 694 45 718 35 093 9 482 9 357 8 245 8 442 9 049 9 482 1.3

　 Air cargo (tonne) 52 464 52 166 39 524 6 452 8 520 10 701 9 862 10 441 6 452 -24.3

E. Prices and consumption

Inflation rate (%) 1.2 2.8 5.8 6.3 5.0 5.2 6.2 6.7 6.3 ..

Composite Consumer Price Index (4/2008-3/2009=100) 101.4 104.2 110.3 114.7 108.0 109.5 111.0 112.7 114.7 6.3

Retail sales turnover (MOP million) 22 354 30 588 43 225^r 12 879 10 030 9 815 10 951 12 429^r 12 879 28.4

F. Employment

Unemployment rate (%) 3.5^r 2.8 2.6 .. 2.7 2.7 2.7^r 2.2 2.0 -0.7^a

Median monthly employment earnings (MOP thousand) 8.5 9.0 10.0 .. 9.6 9.7^r 10.0 10.3^r 11.0 14.6

Non-resident workers in Macao (end-period) 74 905 75 813 94 028 .. 81 416 85 273 89 896 94 028 98 664 21.2

G. Public accounts (MOP million)

Total revenue 69 870.9 88 488.1 122 972.3 29 622.4 24 355.7 27 093.9 29 976.6 31 295.1 29 622.4 21.6

Tax revenue from gaming 45 697.5 68 776.1 99 656.4 27 747.7 21 864.5 24 519.2 26 371.1 26 901.7 27 747.7 26.9

Total expenditure 35 459.9 38 393.9 45 593.3 6 100.7 7 100.4 8 139.9 10 095.9 23 654.2 6 100.7 -14.1

Balance 34 411.0 50 094.1 77 379.0 23 521.7 17 255.3 18 954.0 19 880.7 7 641.0 23 521.7 ..

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

　 Narrow money supply (M1) 30 606.8 34 729.7 36 243.3 38 372.0 33 832.6 36 667.4 36 254.0 36 243.3 38 372.0 13.4

　 Broad money supply (M2) 212 233.3 243 053.8 297 942.0^r 310 588.4 258 770.4^r 271 083.2^r 278 433.2^r 297 942.0^r 310 588.4 20.0 　 Resident deposits 207 327.4 237 639.4 291 573.2 303 800.8 252 711.2 265 067.9 272 371.4 291 573.2 303 800.8 20.2 　 Domestic credit to the private sector 101 125.2 130 676.9 167 890.4 170 599.8 140 070.6 156 962.4 165 150.5 167 890.4 170 599.8 21.8 　 Net foreign assets 275 171.7 333 837.7 424 783.0^r 363 308.3 354 061.4 371 174.8 390 699.9 424 783.0^r 363 308.3 2.6 Foreign exchange reserves 146 578.7 190 186.8 272 369.4 128 771.7 204 084.4 225 691.9 246 839.5 272 369.4 128 771.7^c .. ^c I. Others

　No. of new companies incorporated 2 529 2 991 3 405 881 768 911 850 876 881 14.7

　No. of companies in dissolution 469 492 511 130 137 112 125 137 130 -5.1

　Consumption of electricity (million kWh) 3 463.3 3 655.5 3 856.5 821.0 736.2 1 014.8 1 197.6 907.9 821.0 11.5

a Percentage points.

b Data for 2009 and before are sample values, and those for 2010 are obtained by statistical extrapolation. Starting from 2011, data are provided by the Public Security Police Forece.

c 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 d day.

2009

2012 Q1 year-on-year

% change

2010 2011

在文檔中 MACAO ECONOMIC BULLETIN (頁 30-37)