CONCLUDING REMARKS

In the second quarter of 2016, the economy of Macao contracted by 7.1%

year-on-year in real terms, an improvement from the 13.3% drop in the first quarter.

Exports of gaming and tourism services declined at a slower pace; the employment situation remained stable with the unemployment rate staying relatively low; the public accounts remained in surplus; meanwhile, CPI growth continued to ease. All of these are conducive to a sound and steady growth of the economy.

Looking ahead to the third quarter of 2016, domestic demand is expected to weaken further; 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, merchandise exports recorded decline in July;

meanwhile, exports of services is likely to drop, but at a slower rate, in the third quarter on

account of the decline in visitor arrivals in August and a 1.7% drop in gross gaming

revenue in July and August. Taking into consideration these factors, the economy of

Macao is likely to continue its downward trend in the third quarter of 2016, but the rate of

contraction is expected to be smaller than in the second 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

p.p. Percentage point

@ 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)

%

2015 2015 2015 2016 2016

Q2 Q3 Q4 Q1 Q2

USA

　Gross Domestic Product 1.7

^r

2.4 2.6

^r

3.0

^r

2.2

^r

1.9

^r

1.6

^r

1.2

　Exports of goods 2.1 2.7 -7.3 -5.6 -8.1 -10.5 -6.8 -6.1

　Imports of goods -0.3 3.9 -4.6 -4.4 -5.1 -6.9 -5.5 -4.7

　Consumer Price Index 1.5 1.6 0.1 - 0.1 0.5 1.1 1.1

　Unemployment rate 7.4 6.2 5.3 5.3 5.2 4.8 5.2 4.8

Euro area

^a

　Gross Domestic Product -0.3 1.1

^r

2.0

^r

2.0

^r

2.0

^r

2.0

^r

1.7 1.6

　Exports of goods 1.0 2.2 5.4 8.2 4.4

^r

3.6

^r

-1.1

^r

-0.4

　Imports of goods -3.0 0.7 2.2

^r

4.2 0.8

^r

2.2

^r

-2.6

^r

-4.2

　Consumer Price Index 1.3 0.4 - 0.2 0.1 0.2 - -0.1

　Unemployment rate 12.0 11.6 10.9 10.9 10.3 10.6 10.7 10.0

Germany

　Gross Domestic Product 0.5

^r

1.6 1.7 1.8

^r

1.8

^r

2.1 1.5

^r

3.1

　Exports of goods -0.4 3.3 6.5 9.1 5.7 4.9 0.6

^r

2.2

　Imports of goods -1.0 2.2 4.2 4.8 5.2 4.2 0.4

^r

0.1

　Consumer Price Index 1.5 0.9 0.2 0.5 0.1 0.3 0.3 0.1

　Unemployment rate 6.9 6.7 6.4 6.3 6.3 6.0 6.6 6.1

French

　Gross Domestic Product 0.6

^r

0.7

^r

1.2 1.1 1.1

^r

1.3

^r

1.3 1.4

　Exports of goods -1.6 0.2

^r

3.9 7.1 4.1 1.6 0.1

^r

-4.0

　Imports of goods -2.3 -0.7

^r

0.8

^r

2.4

^r

-1.3

^r

2.4

^r

0.7

^r

-3.0

　Consumer Price Index 0.9 0.5 - 0.2 0.1 0.1 - -

　Unemployment rate 10.3 10.3 10.4 10.1 10.0 10.6 10.7

^r

9.6

United Kingdom

　Gross Domestic Product 1.9

^r

3.1

^r

2.2

^r

2.3

^r

2.0

^r

1.8

^r

2.0 2.2

　Exports of goods 0.5

^r

-3.4

^r

-2.7

^r

1.0

^r

-3.0 -6.7 -2.2 -0.3

　Imports of goods 2.7

^r

-2.0

^r

-1.0

^r

-2.3

^r

-1.5

^r

-3.4

^r

-1.0

^r

7.8

　Consumer Price Index 2.5 1.5 - - - 0.1 0.3 0.3

　Unemployment rate 7.6 6.2 5.4 5.6 5.3 5.1 5.1 4.9

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

2013 2014 2015

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2015 2016 2016

Q2 Q3 Q4 Q1 Q2

Mainland China

　Gross Domestic Product 7.7 7.4 6.9 7.0 6.9 6.8 6.7 6.7

　Exports of goods 7.8 6.0 -2.9 -2.9 -6.4 -5.2 -11.3^r -4.8

　Imports of goods 7.3 0.5 -14.3 -13.5 -14.4 -11.8^r -13.7^r -6.8

　Consumer Price Index ^a 2.6 2.0 1.4 1.3 1.4 1.4 2.1 2.1

Hong Kong

　Gross Domestic Product 3.1 2.7 2.4 3.1 2.3 1.9 0.8 1.7

　Exports of goods 3.6 3.2 -1.8 -1.9 -4.1 -2.9 -6.8 -1.2

　Imports of goods 3.8 3.9 -4.1 -3.2 -6.7 -7.0 -8.2 -3.2

　Consumer Price Index 4.3 4.4 3.0 3.0 2.3 2.3^r 2.8^r 2.6

　Unemployment rate 3.4 3.3 3.3 3.3 3.5 3.2^r 3.3 3.5

Taiwan

　Gross Domestic Product 2.2 3.9 0.7 0.6 -0.8 -0.9 -0.3^r 0.7

　Exports of goods^b 1.6 2.8 -10.9 -10.5 -14.0 -13.9 -12.1 -6.2

　Imports of goods^b 0.2 1.4 -15.8 -15.1 -18.5 -15.1 -14.0 -7.6

　Consumer Price Index 0.8 1.2 -0.3 -0.7 -0.3 0.3 1.8 1.3

　Unemployment rate 4.2 4.0 3.8 3.7 3.9 3.9 3.9 3.9

Japan

　Gross Domestic Product 1.4 - 0.5 0.7 1.8 0.7 0.2^r 0.8

　Exports of goods 9.5 4.8 3.4 6.7 3.7 -4.6 -7.9 -9.5

　Imports of goods 14.9 5.7 -8.7 -5.3 -5.9 -13.9 -15.7 -18.8

　Consumer Price Index 0.3 2.8 0.8 0.5 0.2 0.3 0.1 -0.4

　Unemployment rate 4.0 3.6 3.4 3.5 3.4 3.1 3.2 3.2

Republic of Korea

　Gross Domestic Product 2.9 3.3 2.6 2.2 2.8 3.1 2.8^r 3.2

　Exports of goods 2.1 2.3 -8.0 -7.3 -9.5 -12.0 -13.3 -6.6

　Imports of goods -0.8 1.9 -16.9 -15.6 -18.7 -17.8 -16.2^r -10.5

　Consumer Price Index 1.3 1.3 0.7 0.5 0.7 1.1 1.0 0.9

　Unemployment rate 3.1 3.5 3.6 3.8 3.4 3.1 4.3 3.8

Singapore

　Gross Domestic Product 4.7 3.3 2.0 1.7 1.8 1.8 2.1^r 2.1

　Exports of goods - 0.8 -7.2 -9.0 -8.0 -5.7 -11.6 -4.7

　Imports of goods -1.6 -0.6 -12.1 -13.0 -9.1 -9.9 -7.4 -6.7

　Consumer Price Index 2.4 1.0 -0.5 -0.4 -0.6 -0.7 -0.8 -0.9

　Unemployment rate 1.9 2.0 1.9 2.6 1.7 1.6 1.8 2.8

a Accumulated year-on-year comparison.

b Imports and exports of goods are compiled according to the general trade system.

Source : National Bureau of Statistics of China

Census and Statistics Department of Hong Kong SAR

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

2013 2014 2015

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2015 2016 2016

Q2 Q3 Q4 Q1 Q2

USA

　Gross Domestic Product 1.7^r 2.4 2.6^r 2.6^r 2.0 0.9^r 0.8 1.1

　Exports of goods 2.1 2.7 -7.3 0.2 -1.7 -3.3 -2.9 1.7

　Imports of goods -0.3 3.9 -4.6 -0.5 -1.3 -2.3 -2.3 1.2

　Consumer Price Index 1.5 1.6 0.1 0.6 0.3 0.2 -0.1 0.6

　Unemployment rate^a 7.4 6.2 5.3 5.4 5.2 5.0 4.9 4.9

Japan

　Gross Domestic Product 1.4 - 0.5 -0.5^r 0.5^r -0.4 0.5 0.2

　Exports of goods 9.6 4.6 3.5^r -2.1^r -0.5^r -2.6^r -4.1 -2.4

　Imports of goods 15.2 5.6 -8.6 -3.4^r -0.3^r -6.9^r -7.1^r -5.3

　Consumer Price Index 0.3 2.8 0.8 0.3 - - -0.2 -0.2

　Unemployment rate^a 4.0 3.6 3.4 3.4 3.4 3.3 3.2 3.2

Hong Kong

　Gross Domestic Product 3.1 2.7 2.4 0.6 0.5 0.2 -0.5^r 1.6

　Exports of goods 3.6 3.2 -1.8 -1.2 -0.1 1.1 -5.9 6.8

　Imports of goods 3.8 3.9 -4.1 -2.3 -1.7 0.9 -4.2 4.8

　Consumer Price Index 4.3 4.4 3.0 -0.6 -0.1^r 2.7^r 0.7^r -0.7

　Unemployment rate^a 3.4 3.3 3.3 3.3^r 3.3 3.3 3.4 3.4

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

2015 2015 2015 2016 2016

Q2 Q3 Q4 Q1 Q2^@

At current prices:

GDP (Million MOP) 411 839 443 468 368 728 90 082 88 167 95 179 84 260 83 804

GDP per capita ('000 MOP) 692.5 713.1 574.8 .. .. .. .. ..

Chain volume measures in chained (2014) dollars:

GDP (Million MOP) 447 279 443 468 353 228 86 617 84 459 89 971 79 946 80 484

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

GDP 11.2 -0.9 -20.3 -23.7 -21.0 -14.4 -13.3 -7.1

Private consumption expenditure 6.7 5.7 2.4 2.8 0^# 1.3 -2.3 -2.2

In the domestic market 7.3 6.2 1.9 2.1 -0.3 1.5 -2.3 -2.0

Abroad 1.9 3.0 7.1 8.8 3.7 6.2 3.9 2.2

Government final consumption expenditure 5.5 6.4 4.2 6.8 4.9 1.6 1.5 4.5

Gross fixed capital formation 9.3 37.3 0.9 3.4 -3.0 -17.4 -31.9 -15.2

Private sector 33.8 43.9 -1.3 2.7 -4.1 -25.6 -33.0 -18.4

Government -47.9 -5.4 24.1 17.2 14.4 19.6 -5.5 41.7

Exports of goods 7.2 20.6 10.2 25.0 7.3 -12.7 -24.6 -24.7

Exports of services 13.4 -5.3 -26.8 -30.7 -25.7 -19.1 -13.7 -9.5

Imports of goods 16.2 13.5 0.1 3.4 1.3 -13.8 -19.9 -16.2

Imports of services -4.5 6.0 -3.4 -0.2 -2.1 -7.9 -4.8 -2.0

2015

2013

2013 2014

2014 2015

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2016 2015 2015 2015 2016 2016

Q1 - Q2 Q2 Q3 Q4 Q1 Q2

A. External Merchandise Trade (Million MOP)

Total exports 9 093.9 9 914.8 10 692.1 5 109.1 2 758.9 2 700.3 2 530.0 2 701.0^r 2 408.1 -12.7

Textiles and garments 846.9 781.3 831.3 357.3 175.0 245.3 207.6 211.8^r 145.5 -16.9

Other products 8 247.0 9 133.5 9 860.8 4 751.8 2 583.9 2 455.0 2 322.4 2 489.2^r 2 262.6 -12.4

Total imports 81 013.5 89 952.2 84 663.2 33 491.9 20 366.5 20 928.2 21 152.5 17 001.1^r 16 490.7 -19.0

Trade balance -71 919.6 -80 037.4 -73 971.2 -28 382.7 -17 607.6 -18 227.9 -18 622.5 -14 300.1^r -14 082.6 20.0

B. Gaming, tourism and MICE

Gross gaming revenue (excluding gratuities)

(Million MOP) 361 866 352 714 231 811 108 253 57 115 54 602 55 061 56 389 51 864 -9.2

y-on-y % change 18.6 -2.5 -34.3 -11.4 -37.4 -34.3 -27.4 -13.3 -9.2

Visitor arrivals('000) 29 324.8 31 525.6 30 714.6 14 764.3 7 344.3 8 097.5 7 860.7 7 457.1 7 307.2 -0.5

Average length of stay (days) 1.0 1.0 1.1 1.2 1.1 1.1 1.2 1.1 1.2 0.1^a

Per-capita spending of visitors (MOP) 2 030 1 959 1 665 .. 1 668 1 540 1 660 1 547 1 601 -4.0

Hotel occupancy rate (%) 83.1 86.5 80.8 78.6 78.3 82.5 82.8 77.2 80.1 1.8^b

No. of events 1 024^r 1 050^r 1 263^r 628 320 288^r 362^r 310^r 318 ..

No. of participants 2 033.6^r 2 614.5^r 2 516.1^r 587.9 413.4 1 017.7^r 828.1^r 137.0^r 450.9 ..

C. Construction and real estate

Expenditure on public works (Million MOP) 5 104.4 5 185.4 7 904.3 1 400.6 815.5 1 284.5 5 531.9 325.8 1 074.7 31.8 Private sector construction

　　 New buildings - no. of units 2 241 1 900 5 405 2 898 1 838 2 815 46 2 339 559 -69.6

　　 New buildings - gross floor area ('000 m²) 2 396 2 239 1 984 522 309 465 19 464 59 -80.9

　　 Completion of Buildings - no. of units 1 316 3 001 4 364 234 878 524 2 415 163 71 -91.9

　　 Completion of Buildings - gross floor area ('000 m²) 562 440 2 578 65 1 168 106 1 096 37 28 -97.6

No. of building units transacted 19 237 13 230 9 771 5 810 3 083 2 323 2 482 1 928 3 882 25.9

Value of building units transacted (Million MOP) 96 048.4 83 690.3 51 660.1 27 581.8 18 028.3 12 495.0 11 038.8 8 447.2 19 134.6 6.1 D. Transport (tonne)

　 Gross weight of seaborne containerized cargo 194 638 246 424 252 160 95 240 69 926 66 273 52 874 47 744^r 47 497 -32.1 　 Gross weight of containerized cargo by land 28 827 28 719 26 040 12 184 5 881 7 986 7 916 6 957 5 226 -11.1

　 Gross weight of air cargo 26 421 28 770 30 058 15 117 7 469 7 445 8 654 7 165 7 952 6.5

E. Consumption and Prices

Inflation rate (%) 5.5 6.0 4.6 3.1 4.8 4.5 3.9 3.7 2.6 ..

Composite Consumer Price Index (10/2013-9/2014=100) 95.3 101.1 105.7 108.0 105.4 106.3 107.1 107.9 108.2 2.6

Retail sales turnover (Million MOP) 66 799 67 996 61 251 27 980 14 426 14 594 15 638 14 811^r 13 169 -8.7 F. Labour force

Unemployment rate (%) 1.8 1.7 1.8 .. 1.8 1.9 1.9 1.9 1.9 0.1^b

Median monthly employment earnings ('000 MOP) 12.0 13.3 15.0 .. 15.0 15.0 15.0 15.0 15.0 -

Non-resident workers in Macao (end-period) 137 838 170 346 181 646 .. 180 523 180 751 181 646 181 436 182 459 1.1 G. Public accounts (Million MOP)

Total revenue 175 949.3 161 861.0 116 111.5 47 995.3 26 755.8 27 805.4 26 642.3 24 153.5 23 841.8 -10.9

Tax revenue from gaming 134 382.5 136 709.9 89 572.6 42 035.9 23 112.0 20 720.2 20 357.8 21 637.2 20 398.7 -11.7

Total expenditure 51 388.6 67 078.3 80 753.8 30 592.3 18 125.3 21 174.4 29 422.3 12 389.0 18 203.3 0.4

Balance 124 560.7 94 782.7 35 357.6 17 403.0 8 630.6 6 631.0 -2 780.0 11 764.5 5 638.5 ..

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

　 Narrow money supply (M1) 58 937.4 61 863.3 61 661.3 59 894.0 66 506.2 59 041.2 61 661.3 67 097.9^r 59 894.0 -9.9

　 Broad money supply (M2) 441 410.5 487 471.8 472 829.0 478 843.7 488 763.1 482 321.9 472 829.0 478 129.6^r 478 843.7 -2.0 　 Resident deposits 432 429.0 476 610.8 460 788.8 465 952.4 477 361.4 470 617.4 460 788.8 465 488.0^r 465 952.4 -2.4 　 Domestic credit to the private sector 257 512.1 339 352.0 389 393.7 403 619.4 376 145.5 390 492.9 389 393.7 394 122.0 403 619.4 7.3 　 Net foreign assets 561 495.6 579 930.4 506 936.4^r 453 522.3 502 728.2 494 569.0 506 936.4^r 440 946.8^r 453 522.3 -9.8 Foreign exchange reserves 128 953.9 131 389.0 150 812.7 151 211.8 144 057.3 145 342.9 150 812.7 152 477.5^r 151 211.8 5.0 I. Others

　New incorporations 4 481 5 409 5 023 2 258 1 294 1 226 1 048 1 117 1 141 -11.8

　Companies in dissolution 515 536 595 424 116 150 171 196 228 96.6

　Consumption of electricity (Million kWh) 4 472.3 4 739.9 5 016.6 2 427.2 1 353.0 1 534.1 1 177.9 1 021.6 1 405.6 3.9 a day.

b Percentage points.

2013 2014

2016 Q2 year-on-year

% change 2015

在文檔中 MACAO ECONOMIC BULLETIN (頁 32-39)