H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the first quarter of 2018, the economy of Macao grew by 9.2% year-on-year in real
terms, driven by the rise in exports of gaming and tourism services and private
consumption expenditure. Moreover, the satisfactory employment situation, the relatively
low unemployment rate, the surplus in the public accounts and the modest rise in the CPI
are all conducive to economic growth.
Looking ahead to the second quarter of 2018, private consumption and government final consumption expenditure are expected to remain stable; public investment is likely to increase; investment, on the other hand, will decrease owing to the successive completion of large-scale tourism and entertainment facilities and residential buildings; as a result, growth in domestic demand is predicted to slow down. As regards external demand, merchandise exports grew by 30.2% in April; exports of services are anticipated to strengthen in the second quarter, attributable to an increase in visitor arrivals, as well as a 19.4% rise in gross gaming revenue in April and May which was similar to the 19.9%
growth in the same period last year. Taking into consideration these factors, despite weak
domestic demand, the economy of Macao in the second quarter is expected to maintain
continued growth, underpinned by exports of gaming and tourism services; yet, the rate of
increase is likely to be smaller than in the first quarter. Economic growth in the second half
year of 2018, however, will continue to taper due to a relatively high base of comparison in
the second half year of 2017. On balance, the economy of Macao for the whole year of
2018 is likely to record a high single-digit growth rate which will be lower than the increase
in 2017.
SYMBOLS AND ABBREVIATIONS
.. Not applicable r Revised figures
- Absolute value equals zero
# Confidential data
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)
MOP Macao pataca
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)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 2.9 1.5 2.3 2.0 2.2 2.3 2.6
r2.8
Exports of goods -7.3 -3.5 6.6 7.5 6.0 5.1 7.8 7.9
Imports of goods -4.6 -2.7 7.1 7.3 7.2 4.8 9.1 9.0
Consumer Price Index 0.1 1.3 2.1 2.5 1.9 2.0 2.1 2.2
Unemployment rate 5.3 4.9 4.4 4.9 4.2 4.4 3.9 4.3
Euro area
aGross Domestic Product 2.1 1.8 2.4
r2.1 2.5
r2.8
r2.8
r2.5
Exports of goods 5.3 0.3 7.1 11.2
r5.4 6.0 6.1
r2.5
Imports of goods 2.6 -1.1
r10.0
r14.3
r10.2
r7.9
r7.6
r1.4
Consumer Price Index - 0.2 1.5 1.8 1.5 1.4 1.4 1.3
Unemployment rate 10.9 10.0 9.1 9.9 9.0 8.7 8.7
r8.9
Germany
Gross Domestic Product 1.7 1.9 2.2 3.4 1.0 2.2 2.3 1.6
Exports of goods 6.2 0.9 6.2 8.6 3.8 6.4 6.2
r2.8
Imports of goods 4.3 0.6 8.3 10.1 8.3 7.8 7.2 3.1
Consumer Price Index 0.2 0.5 1.7 1.9 1.7 1.7 1.7 1.5
Unemployment rate 6.4 6.1 5.7 6.2 5.6 5.6 5.3 5.7
France
Gross Domestic Product 1.0 1.1 2.3
r1.4
r2.3
r2.7
r2.8
r2.2
Exports of goods 4.3 -0.5
r4.5 2.0
r5.1 6.3 4.8
r4.5
Imports of goods 1.1 0.1 6.9
r7.6
r7.9
r7.0
r4.8 1.4
Consumer Price Index - 0.2 1.0 1.2 0.9 0.9 1.1 1.4
Unemployment rate 10.4 10.1 9.4
r10.1 9.1 9.3 9.3
r9.3
United Kingdom
Gross Domestic Product 2.3 1.9 1.8
r2.1
r1.9
r1.8 1.4 1.2
Exports of goods -2.9 4.6 13.4 19.2
r14.5 16.8
r4.3
r2.9
Imports of goods -3.1 7.4 9.3
r15.6 12.1
r4.9 5.4
r2.2
Consumer Price Index - 0.7 2.7 2.2 2.8 2.8 3.1 2.6
Unemployment rate 5.4 4.9 4.4 4.6 4.4 4.3 4.4 4.2
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
2015 2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
Mainland China
Gross Domestic Product 6.9 6.7 6.9 6.9 6.9 6.8 6.8 6.8
Exports of goods -3.0 -7.7 7.9 7.2 8.2 6.4 9.7 14.2
Imports of goods -14.3 -5.5 15.9 24.3 14.1 14.6 12.5 19.0
Consumer Price Index a 1.4 2.0 1.6 1.4 1.4 1.5 1.6 2.1
Hong Kong
Gross Domestic Product 2.4 2.2r 3.8 4.4r 3.9 3.6r 3.4 4.7
Exports of goods -1.8 -0.5 8.0 10.3 7.4 8.0 6.8 9.7
Imports of goods -4.1 -0.9 8.7 10.7 8.2 7.7 8.5 10.6
Consumer Price Index 3.0 2.4 1.5 0.5 2.0 1.8 1.6 2.4
Unemployment rate 3.3 3.4 3.1 3.2 3.2 3.2 2.8 2.8
Taiwan
Gross Domestic Product 0.8 1.4 2.9 2.6 2.3 3.2 3.4r 3.0
Exports of goodsb -10.9 -1.8 13.2 15.0 10.2 17.4 10.4 10.6
Imports of goodsb -15.8 -2.8 12.4 21.5 11.9 11.3 6.9 11.0
Consumer Price Index -0.3 1.4 0.6 0.8 0.6 0.7 0.4 1.6
Unemployment rate 3.8 3.9 3.8 3.8 3.7 3.8 3.7 3.7
Japan
Gross Domestic Product 1.4 1.0r 1.7r 1.4 1.5 1.9 1.8r 0.9
Exports of goods 3.4 -7.4 11.8 8.5 10.5 15.1 13.0 4.9
Imports of goods -8.7 -15.8 14.1r 8.8r 16.2 14.8r 17.0 7.4
Consumer Price Index 0.8 -0.1 0.5 0.3 0.4 0.6 0.6 1.3
Unemployment rate 3.4 3.1 2.8 2.9 2.9 2.8 2.6 2.5
Republic of Korea
Gross Domestic Product 2.8 2.9r 3.1 2.9 2.8r 3.8 2.8r 2.8
Exports of goods -8.0 -5.9 15.8 14.6r 16.7 24.0 8.4r 10.1
Imports of goods -16.9 -6.9 17.8 24.1r 18.6r 18.0r 11.6 13.5
Consumer Price Index 0.7 1.0 1.9 2.1 1.9 2.3 1.5 1.3
Unemployment rate 3.6 3.7 3.7 4.3 3.8 3.4 3.2 4.3
Singapore
Gross Domestic Product 2.2 2.4 3.6 2.5 2.8 5.5 3.6 4.4
Exports of goods -6.5 -5.1 10.3 16.9 8.3 10.1 6.6 2.3
Imports of goods -11.5 -4.7 12.1 15.5 11.0 13.4 9.1 2.8
Consumer Price Index -0.5 -0.5 0.6 0.6 0.8 0.4 0.5 0.2
Unemployment rate 1.9 2.1 2.2 2.1 2.9 1.9 1.8 1.9
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 The Singapore Department of Statistics
2015 2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 2.9 1.5 2.3 1.2 3.1 3.2 2.9r 2.2
Exports of goods -7.3 -3.5 6.6 2.8 0.2 1.3 3.6 2.7
Imports of goods -4.6 -2.7 7.1 3.0 0.1 -0.2 5.7 3.3
Consumer Price Index 0.1 1.3 2.1 0.7 - 0.5 0.8 0.9
Unemployment ratea 5.3 4.9 4.4 4.7 4.3 4.3 4.1 4.1
Japan
Gross Domestic Product 1.4 1.0r 1.7r 0.7r 0.5r 0.5r 0.1 -0.2
Exports of goods 3.5 -7.8 12.3r 6.9r -1.1r 3.4 4.0r -1.5
Imports of goods -8.5r -15.8 14.3 7.4r 3.8r 0.6r 3.7r -0.2
Consumer Price Index 0.8 -0.1 0.5 -0.1 - 0.2 0.5 0.6
Unemployment ratea 3.4 3.1 2.8 2.9 2.9 2.8 2.7r 2.5
Hong Kong
Gross Domestic Product 2.4 2.2r 3.8 0.9 0.9 0.7r 0.8 2.2
Exports of goods -1.8 -0.5 8.0 0.2 1.0 0.5 2.6 2.2
Imports of goods -4.1 -0.9 8.7 1.8 0.1 0.5 3.5 2.9
Consumer Price Index 3.0 2.4 1.5 0.1 0.6 0.3 0.6 0.9
Unemployment ratea 3.3 3.4 3.1 3.2 3.1 3.1 2.9 2.9
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
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1@
At current prices:
GDP (Million MOP) 362 213 362 265 404 199 95 105 95 587 100 435 113 072 107 409
GDP per capita ('000 MOP) 564.6 560.9 622.8
Chain volume measures in chained (2016) dollars:
GDP (Million MOP) 365 419 362 265 395 217 94 383 94 429 98 530 107 875 103 062
Year-on-Year change in real terms (%)
GDP -21.6 -0.9 9.1 11.5 11.0 6.3 8.0 9.2
Private consumption expenditure 2.1 -1.1 1.6 0.2 2.9 0.6 2.7 4.8
In the domestic market 1.5 -1.3 1.8 1.2 2.6 0.9 2.4 5.3
Abroad 4.7 0.2 1.9 0.1 1.0 2.4 4.1 3.0
Government final consumption expenditure 4.2 4.4 1.7 4.1 -4.9 1.7 5.1 2.2
Gross fixed capital formation 5.4 -11.8 -10.0 12.1 -3.6 -26.1 -14.1 -1.9
Private sector 3.2 -12.3 -15.8 6.3 -10.9 -33.1 -18.4 -16.4
Government 27.9 -8.1 35.7 128.5 83.8 76.2 0.2 132.5
Exports of goods 10.2 -20.5 12.3 8.8 0.2 18.9 20.8 12.8
Exports of services -28.1 -1.0 15.4 13.4 18.2 14.7 15.7 16.0
Imports of goods 1.0 -13.5 0.4 3.0 0.5 -7.3 5.6 7.0
Imports of services 1.6 -0.4 9.6 9.7 13.4 12.2 4.4 34.2
2017
2015
2015 2016
2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
A. External Merchandise Trade (Million MOP)
Total exports 10 692.1 10 046.6 11 283.1 2 947.4 2 675.2 2 940.1 2 720.4 2 971.6 0.8
Textiles and garments 831.3 691.4 859.2 196.5 138.2 400.2 124.3 184.0 -6.3
Other products 9 860.8 9 355.2 10 423.9 2 750.9 2 537.0 2 539.9 2 596.1 2 787.6 1.3
Total imports 84 663.2 71 351.6 75 851.1 17 788.4 17 022.2 19 351.1 21 689.3 22 504.0 26.5
Trade balance -73 971.2 -61 305.0 -64 568.0 -14 841.0 -14 347.0 -16 411.0 -18 968.9 -19 532.4 -31.6 B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 231 811 224 128 266 607 63 682 63 088 67 212 72 625 76 750 20.5
y-on-y % change -34.3 -3.3 19.0 12.9 21.6 21.7 19.7 20.5
Visitor arrivals('000) 30 714.6 30 950.3 32 610.5 7 872.5 7 691.8 8 270.7 8 775.5 8 545.7 8.6
Average length of stay (days) 1.1 1.2 1.2 1.2 1.2 1.3 1.2 1.2 - a
Per-capita spending of visitors (MOP) 1 665 1 701 1 880 1 709 1 787 1 926 2 072 1 921 12.4
Hotel occupancy rate (%) 81.5 83.3 86.9 83.5 85.6 88.1 90.4 88.9 5.4b
No. of events 1 263 1 276 1 381 366 333 304 378 328 -10.4
No. of participants 2 516.1 1 721.5 1 900.8 221.7 404.4 580.8 694.0 277.6 25.2
C. Construction and real estate
Expenditure on public works (Million MOP) 7 904.3 7 505.9 11 387.7 1 039.0 4 838.8 1 559.1 3 704.8 4 537.9 336.8 Private sector construction
Building with construction permit issued – no. of units 3 688 5 372 3 223 2 964 209 5 45 368 -87.6
Building with construction permit issued 1 695 869 411 381 23 2 5 200 -47.4
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 4 364 498 4 511 551 2 947 621 392 270 -51.0
Building with licence of use issued 2 578 192 840 254 316 191 78 414 62.9
– gross floor area ('000 m²)
No. of building units transacted 9 771 14 108 13 985 3 337 4 589 2 818 3 241 5 501 64.8
Value of building units transacted (Million MOP) 51 660.1 74 129.0 85 228.4 17 931.6 30 102.3 15 622.9 21 571.6 32 797.7 82.9 D. Transport (tonne)
Gross weight of seaborne containerized cargo 252 160 179 557 160 483 43 257 40 392 38 631 38 203 38 279 -11.5
Gross weight of containerized cargo by land 26 040 20 750 13 892 3 555 4 801 3 232 2 304 3 126 -12.1
Gross weight of air cargo 30 058 32 891 37 493 7 732 9 599 9 172 10 990 8 801 13.8
E. Consumption and Prices
Inflation rate (%) 4.6 2.4 1.2 0.9 0.9 1.3 1.8 2.5 ..
Composite Consumer Price Index (10/2013-9/2014=100) 105.7 108.2 109.6 108.9 109.2 109.6 110.5 111.7 2.5 Retail sales turnover (Million MOP) 61 541 58 839 66 262r 16 498 14 559 16 121 19 084r 20 738 25.7 F. Labour force
Unemployment rate (%) 1.8 1.9 2.0 2.0 2.0 2.0 1.9 1.9 -0.1 b
Median monthly employment earnings ('000 MOP) 15.0 15.0 15.0 15.0 15.0 15.0 15.5 16.0 6.7
Non-resident workers in Macao (end-period) 181 646 177 638 179 456 179 879 178 694 176 666 179 456 181 345 0.8 G. Public accounts (Million MOP)
Total revenue 116 111.5 110 501.9 126 366.7 26 615.3 28 367.5 30 640.0 32 446.4 31 325.7 17.7
Tax revenue from gaming 89 572.6 84 375.1 99 844.8 23 726.8 24 321.3 24 885.2 26 911.4 27 941.9 17.8
Total expenditure 80 753.8 82 629.1 81 303.5 13 598.4 21 148.5 15 194.2 27 781.9 15 404.9 13.3
Balance 29 298.6 21 681.3 40 376.6 13 016.9 7 219.1 15 445.7 4 664.5 15 920.8 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 61 661.3 63 674.3 72 392.9r 71 296.8 70 050.3 66 559.6 72 392.9r 78 101.6 9.5 Broad money supply (M2) 472 829.0 532 475.3 591 465.6r 547 202.1 556 634.2 567 686.4 591 465.6r 604 204.0 10.4 Resident deposits 460 788.8 518 919.5 576 557.2r 533 150.5 542 540.5 552 981.1 576 557.2r 588 315.2 10.3 Domestic credit to the private sector 389 393.7 423 033.9 458 700.5r 420 564.0 433 443.3 441 312.4 458 700.5r 464 695.0 10.5 Net foreign assets 506 936.4 525 901.6 591 796.6r 529 129.3 548 187.9 568 320.9 591 796.6r 591 405.2 11.8 Foreign exchange reserves 150 812.7 155 674.3 162 305.3 155 100.5 159 184.0 157 690.3 162 305.3 156 894.3 1.2 I. Others
New incorporations 5 023 4 392 5 177 1 472 1 229 1 250 1 226 1 453 -1.3
Companies in dissolution 595 780 803 223 195 160 225 264 18.4
Consumption of electricity (Million kWh) 5 016.6 5 293.7 5 416.6 1 068.0 1 434.2 1 684.0 1 230.4 1 093.6 2.4 a day.
b Percentage points.
Nota : 1. "Construction permit issued” refers to projects that were issued the construction permit to start construction, expansion and superstructure works during the reference period. It was referred to as "Construction of new buildings" prior to the second quarter of 2017.
2. "Licence of use issued” refers to projects that were issued the licence of use (also known as occupation permit) during the reference period. It was referred to as "Completion of buildings" prior to the second quarter of 2017.
2015 2016
2018 Q1 year-on-year
% change 2017