CONCLUDING REMARKS

In the third quarter of 2016, the economy of Macao expanded by 4.0% year-on-year in real terms, the first quarterly growth recorded over the past two years. Exports of gaming and tourism services rebounded; the employment situation was satisfactory 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 healthy adjustment of the economy.

Looking ahead to the fourth quarter of 2016, although private consumption and government final consumption expenditure are expected to remain stable, domestic demand may weaken as investment will be dragged down by the successive completion of large-scale tourism and entertainment facilities. As regards external demand, despite a decrease in merchandise exports in October, exports of services is likely to rise further in the fourth quarter on account of the increase in visitor arrivals in October and a 11.3%

year-on-year growth in gross gaming revenue in October and November. Taking into

consideration these factors, the economy of Macao is likely to continue its upward trend in

the fourth quarter of 2016.

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)

Note: Due to rounding, total may not correspond to the sum of the partial figures.

Figures are subject to regular revisions when required.

白頁

Página vazia

Blank page

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

USA

　Gross Domestic Product 1.7 2.4 2.6 2.2 1.9 1.6 1.3

^r

1.6

　Exports of goods 2.1 2.7 -7.3 -8.1 -10.5 -6.8 -6.1 -2.2

　Imports of goods -0.3 3.9 -4.6 -5.1 -6.9 -5.5 -4.7 -2.3

　Consumer Price Index 1.5 1.6 0.1 0.1 0.5 1.1 1.0

^r

1.1

　Unemployment rate 7.4 6.2 5.3 5.2 4.8 5.2 4.8 5.0

Euro area

^a

　Gross Domestic Product -0.3 1.2

^r

2.0 1.9

^r

2.0 1.7 1.7

^r

1.7

　Exports of goods 0.9

^r

2.2 5.3

^r

4.3

^r

3.4

^r

-0.9

^r

-0.1

^r

-0.3

　Imports of goods -3.0 0.7 2.5

^r

0.9

^r

2.5

^r

-2.7

^r

-4.1

^r

-2.6

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

　Unemployment rate 12.0 11.6 10.9 10.3 10.6 10.7 10.0 9.6

Germany

　Gross Domestic Product 0.5 1.6 1.7 1.8 2.1 1.5 3.1 1.5

　Exports of goods -0.4 3.3 6.2

^r

5.4

^r

4.6

^r

0.6 2.2 -0.4

　Imports of goods -1.0 2.2 4.3

^r

5.2 4.4

^r

0.4 0.1 -1.2

　Consumer Price Index 1.5 0.9 0.2 0.1 0.3 0.3 0.1 0.5

　Unemployment rate 6.9 6.7 6.4 6.3 6.0 6.6 6.1 6.0

French

　Gross Domestic Product 0.6 0.7 1.2 1.1 1.3 1.4

^r

1.2

^r

1.1

　Exports of goods -1.6 0.2 3.8

^r

4.1 1.5

^r

-

^r

-3.9

^r

-1.0

　Imports of goods -2.3 -0.8

^r

0.8 -1.3 2.3

^r

0.5

^r

-3.2

^r

1.9

　Consumer Price Index 0.9 0.5 - 0.1 0.1 - - 0.3

　Unemployment rate 10.3 10.3 10.4 10.0 10.6 10.7 9.6 9.8

United Kingdom

　Gross Domestic Product 1.9 3.1 2.2 1.9

^r

1.7

^r

1.9

^r

2.1

^r

2.3

　Exports of goods 0.5 -3.4 -3.3

^r

-4.0

^r

-7.2

^r

-0.4

^r

-0.1

^r

12.6

　Imports of goods 2.7 -2.0 -1.4

^r

-3.2

^r

-4.7

^r

-1.4

^r

6.2

^r

11.2

　Consumer Price Index 2.5 1.5 - - 0.1 0.3 0.3 0.8

　Unemployment rate 7.6 6.2 5.4 5.3 5.1 5.1 4.9 4.8

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 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

Mainland China

　Gross Domestic Product 7.7 7.4 6.9 6.9 6.8 6.7 6.7 6.7

　Exports of goods 7.8 6.0 -2.9 -6.4 -5.2 -12.4^r -6.0^r -6.7

　Imports of goods 7.3 0.5 -14.3 -14.4 -11.8 -13.7 -6.9^r -4.6

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

Hong Kong

　Gross Domestic Product 3.1 2.7 2.4 2.3 1.9 0.8 1.7 1.9

　Exports of goods 3.6 3.2 -1.8 -4.1 -2.9 -6.8 -1.2 0.2

　Imports of goods 3.8 3.9 -4.1 -6.7 -7.0 -8.2 -3.2 1.2

　Consumer Price Index 4.3 4.4 3.0 2.3 2.3 2.8 2.6 3.1

　Unemployment rate 3.4 3.3 3.3 3.5 3.2^r 3.3 3.5 3.6

Taiwan

　Gross Domestic Product 2.2 4.0^r 0.7 -0.7^r -0.8^r -0.2^r 1.1^r 2.0

　Exports of goods^b 1.6 2.8 -10.9 -14.0 -13.9 -12.1 -6.2 0.1

　Imports of goods^b 0.2 1.4 -15.8 -18.5 -15.1 -14.0 -7.6 -0.1

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

　Unemployment rate 4.2 4.0 3.8 3.9 3.9 3.9 3.9 4.0

Japan

　Gross Domestic Product 1.4 0.3^r 1.2^r 2.1^r 1.1^r 0.4^r 0.9^r 1.1

　Exports of goods 9.5 4.8 3.4 3.7 -4.6 -7.9 -9.5 -10.2

　Imports of goods 14.9 5.7 -8.7 -5.9 -13.9 -15.7 -18.8 -19.5

　Consumer Price Index 0.3 2.8 0.8 0.1^r 0.2^r -^r -0.3^r -0.5

　Unemployment rate 4.0 3.6 3.4 3.4 3.1 3.2 3.2 3.1

Republic of Korea

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

　Exports of goods 2.1 2.3 -8.0 -9.5 -12.0 -13.6^r -6.7^r -5.0

　Imports of goods -0.8 1.9 -16.9 -18.7 -17.8 -16.1^r -10.3^r -5.2

　Consumer Price Index 1.4^r 1.4^r 0.8^r 0.7 1.2^r 1.1^r 0.9 0.9

　Unemployment rate 3.1 3.5 3.6 3.4 3.1 4.3 3.8 3.6

Singapore

　Gross Domestic Product 4.7 3.3 2.0 1.8 1.8 2.0^r 2.0^r 1.1

　Exports of goods - 0.8 -7.2 -8.0 -5.7 -11.6 -4.7 -3.5

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

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

　Unemployment rate 1.9 2.0 1.9 1.7 1.6 1.8 2.8 1.8

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 The Singapore Department of Statistics

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 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

USA

　Gross Domestic Product 1.7 2.4 2.6 2.0 0.9 0.8 1.4^r 3.2

　Exports of goods 2.1 2.7 -7.3 -1.7 -3.3 -2.9 1.7 4.2

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

　Consumer Price Index 1.5 1.6 0.1 0.3 0.2 -0.1 0.6 0.4

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

Japan

　Gross Domestic Product 1.4 0.3^r 1.2^r 0.2^r -0.4 0.7^r 0.5^r 0.3

　Exports of goods 9.7^r 4.6 3.5 -0.2^r -2.7^r -4.5^r -2.7^r -0.9

　Imports of goods 15.3^r 5.5^r -8.6 0.1^r -7.5^r -7.0^r -5.1^r -1.4

　Consumer Price Index 0.3 2.8 0.8 -0.1^r - -0.1^r -0.1^r -0.2

　Unemployment rate^a 4.0 3.6 3.4 3.4 3.3 3.2 3.2 3.0

Hong Kong

　Gross Domestic Product 3.1 2.7 2.4 0.5 0.2 -0.5 1.5^r 0.6

　Exports of goods 3.6 3.2 -1.8 -0.1 1.1 -5.9 6.8 1.5

　Imports of goods 3.8 3.9 -4.1 -1.7 0.9 -4.2 4.8 2.9

　Consumer Price Index 4.3 4.4 3.0 -0.1 2.7 0.7 -0.7 0.4

　Unemployment rate^a 3.4 3.3 3.3 3.3 3.3 3.4 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 2016 2016 2016

Q3^r Q4^r Q1^r Q2^r Q3^@

At current prices:

GDP (Million MOP) 411 865 442 070 362 641 88 205 91 782 84 434 83 319 90 864

GDP per capita ('000 MOP) 692.5 710.9 565.3 .. .. .. .. ..

Chain volume measures in chained (2014) dollars:

GDP (Million MOP) 447 444 442 070 346 860 83 355 86 598 79 963 79 656 86 701

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

GDP 11.2 -1.2 -21.5 -21.6 -17.2 -12.4 -7.0 4.0

Private consumption expenditure 6.7 5.9 2.1 0.4 0.9 -2.4 -2.8 0.3

In the domestic market 7.3 6.3 1.5 0.5 0.1 -1.7 -1.8 0.5

Abroad 1.9 3.4 5.3 0.3 2.3 -1.2 -3.1 4.5

Government final consumption expenditure 5.5 6.4 4.2 5.2 1.5 -0.2 6.1 -1.3

Gross fixed capital formation 9.3 37.1 5.4 0.3 -15.6 -35.0 -20.0 2.3

Private sector 33.8 43.7 3.3 -1.0 -24.2 -36.1 -23.2 2.4

Government -47.9 -5.4 27.8 22.4 23.2 -6.3 40.4 1.8

Exports of goods 7.2 20.6 10.2 7.3 -12.8 -24.6 -24.7 -15.6

Exports of services 13.4 -5.3 -28.2 -27.2 -20.4 -11.9 -8.1 3.3

Imports of goods 16.2 14.3 0.6 1.4 -13.7 -21.6 -17.0 -7.3

Imports of services -4.5 6.7 0.4 -5.6 14.4 -6.3 -3.1 6.2

2015

2013^r

2013 2014

2014^r 2015^r

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2016 2015 2015 2016 2016 2016

Q1 - Q3 Q3 Q4 Q1 Q2 Q3

A. External Merchandise Trade (Million MOP)

Total exports 9 093.9 9 914.8 10 692.1 7 738.0 2 700.3 2 530.0 2 704.3^r 2 408.2^r 2 625.5 -2.8

Textiles and garments 846.9 781.3 831.3 548.5 245.3 207.6 215.1^r 145.5 187.9 -23.4

Other products 8 247.0 9 133.5 9 860.8 7 189.5 2 455.0 2 322.4 2 489.2 2 262.7^r 2 437.6 -0.7

Total imports 81 013.5 89 952.2 84 663.2 52 031.0 20 928.2 21 152.5 16 940.9^r 16 395.3^r 18 694.8 -10.7

Trade balance -71 919.6 -80 037.4 -73 971.2 -44 293.1 -18 227.9 -18 622.5 -14 236.6^r -13 987.1^r -16 069.4 11.8 B. Gaming, tourism and MICE

Gross gaming revenue (excluding gratuities)

(Million MOP) 361 866 352 714 231 811 163 473 54 602 55 061 56 389 51 864 55 220 1.1

y-on-y % change 18.6 -2.5 -34.3 -7.5 -34.3 -27.4 -13.3 -9.2 1.1

Visitor arrivals('000) 29 324.8 31 525.6 30 714.6 22 868.8 8 097.5 7 860.7 7 457.1 7 307.2 8 104.5 0.1

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

Per-capita spending of visitors (MOP) 2 030 1 959 1 665 .. 1 540 1 660 1 547 1 601 1 806 17.3

Hotel occupancy rate (%) 83.1 86.5 80.8 81.2 82.5 82.8 77.2 80.1 86.3 3.8^b

No. of events 1 024 1 050 1 263 905 288 362 310 318 277 ..

No. of participants 2 033.6 2 614.5 2 516.1 1 215.4 1 017.7 828.1 137.0 450.9 627.5 ..

C. Construction and real estate

Expenditure on public works (Million MOP) 5 104.4 5 185.4 7 904.3 2 488.5 1 284.5 5 531.9 325.8 1 074.7 1 087.9 -15.3 Private sector construction

　　 New buildings - no. of units 2 241 1 900 5 405 3 778 2 815 46 2 339 560^r 879 -68.8

　　 New buildings - gross floor area ('000 m²) 2 396 2 239 1 984 648 465 19 464 59 125 -73.2

　　 Completion of Buildings - no. of units 1 316 3 001 4 364 387 524 2 415 163 71 153 -70.8

　　 Completion of Buildings - gross floor area ('000 m²) 562 440 2 578 109 106 1 096 37 28 44 -58.8

No. of building units transacted 19 237 13 230 9 771 8 976 2 323 2 482 1 928 3 882 3 166 36.3

Value of building units transacted (Million MOP) 96 048.4 83 690.3 51 660.1 44 799.0 12 495.0 11 038.8 8 447.2 19 134.6 17 217.3 37.8 D. Transport (tonne)

　 Gross weight of seaborne containerized cargo 194 638 246 424 252 160 134 309 66 273 52 874 47 698^r 47 491^r 39 120 -41.0 　 Gross weight of containerized cargo by land 28 827 28 719 26 040 17 608 7 986 7 916 6 957 5 221^r 5 430 -32.0

　 Gross weight of air cargo 26 421 28 770 30 058 22 801 7 445 8 654 7 165 7 952 7 683 3.2

E. Consumption and Prices

Inflation rate (%) 5.5 6.0 4.6 2.7 4.5 3.9 3.7 2.6 1.8 ..

Composite Consumer Price Index (10/2013-9/2014=100) 95.3 101.1 105.7 108.1 106.3 107.1 107.9 108.2 108.2 1.8

Retail sales turnover (Million MOP) 66 799 67 996 61 541^r 41 527 14 662^r 15 710^r 14 807^r 13 149^r 13 571 -7.4 F. Labour force

Unemployment rate (%) 1.8 1.7 1.8 .. 1.9 1.9 1.9 1.9 1.9 -^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 .. 180 751 181 646 181 436 182 459 180 277 -0.3 G. Public accounts (Million MOP)

Total revenue 175 949.3 161 861.0 116 111.5 74 134.5 27 805.4 26 642.3 24 153.5 23 841.8 26 139.1 -6.0

Tax revenue from gaming 134 382.5 136 709.9 89 572.6 61 985.8 20 720.2 20 357.8 21 637.2 20 398.7 19 949.9 -3.7

Total expenditure 51 388.6 67 078.3 80 753.8 52 551.0 21 174.4 29 422.3 12 386.1 18 203.3 21 961.7 3.7

Balance 124 560.7 94 782.7 35 357.6 21 583.5 6 631.0 -2 780.0 11 767.4 5 638.6 4 177.5 ..

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

　 Narrow money supply (M1) 58 937.4 61 863.3 61 661.3 65 315.9 59 041.2 61 661.3 67 097.9 59 894.0 65 315.9 10.6 　 Broad money supply (M2) 441 410.5 487 471.8 472 829.0 505 799.6 482 321.9 472 829.0 478 129.6 478 843.7 505 799.6 4.9 　 Resident deposits 432 429.0 476 610.8 460 788.8 492 470.5 470 617.4 460 788.8 465 488.0 465 952.4 492 470.5 4.6 　 Domestic credit to the private sector 257 512.1 339 352.0 389 393.7 412 911.2 390 492.9 389 393.7 394 122.0 403 619.4 412 911.2 5.7 　 Net foreign assets 561 495.6 579 930.4 506 936.4 481 240.7 494 569.0 506 936.4 440 946.8 453 656.1^r 481 240.7 -2.7 Foreign exchange reserves 128 953.9 131 389.0 150 812.7 154 860.5 145 342.9 150 812.7 152 477.5 151 341.3^r 154 860.5 6.5 I. Others

　New incorporations 4 481 5 409 5 023 3 345 1 226 1 048 1 117 1 141 1 087 -11.3

　Companies in dissolution 515 536 595 587 150 171 196 228 163 8.7

　Consumption of electricity (Million kWh) 4 472.3 4 739.9 5 016.6 4 045.6 1 534.1 1 177.9 1 021.6 1 405.6 1 618.4 5.5 a day.

b Percentage points.

2013 2014

2016 Q3 year-on-year

% change 2015

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