H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the first quarter of 2019, the economy of Macao shrank by 3.2% year-on-year in real terms, the first quarterly decline since the third quarter of 2016. The contraction was mainly attributable to a decrease in exports of services and a larger drop in gross fixed capital formation. Despite the downward adjustment of economic growth, positive factors such as favourable employment situation, the relatively low unemployment rate, the surplus in public accounts and the modest rise in CPI, are conducive to stable economic development.
Looking ahead to the second quarter of 2019, private consumption expenditure and government final consumption expenditure are expected to remain stable, while
investment may continue to decline; as a result, domestic demand will remain weak. As regards external demand, merchandise exports went down by 12.9% in April, while number of visitors rose by 15.9%; gross revenue from games of chance fell by 3.3%
year-on-year in April and May, a steeper decline compared to the 0.5% decrease recorded in January and February; exports of services, therefore, is anticipated to drop in the second quarter. Taking these factors into consideration, the economy is projected to continue its downward trend in the second quarter with both domestic and external demand staying sluggish.
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)
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)
%
2018 2018 2018 2018 2019
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 1.6 2.2 2.9 2.6 2.9 3.0 3.0r 3.2
Exports of goods -3.1 6.6 7.7r 8.0 11.3 8.2r 3.4 1.4
Imports of goods -1.8 6.9 8.6 9.0 8.5 10.7 6.3 -0.1
Consumer Price Index 1.3 2.1 2.4 2.2 2.7 2.6 2.2 1.6
Unemployment rate 4.9 4.4 3.9 4.3 3.8 3.9 3.6 4.1
Euro area a
Gross Domestic Product 1.9r 2.4 1.9r 2.4 2.2r 1.7r 1.2r 1.2
Exports of goods 0.3 7.1 3.8r 2.2r 4.4r 4.7 3.9r 3.9
Imports of goods -1.3r 10.0 6.6r 2.3r 6.2r 10.3r 7.8r 4.8
Consumer Price Index 0.2 1.5 1.8 1.3 1.7 2.1 1.9 1.4
Unemployment rate 10.0 9.1 8.2 8.9 8.2 7.8 7.9 8.1
Germany
Gross Domestic Product 2.2 2.2 1.4r 1.4 2.3 1.1 0.9 0.6
Exports of goods 0.9 6.2 3.0 2.7 5.1 2.9 1.4r 2.5
Imports of goods 0.6 8.0 5.7 3.6 6.3 8.1 4.9 4.9
Consumer Price Index 0.5 1.5 1.7 1.3 1.7 1.9 2.0 1.4
Unemployment rate 6.1 5.7 5.2 5.7 5.1 5.1 4.9 5.2
France
Gross Domestic Product 1.1 2.3 1.6r 2.2 1.7 1.4r 1.0r 1.1
Exports of goods -0.9r 5.1r 3.9r 5.0r 3.0r 3.4r 4.1r 6.6
Imports of goods -0.2 7.1r 3.7r 2.2r 5.7r 3.8r 3.1r 5.2
Consumer Price Index 0.2 1.0 1.9 1.4 1.9 2.2 1.9 1.2
Unemployment rate 10.1 9.4 9.1 9.6 8.7 8.8 9.1 9.2
United Kingdom
Gross Domestic Product 1.8 1.8 1.4 1.2r 1.4 1.6 1.4r 1.8
Exports of goods 4.3 13.3 3.5r 3.6r 2.7r 3.7r 4.1r 6.4
Imports of goods 6.7 10.2 2.7 0.8r 1.7r 3.5r 4.8r 14.2
Consumer Price Index 0.7 2.7 2.4 2.6 2.4 2.5 2.2 1.9
Unemployment rate 4.9 4.4 4.1 4.2 4.0 4.1 4.0 3.8
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
2016 2017 2018
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2018 2018 2018 2018 2019
Q1 Q2 Q3 Q4 Q1
Mainland China
Gross Domestic Product 6.7 6.9 6.6 6.8 6.7 6.5 6.4 6.4
Exports of goods -7.7 7.9 10.4r 13.7 12.1r 12.2r 4.8r 1.4
Imports of goods -5.5 16.1 15.9r 19.4 20.4r 20.2r 4.8r -4.7
Consumer Price Indexa 2.0 1.6 2.1 2.1 2.0 2.1 2.1 1.8
Hong Kong
Gross Domestic Product 2.2 3.8 3.0 4.6 3.6r 2.8 1.2r 0.6
Exports of goods -0.5 8.0 7.3 9.7 9.0 9.0 2.2 -2.4
Imports of goods -0.9 8.7 8.4 10.6 10.4 11.5 1.8 -3.2
Consumer Price Index 2.4 1.5 2.4 2.4 2.1 2.5 2.6 2.2
Unemployment rate 3.4 3.1 2.8 2.8 2.8 3.0 2.7 2.8
Taiwan
Gross Domestic Product 1.5 3.1 2.6 3.2 3.3 2.4 1.8 1.7
Exports of goodsb -1.8 13.2 5.9 10.6 11.2 3.0 0.1 -4.2
Imports of goodsb -2.8 12.4 10.4 11.0 10.6 13.7 6.7 -0.8
Consumer Price Index 1.4 0.6 1.4 1.6 1.7 1.7 0.5 0.3
Unemployment rate 3.9 3.8 3.7 3.7 3.7 3.8 3.7 3.7
Japan
Gross Domestic Productc 0.9r 1.9 0.6r 1.3 1.5 0.1 0.2r 0.8
Exports of goods -7.4 11.8 4.1 4.9 7.5 2.9 1.3 -3.9
Imports of goods -15.8 14.1 9.7 7.7r 7.5 12.4 11.2 -2.0
Consumer Price Index -0.1 0.5 1.0 1.3 0.6 1.1 0.9 0.3
Unemployment rate 3.1 2.8 2.4 2.5 2.5 2.5 2.4 2.4
Republic of Korea
Gross Domestic Product 2.9 3.1 2.7 2.8 2.8 2.0 3.1 1.8
Exports of goods -5.9 15.8 5.4r 9.8 3.1 1.7 7.7r -8.5
Imports of goods -6.9 17.8 11.9r 13.7 13.0 7.8 12.9 -6.8
Consumer Price Index 1.0 1.9 1.5 1.1 1.5 1.6 1.8 0.5
Unemployment rate 3.7 3.7 3.8 4.3 3.9 3.8 3.4 4.5
Singapore
Gross Domestic Product 3.0r 3.7r 3.1r 4.6r 4.2 2.6r 1.3r 1.2
Exports of goods -5.1 10.3 7.9 2.3 9.3 12.7 7.2 -
Imports of goods -4.7 12.1 10.6 2.8 11.1 17.0 11.5 4.6
Consumer Price Index -0.5 0.6 0.4 0.2 0.3 0.7 0.5 0.5
Unemployment rate 2.1 2.2 2.1 1.9 2.7 1.9 1.9r 2.0
a Accumulated year-on-year comparison.
b Imports and exports of goods are compiled according to the general trade system.
c Refer to annualised growth rates.
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
2016 2017 2018
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2018 2018 2018 2018 2019
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 1.6 2.2 2.9 2.2 4.2 3.4 2.2r 3.2
Exports of goods -3.1 6.6 7.7r 1.8 4.4 -1.7r -0.9 2.4
Imports of goods -1.8 6.9 8.6 3.0 - 2.6 - 0.6
Consumer Price Index 1.3 2.1 2.4 0.8 0.5 0.5 0.4 0.2
Unemployment ratea 4.9 4.4 3.9 4.1 3.9 3.8 3.8 3.9
Japan
Gross Domestic Product 0.9r 1.9 0.6r -0.1r 0.5r -0.6r 0.4r 0.5
Exports of goods -7.8 12.4 4.1 -0.9r 1.9r -0.4r 0.2r -4.7
Imports of goods -15.9r 14.4r 9.4r 2.7r 0.6r 3.4r 2.5r -6.9
Consumer Price Index -0.1 0.5 1.0 0.7 -0.4 0.5 - 0.2
Unemployment ratea 3.1 2.8 2.4 2.5 2.4 2.4 2.4 2.4
Hong Kong
Gross Domestic Product 2.2 3.8 3.0 1.9 -0.3 0.1 -0.5r 1.3
Exports of goods -0.5 8.0 7.3 2.1 1.2 1.0 -3.9 -2.8
Imports of goods -0.9 8.7 8.4 2.4 1.1 2.1 -5.4 -2.9
Consumer Price Index 2.4 1.5 2.4 0.8 0.4 0.6 0.7 0.5
Unemployment ratea 3.4 3.1 2.8 2.9 2.8 2.8 2.8 2.8
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
2018 2018 2018 2018 2019
Q1 Q2 Q3 Q4 Q1@
At current prices:
GDP (Million MOP) 362 356 405 790 440 316 108 422 106 053 107 099 118 742 108 304
GDP per capita ('000 MOP) 561.1 625.3 666.9
Chain volume measures in chained (2017) dollars:
GDP (Million MOP) 369 895 405 790 424 895 105 991 103 404 103 240 112 260 102 581
Year-on-Year change in real terms (%)
GDP -0.9 9.7 4.7 9.3 6.0 1.9 2.1 -3.2
Private consumption expenditure -0.8 2.2 4.5 5.3 5.9 4.2 2.8 2.1
In the domestic market -1.1 2.0 4.5 5.8 5.2 3.9 3.1 1.3
Abroad 1.3 4.8 5.8 2.2 7.1 5.0 8.5 7.9
Government final consumption expenditure 4.5 0.6 3.8 1.5 4.4 5.7 3.4 4.1
Gross fixed capital formation -11.9 -4.7 -12.5 0.9 -14.4 -21.4 -14.3 -31.7
Private sector -12.4 -10.5 -18.6 -16.0 -18.4 -19.6 -20.4 -15.0
Government -8.1 41.0 17.2 145.7 8.3 -31.8 4.0 -82.0
Exports of goods -20.3 13.1 11.0 13.9 30.7 -8.1 10.2 -1.8
Exports of services -0.8 17.0 9.4 15.3 11.9 6.2 5.2 -0.3
Imports of goods -12.6 5.6 4.7 9.5 7.0 0.9 2.3 2.0
Imports of services -1.6 11.2 9.8 28.8 13.9 1.7 -1.7 -20.9
2018
2016
2016 2017
2017 2018
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2018 2018 2018 2018 2019
Q1 Q2 Q3 Q4 Q1
A. External Merchandise Trade (Million MOP)
Total exports 10 046.6 11 283.1 12 192.6 2 972.1 3 224.2 2 866.1 3 130.1 3 638.4 22.4
Textiles and garments 691.4 859.2 693.1 184.0 149.0 192.7 167.3 238.9 29.8
Other products 9 355.2 10 423.9 11 499.5 2 788.1 3 075.2 2 673.4 2 962.8 3 399.5 21.9
Total imports 71 351.6 75 851.1 90 102.6 22 324.3 20 837.7 22 529.1 24 411.5 21 702.4 -2.8
Trade balance -61 305.0 -64 568.0 -77 910.0 -19 352.1 -17 613.5 -19 663.0 -21 281.4 -18 064.1 ..
B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 224 128 266 607 303 879 76 750 74 036 74 083 79 010 76 371 -0.5
y-on-y % change -3.3 19.0 14.0 20.5 17.4 10.2 8.8 -0.5
Visitor arrivals('000) 30 950.3 32 610.5 35 803.7 8 545.7 8 268.5 8 999.1 9 990.4 10 359.8 21.2
Average length of stay (days) 1.2 1.2 1.2 1.2 1.3 1.3 1.2 1.1 -0.1a
Per-capita spending of visitors (MOP) 1 701 1 880 1 946 1 921 1 996 2 039 1 844 1 634 -14.9
Hotel occupancy rate (%) 83.3 87.2 91.1 90.0 90.0 91.3 92.9 91.9 1.9b
No. of events 1 276 1 381 1 427 328 327 311 461 377 14.9
No. of participants and attendees ('000) 1 721.5 1 901.7 2 121.6 277.7 411.7 696.6 735.6 332.8 19.9 C. Construction and real estate
Private sector construction
Building with construction permit issued – no. of units 5 372 3 223 1 670 368 668 599 35 54 -85.3
Building with construction permit issued 869 411 576 200 86 80 210 33 - 83.7
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 498 4 511 4 259 270 1 022 822 2 145 43 -84.1
Building with licence of use issued 192 840 1 294 414 316 120 443 7 -98.2
– gross floor area ('000 m²)
No. of building units transacted 14 108 13 985 15 073 5 501 4 100 3 151 2 321 1 850 -66.4
Value of building units transacted (Million MOP) 74 129.0 85 228.4 89 604.1 32 797.7 24 793.1 17 854.7 14 158.6 10 549.6 -67.8 D. Transport (tonne)
Gross weight of seaborne containerized cargo 179 557 160 483 171 026 38 270 42 232 44 345 46 179 37 448 -2.1
Gross weight of containerized cargo by land 20 750 13 892 16 043 3 126 4 127 3 856 4 934 4 604 47.3
Gross weight of air cargo 32 891 37 493 41 481 8 802 10 146 9 150 13 384 8 647 -1.8
E. Consumption and Prices
Inflation rate (%) 2.4 1.2 3.0 2.5 3.0 3.4 3.1 2.9 ..
Composite Consumer Price Index (10/2013-9/2014=100) 108.2 109.6 112.9 111.7 112.4 113.3 114.0 114.9 2.9 Retail sales turnover (Million MOP) 58 839 66 262 76 807r 20 786 17 999 18 151 19 871r 20 381 -1.9 F. Labour force
Unemployment rate (%) 1.9 2.0 1.8 1.9 1.8 1.8 1.7 1.7 -0.2b
Median monthly employment earnings ('000 MOP) 15.0 15.0 16.0 16.0 16.0 16.0 16.0 17.0 6.3
Non-resident workers in Macao (end-period) 177 638 179 456 188 480 181 345 181 499 186 332 188 480 189 515 4.5 G. Public accounts c (Million MOP)
Total revenue .. .. .. 31 325.7 .. .. .. 33 998.7 8.5
Gaming revenue 84 375 99 845 113 512 27 942 29 232 28 202 28 137 29 644 6.1
Total expenditure .. .. .. 15 404.9 .. .. .. 12 285.6 -20.2
Balance .. .. .. 15 920.8 .. .. .. 21 713.1 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 63 674.3 72 392.9 80 757.9 78 101.6 79 299.7 75 258.6 80 757.9 82 349.4 5.4
Broad money supply (M2) 532 475.3 591 465.6 651 461.2r 604 204.0 604 704.1 626 433.5 651 461.2r 662 080.5 9.6 Resident deposits 518 919.5 576 557.2 635 454.1r 588 315.2 589 136.9 610 526.1 635 454.1r 645 339.1 9.7 Domestic credit to the private sector 423 033.9 458 700.5 506 219.1r 464 695.0 478 842.0 492 620.2 506 219.1r 512 128.9 10.2 Net foreign assets 525 901.6 591 597.0 695 769.0r 591 207.7 601 692.3 665 664.8 695 769.0r 678 788.2 14.8 Foreign exchange reserves 155 674.3 162 305.3 163 596.6 156 894.3 152 830.8 154 812.8 163 596.6 163 248.9 4.1 I. Others
New incorporations 4 392 5 177 5 953 1 453 1 720 1 420 1 360 1 613 11.0
Companies in dissolution 780 803 813 264 169 172 208 210 -20.5
Consumption of electricity (Million kWh) 5 293.7 5 416.6 5 567.2 1 093.6 1 506.0 1 696.0 1 271.7 1 148.8 5.0 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.
c Source of data: Financial Services Bureau (in accordance with the new classification stipulated in the Dispatch of the Secretary for Economy and Finance No. 63/2018)
2016 2017
2019 Q1 year-on-year
% change 2018