H. OTHER ECONOMIC INDICATORS
III. CONCLUDING REMARKS
In the second quarter of 2018, exports of gaming and tourism services experienced a slowdown in growth but remained as the major impetus for the economic growth of Macao.
The economy of Macao, underpinned by the increases in exports of gaming and tourism services and private consumption expenditure, expanded by 6.0% year-on-year in real terms. 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 sustainable economic growth.
Looking ahead to the third quarter of 2018, private consumption and government final
consumption expenditure are expected to remain stable; public investment is likely to increase, while investment 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 projected to slow down. As regards external demand, merchandise exports dropped by 17.6% in July; meanwhile, exports of services are anticipated to maintain growth, yet at a slower pace, in the third quarter, attributable to the increase in visitor arrivals and a year-on-year rise of 13.7% in gross gaming revenue in July and August, which was smaller than the 24.5% rise in the same period of last year. Taking these factors into consideration, the economy of Macao in the third quarter is expected to maintain continued growth, albeit at a lower rate, as economic growth was hampered by the decelerated growth in domestic and external demand and a relatively high base of comparison in the third quarter of 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 2018 2018
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 2.9 1.6 2.2 2.1 2.3 2.5 2.6r 2.9
Exports of goods -7.3 -3.5 6.6 5.8r 5.2r 7.9r 8.0r 11.2
Imports of goods -4.6 -2.7 7.1 7.1r 4.8 9.2r 9.1r 8.4
Consumer Price Index 0.1 1.3 2.1 1.9 2.0 2.1 2.2 2.7
Unemployment rate 5.3 4.9 4.4 4.2 4.4 3.9 4.3 3.8
Euro area a
Gross Domestic Product 2.1 1.8 2.4 2.5 2.8 2.7r 2.4r 2.1
Exports of goods 5.3 0.3 7.1 5.4 6.0 6.1 2.1r 4.2
Imports of goods 2.6 -1.1 10.0 10.1r 8.0r 7.7r 1.9r 5.7
Consumer Price Index - 0.2 1.5 1.5 1.4 1.4 1.3 1.7
Unemployment rate 10.9 10.0 9.1 9.0 8.7 8.7 8.9 8.2
Germany
Gross Domestic Product 1.7 2.2r 2.2 1.0 2.2 2.2r 1.4r 2.3
Exports of goods 6.2 0.9 6.2 3.8 6.4 6.2 2.8 5.1
Imports of goods 4.3 0.6 8.3 8.3 7.8 7.2 3.2r 6.5
Consumer Price Index 0.2 0.5 1.7 1.7 1.7 1.7 1.5 2.0
Unemployment rate 6.4 6.1 5.7 5.6 5.6 5.3 5.7 5.1
France
Gross Domestic Product 1.0 1.1 2.3 2.3 2.7 2.8 2.1 1.7
Exports of goods 4.3 -0.5 4.5 5.1 6.3 4.7 4.3 4.4
Imports of goods 1.1 0.2 7.0 8.0 7.0 4.8 1.2 6.0
Consumer Price Index - 0.2 1.0 0.9 0.9 1.1 1.4 1.9
Unemployment rate 10.4 10.1 9.4 9.1 9.3 9.2r 9.6r 8.7
United Kingdom
Gross Domestic Product 2.3 1.8r 1.7r 1.8r 1.7r 1.3r 1.2 1.3
Exports of goods -2.2r 4.3r 13.3r 14.3r 15.9r 6.1r 4.9r -0.5
Imports of goods -2.6r 6.7r 10.3r 13.4r 6.4r 6.4r 0.6r 1.9
Consumer Price Index - 0.7 2.7 2.8 2.8 3.1 2.6 2.4
Unemployment rate 5.4 4.9 4.4 4.4 4.3 4.4 4.2 4.0
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 2018 2018
Q2 Q3 Q4 Q1 Q2
Mainland China
Gross Domestic Product 6.9 6.7 6.9 6.9 6.8 6.8 6.8 6.7
Exports of goods -3.0 -7.7 7.9 8.2 6.4 9.7 14.2 11.8
Imports of goods -14.3 -5.5 15.9 14.1 14.6 12.5 19.0 20.5
Consumer Price Indexa 1.4 2.0 1.6 1.4 1.5 1.6 2.1 2.0
Hong Kong
Gross Domestic Product 2.4 2.2 3.8 3.9 3.6 3.4 4.6r 3.5
Exports of goods -1.8 -0.5 8.0 7.4 8.0 6.8 9.7 9.0
Imports of goods -4.1 -0.9 8.7 8.2 7.7 8.5 10.6 10.4
Consumer Price Index 3.0 2.4 1.5 2.0 1.8 1.6 2.4 2.1
Unemployment rate 3.3 3.4 3.1 3.2 3.2 2.8 2.8 2.8
Taiwan
Gross Domestic Product 0.8 1.4 2.9 2.3 3.2 3.4 3.1r 3.3
Exports of goodsb -10.9 -1.8 13.2 10.2 17.4 10.4 10.6 11.2
Imports of goodsb -15.8 -2.8 12.4 11.9 11.3 6.9 11.0 10.7
Consumer Price Index -0.3 1.4 0.6 0.6 0.7 0.4 1.6 1.7
Unemployment rate 3.8 3.9 3.8 3.7 3.8 3.7 3.7 3.7
Japan
Gross Domestic Productc 1.4 1.0 1.7 2.0 2.3 0.9 -0.9 3.0
Exports of goods 3.4 -7.4 11.8 10.5 15.1 13.0 4.9 7.5
Imports of goods -8.7 -15.8 14.1 16.2 14.8 17.0 7.5 7.5
Consumer Price Index 0.8 -0.1 0.5 0.4 0.6 0.6 1.3 0.6
Unemployment rate 3.4 3.1 2.8 2.9 2.8 2.6 2.5 2.5
Republic of Korea
Gross Domestic Product 2.8 2.9 3.1 2.8 3.8 2.8 2.8 2.8
Exports of goods -8.0 -5.9 15.8 16.7 24.0 8.4 10.1 3.5
Imports of goods -16.9 -6.9 17.8 18.6 17.9r 11.6 13.6r 12.7
Consumer Price Index 0.7 1.0 1.9 1.9 2.3 1.5 1.3 1.5
Unemployment rate 3.6 3.7 3.7 3.8 3.4 3.2 4.3 3.9
Singapore
Gross Domestic Product 2.2 2.4 3.6 2.8 5.5 3.6 4.5r 3.9
Exports of goods -6.5 -5.1 10.3 8.3 10.1 6.6 2.3 9.4
Imports of goods -11.5 -4.7 12.1 11.0 13.4 9.1 2.8 11.1
Consumer Price Index -0.5 -0.5 0.6 0.8 0.4 0.5 0.2 0.3
Unemployment rate 1.9 2.1 2.2 2.9 1.9 1.8 1.9 2.8
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
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 2018 2018
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 2.9 1.5 2.3 3.1 3.2 2.9 2.2 4.2
Exports of goods -7.3 -3.5 6.6 0.4r 1.4r 3.6 2.3r 12.2
Imports of goods -4.6 -2.7 7.1 0.6r 0.4r 5.1r 2.9r 8.6
Consumer Price Index 0.1 1.3 2.1 - 0.5 0.8 0.9 0.4
Unemployment ratea 5.3 4.9 4.4 4.3 4.3 4.1 4.1 3.9
Japan
Gross Domestic Product 1.4 1.0 1.7 0.5 0.6r 0.2r -0.2 0.7
Exports of goods 3.5 -7.8 12.3 -1.1 3.4 4.0 -1.5 1.4
Imports of goods -8.5 -15.8 14.3 3.8 0.6 3.7 -0.2 3.1
Consumer Price Index 0.8 -0.1 0.5 - 0.2 0.5 0.6 -0.5
Unemployment ratea 3.4 3.1 2.8 2.9 2.8 2.7 2.5 2.4
Hong Kong
Gross Domestic Product 2.4 2.2 3.8 0.9 0.7 0.8 2.1r -0.2
Exports of goods -1.8 -0.5 8.0 1.0 0.5 2.6 2.2 0.8
Imports of goods -4.1 -0.9 8.7 0.1 0.5 3.5 2.9 0.7
Consumer Price Index 3.0 2.4 1.5 0.6 0.3 0.6 0.9 0.4
Unemployment ratea 3.3 3.4 3.1 3.1 3.1 3.0r 2.9 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
2017 2017 2017 2018 2018
Q2 Q3 Q4 Q1@ Q2@
At current prices:
GDP (Million MOP) 362 213 362 265 404 199 95 587 100 435 113 072 107 409 104 862
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 94 429 98 530 107 875 103 062 100 133
Year-on-Year change in real terms (%)
GDP -21.6 -0.9 9.1 11.0 6.3 8.0 9.2 6.0
Private consumption expenditure 2.1 -1.1 1.6 2.9 0.6 2.7 4.8 5.3
In the domestic market 1.5 -1.3 1.8 2.6 0.9 2.4 5.3 4.9
Abroad 4.7 0.2 1.9 1.0 2.4 4.1 3.0 3.3
Government final consumption expenditure 4.2 4.4 1.7 -4.9 1.7 5.1 2.2 5.1
Gross fixed capital formation 5.4 -11.8 -10.0 -3.6 -26.1 -14.1 -1.9 -11.9
Private sector 3.2 -12.3 -15.8 -10.9 -33.1 -18.4 -16.4 -18.9
Government 27.9 -8.1 35.7 83.8 76.2 0.2 132.5 28.9
Exports of goods 10.2 -20.5 12.3 0.2 18.9 20.8 12.8 30.0
Exports of services -28.1 -1.0 15.4 18.2 14.7 15.7 16.0 13.0
Imports of goods 1.0 -13.5 0.4 0.5 -7.3 5.6 7.0 10.0
Imports of services 1.6 -0.4 9.6 13.4 12.2 4.4 34.2 19.3
2017
2015
2015 2016
2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2018 2017 2017 2017 2018 2018
Q1 - Q2 Q2 Q3 Q4 Q1 Q2
A. External Merchandise Trade (Million MOP)
Total exports 10 692.1 10 046.6 11 283.1 6 195.0 2 675.2 2 940.1 2 720.4 2 970.8r 3 224.2 20.5
Textiles and garments 831.3 691.4 859.2 333.0 138.2 400.2 124.3 184.0 149.0 7.8
Other products 9 860.8 9 355.2 10 423.9 5 862.0 2 537.0 2 539.9 2 596.1 2 786.8r 3 075.2 21.2
Total imports 84 663.2 71 351.6 75 851.1 43 353.4 17 022.2 19 351.1 21 689.3 22 388.4r 20 965.0 23.2
Trade balance -73 971.2 -61 305.0 -64 568.0 -37 158.4 -14 347.0 -16 411.0 -18 968.9 -19 417.6r -17 740.8 -23.7 B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 231 811 224 128 266 607 150 786 63 088 67 212 72 625 76 750 74 036 17.4
y-on-y % change -34.3 -3.3 19.0 18.9 21.6 21.7 19.7 20.5 17.4
Visitor arrivals('000) 30 714.6 30 950.3 32 610.5 16 814.2 7 691.8 8 270.7 8 775.5 8 545.7 8 268.5 7.5
Average length of stay (days) 1.1 1.2 1.2 1.2 1.2 1.3 1.2 1.2 1.3 0.1 a
Per-capita spending of visitors (MOP) 1 665 1 701 1 880 .. 1 787 1 926 2 072 1 921 1 996 11.6
Hotel occupancy rate (%) 81.5 83.3 86.9 88.6 85.6 88.1 90.4 89.1r 88.0 2.4b
No. of events 1 263 1 276 1 381 655 333 304 378 328 327 -1.8
No. of participants 2 516.1 1 721.5 1 900.7r 688.8 404.3r 580.8 694.0 277.6 411.2 1.7
C. Construction and real estate
Expenditure on public works (Million MOP) 7 904.3 7 505.9 11 387.7 7 169.7 4 838.8 1 559.1 3 704.8 4 537.9 2 631.8 -45.6 Private sector construction
Building with construction permit issued – no. of units 3 688 5 372 3 223 1 036 209 5 45 368 668 219.6
Building with construction permit issued 1 695 869 411 286 23 2 5 200 86 278.4
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 4 364 498 4 511 1 292 2 947 621 392 270 1 022 -65.3
Building with licence of use issued 2 578 192 840 730 316 191 78 414 316 -0.1
– gross floor area ('000 m²)
No. of building units transacted 9 771 14 108 13 985 9 601 4 589 2 818 3 241 5 501 4 100 -10.7
Value of building units transacted (Million MOP) 51 660.1 74 129.0 85 228.4 57 590.8 30 102.3 15 622.9 21 571.6 32 797.7 24 793.1 -17.6 D. Transport (tonne)
Gross weight of seaborne containerized cargo 252 160 179 557 160 483 80 524 40 392 38 631 38 203 38 293r 42 232 4.6
Gross weight of containerized cargo by land 26 040 20 750 13 892 7 254 4 801 3 232 2 304 3 126 4 127 -14.0
Gross weight of air cargo 30 058 32 891 37 493 18 948 9 599 9 172 10 990 8 802r 10 146 5.7
E. Consumption and Prices
Inflation rate (%) 4.6 2.4 1.2 2.7 0.9 1.3 1.8 2.5 3.0 ..
Composite Consumer Price Index (10/2013-9/2014=100) 105.7 108.2 109.6 112.1 109.2 109.6 110.5 111.7 112.4 3.0
Retail sales turnover (Million MOP) 61 541 58 839 66 262 38 791 14 559 16 121 19 084 20 786r 18 005 23.7
F. Labour force
Unemployment rate (%) 1.8 1.9 2.0 .. 2.0 2.0 1.9 1.9 1.8 -0.2b
Median monthly employment earnings ('000 MOP) 15.0 15.0 15.0 .. 15.0 15.0 15.5 16.0 16.0 6.7
Non-resident workers in Macao (end-period) 181 646 177 638 179 456 .. 178 694 176 666 179 456 181 345 181 499 1.6 G. Public accounts (Million MOP)
Total revenue 116 111.5 110 501.9 126 366.7 64 607.3 28 367.5 30 640.0 32 446.4 31 325.7 33 281.6 17.3
Tax revenue from gaming 89 572.6 84 375.1 99 844.8 57 173.5 24 321.3 24 885.2 26 911.4 27 941.9 29 231.5 20.2
Total expenditure 80 753.8 82 629.1 81 303.5 33 850.5 21 148.5 15 194.2 27 781.9 15 404.9 18 445.6 -12.8
Balance 29 298.6 21 681.3 40 376.6 30 756.8 7 219.1 15 445.7 4 664.5 15 920.8 14 836.0 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 61 661.3 63 674.3 72 392.9 .. 70 050.3 66 559.6 72 392.9 78 101.6 79 299.7 13.2
Broad money supply (M2) 472 829.0 532 475.3 591 465.6 .. 556 634.2 567 686.4 591 465.6 604 204.0 604 704.1 8.6
Resident deposits 460 788.8 518 919.5 576 557.2 .. 542 540.5 552 981.1 576 557.2 588 315.2 589 136.9 8.6
Domestic credit to the private sector 389 393.7 423 033.9 458 700.5 .. 433 443.3 441 312.4 458 700.5 464 695.0 478 842.0 10.5
Net foreign assets 506 936.4 525 901.6 591 796.6 .. 548 187.9 568 320.9 591 796.6 591 405.2 601 888.8 9.8
Foreign exchange reserves 150 812.7 155 674.3 162 305.3 .. 159 184.0 157 690.3 162 305.3 156 894.3 152 830.8 - 4.0 I. Others
New incorporations 5 023 4 392 5 177 3 173 1 229 1 250 1 226 1 453 1 720 40.0
Companies in dissolution 595 780 803 433 195 160 225 264 169 -13.3
Consumption of electricity (Million kWh) 5 016.6 5 293.7 5 416.6 2 599.6 1 434.2 1 684.0 1 230.4 1 093.6 1 506.0 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.
2015 2016
2018 Q2 year-on-year
% change 2017