MACAO ECONOMIC BULLETIN
This is a joint publication of the Macao Economic Services (DSE), the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC). DSE prepares the analysis of the World Economy and External Merchandise Trade, as well as data on tables I.1, I.2, II.7 and II.8.
AMCM prepares the analysis of Money and Finance and data on tables VIII.1 to VIII.7. DSEC prepares the analysis and data on the remaining sections.
Further information can be obtained from the Documentation and Information Centre of DSEC.
Reproduction of these data is allowed provided the source is quoted.
1 st Quarter
2 0 11
Editor: DSEC Macao, July 2011
Typesetting and design: DSEC
Printing: DSEC
CONTENTS
THE WORLD ECONOMY...9
ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW ...15
II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE ...16
B. GAMING, TOURISM AND MICE ...19
C. CONSUMPTION AND PRICES...22
D. EMPLOYMENT ...24
E. INVESTMENT ...25
F. PUBLIC ACCOUNTS ...27
G. MONEY AND FINANCE...28
H. OTHER ECONOMIC INDICATORS ...30
III. CONCLUDING REMARKS...30
STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ....35-36 2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD) ...37
3. GROSS DOMESTIC PRODUCT OF MACAO ...37
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO...38
II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE...39
2. PRINCIPAL STATISTICS ON EXPORTS...40
3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS...41
4. PRINCIPAL STATISTICS ON RE-EXPORTS...42
5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS...42
6. PRINCIPAL STATISTICS OF IMPORTS…. ...43
7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES ...44
8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES ...44
III. GAMING, TOURISM AND MICE 1. INDICATORS OF THE GAMING SECTOR...45
2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONSTRIBUTION TO THE ECONOMY ...46
3. VISITOR ARRIVALS ...47
4. HOTEL GUESTS...48
5. PER CAPITA SPENDING AND AVERAGE LENGTH OF STAY OF VISITORS...49
6. MICE STATISTICS ...50
IV. PRICES AND CONSUMPTION 1. PRICE INDICES...51
2. RETAIL SALES...51
V. POPULATION, LABOUR AND EMPLOYMENT 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT...52
2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION...52
3. EMPLOYED POPULATION BY AGE GROUP AND INDUSTRY ...53
4. JOB VACANCIES ...53
5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ...54
6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT...55
7. NON-RESIDENT WORKERS ...55
VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR ...56
2. PURCHASE AND SALE OF BUILDING UNITS PER STAMP DUTY RECORD ...57
3. PURCHASE AND SALE OF NEW BUILDING UNITS PER STAMP DUTY RECORD ...58
4. PURCHASE AND SALE OF OLD BUILDING UNITS PER STAMP DUTY RECORD...59
5. NUMBER OF BUYERS AND VALUE OF BUILDING UNITS PURCHASED AND SOLD BY END-USE OF UNIT AND BUYER’S STATUS PER STAMP DUTY RECORD ...60
6. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS AND OFFICES PURCHASED AND SOLD PER STAMP DUTY REOCRD ...61
7. PUBLIC WORKS ...61
VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ...62
2. PUBLIC REVENUE ...63
3. PUBLIC EXPENDITURE...64
4. PUBLIC INVESTMENT...64
VIII. MONEY AND FINANCE 1. MONETARY SURVEY...65
2. RESIDENT DEPOSITS ...66
3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ...67
4. MORTGAGE LOANS ...67
5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS...68
6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ...69
7. INTEREST RATES OF THE MACAO PATACA...69
IX. OTHER ECONOMIC INDICATORS 1. NEW COMPANIES INCORPORATED AND COMPANIES IN DISSOLUTION ...70
2. TRANSPORT ...71
3. COMMUNICATIONS ...71
4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT...72
5. OUTBOUND TRAVEL OF MACAO RESIDENTS...73
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THE WORLD ECONOMY
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Economic recovery continued in the first quarter of 2011 but the advanced economies still faced downside risks like high unemployment, huge fiscal deficit and sovereign debt crisis when the emerging economies needed to deal with high inflationary pressure. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in April 2011 indicated that in spite of the persistent disturbances and threats, as well as the negative impact of the 3.11 massive earthquake in Japan on the economy, the pace of global recovery was set to proceed with buoyant demand. The world economy is projected to grow by 4.5% in 2011, down from 5.0% in 2010; the emerging economies is expected to expand by 6.5%, far higher than the 2.5% forecast for the advanced economies.
The US economic recovery sustained but the pace of growth showed signs of moderation.
Gross Domestic Product (GDP) expanded by 2.3% year-on-year in the first quarter of 2011;
quarter-to-quarter growth was 1.8%, far lower than the 3.1% increase in the fourth quarter of 2010.
Private consumption expenditure and exports continued to be the main driving force, contributing 1.6 and 1.2 percentage points respectively; rising inventory also contributed 1.2 percentage points to the expansion. Meanwhile, increase in merchandise imports dragged the rate of growth down by 1.2 percentage points. The employment conditions showed little improvement amid slowing expansion; the unemployment rate was 9.5%, and the seasonal adjusted unemployment rate stood at 8.9%.
Sovereign debt crisis in some member states of the Euro zone remained the biggest concern to economic growth. In the first quarter of 2011, GDP increased by 2.5% year-on-year, while quarter-to-quarter increase edged up by 0.5 percentage point to 0.8%. Economic expansion was still driven by exports that contributed 0.8 percentage point when gross fixed capital formation and consumption expenditure of households and non-profit institutions added another 0.4 and 0.2 percentage point to the increase. The employment situation deteriorated albeit steady economic recovery, with the unemployment rate rising from 10.0% in the fourth quarter of 2010 to 10.5%.
GDP of the UK grew by 1.8% year-on-year and 0.5% quarter-to-quarter. Merchandise exports soared by 20.7% year-on-year, contributing 1.7 percentage points to the economic growth. Gross fixed capital formation and household final consumption expenditure saw protracted decrease, lowering the rate of increase by 1.2 and 0.4 percentage points respectively; moreover, the construction and service sectors remained sluggish. The unemployment rate decreased by 0.2 percentage point quarter-to-quarter to 7.7% amid the stable economic growth.
Sustained recovery of the Asian economies plays a crucial role to global economic growth.
IMF projected robust expansion of the Chinese and Indian economies in 2011, by 9.6% and 8.2%
respectively. Moreover, the newly industrialized Asian economies
aare projected to expand by
a
Korea; Taiwan, China; Hong Kong and Singapore
4.9%, the ASEAN 5
bby 5.4%, and the Middle East and the North African region by 4.1%;
influence of the Japanese earthquake is expected to be under effective control within the year.
Nevertheless, demand for commodities is set to increase further upon high economic growth, for which high inflationary pressure is expected to stay.
In Japan, GDP shrank by 1.0% year-on-year; the economy declined by 3.7% quarter-to-quarter, marking two consecutive quarters of negative growth. Lacklustre performance of the economy was attributable to an end of the stimulus package, which disencouraged growth and dragged domestic demand down by 3.0% quarter-to-quarter; increase in merchandise exports slowed down from 10.0% in the fourth quarter of 2010 to 2.4%. In addition, the March earthquake brought about adverse impact on the economy. As regards job market, the unemployment rate stood at 4.7%.
The economy of Mainland China posted steady growth as expected. GDP expanded by 9.7%
year-on-year in the first quarter of 2011, down mildly by 0.1 percentage point from the previous quarter. Value added of the above-scale industries
crose by 14.4% year-on-year, up from 13.3% in the preceding quarter; fixed asset investment increased by 25.0%, up by 1.2 percentage points.
Retail sales of consumer goods rose by 16.3%, down by 2.1 percentage points quarter-to-quarter, with that of jewellery rising by 51.8%, household furniture by 24.5% and automobile by 14.2%.
Total value of external merchandise trade registered an increase of 29.5% year-on-year;
merchandise trade deficit exceeded USD 1 billion upon a 32.7% surge in merchandise imports. CPI for the first quarter increased by 5.0%, up from 3.3% in the previous quarter, an indication of rising inflationary pressure.
The economy of Hong Kong saw steady expansion, with the first quarter GDP rising by 7.2%
year-on-year, and 2.8% quarter-to-quarter after seasonal adjustment. Private consumption expenditure and government final consumption expenditure increased by 7.6% and 2.7%
respectively year-on-year, reflecting robust domestic demand; merchandise imports and exports posted satisfactory increase, up by 20.6% and 24.6% respectively. The job market continued to hold up well amid favourable growth; the unemployment rate decreased from 3.7% in the previous quarter to 3.4%.
b
Indonesia, Malaysia, the Philippines, Thailand and Vietnam
c
According to the definition of the National Bureau of Statistics of China, it refers to industrial enterprises with annual
sales revenue of RMB 5 million or over.
GDP of the world's major economies (Year-on-year change)
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
USA Euro Zone Japan M ainland
China
The United Kingdom
Hong Kong
%
2010 Q4 2011 Q1
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ANALYSIS OF THE MACAO ECONOMY
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I. Overview
In the first quarter of 2011, the economy of Macao increased by 21.5% year-on-year in real terms. Economic growth was spurred by the impetus of exports of services and investment, in which soaring gross gaming revenue (excluding gratuities) and rising total visitor spending (excluding gaming expenses) led to favourable increase in exports of services; on the contrary, merchandise exports declined continuously. As regards domestic demand, investment continued to grow, and private consumption expenditure increased further upon improving job market and rising employment earnings.
The following highlights year-on-year changed of major segments of the local economy in the first quarter of 2011:
1. With weakening demand in the US and major Asian markets like Mainland China and Hong Kong, total value of merchandise exports decreased by 10.8% in the first quarter, of which exports of garment dropped by 17.1%. Analyzed by destination, exports to the US decreased by 26.4%, and exports to Hong Kong; Mainland China; and Taiwan, China fell by 12.3%, 13.4% and 44.3% respectively. Total value of merchandise imports increased by 34.2%, of which imports of consumer goods and capital goods rose substantially by 36.1% and 70.6%
respectively. A visible trade deficit of MOP 11.56 billion was recorded in the first quarter.
2. Gross gaming revenue surged by 42.6%; visitor arrivals increased by 5.2%; hotel guests rose by 1.9%, and per-capita spending of visitors (excluding gaming expenses) went up by 7.0%, driving exports of services up by 30.0% in real terms; imports of services also increased by 37.3%.
3. Unemployment rate held stable at 2.7% as the previous quarter, down by 0.2 percentage point year-on-year; median monthly employment earnings increased by 6.7%; the Composite Consumer Price Index (Composite CPI) rose by 5.0%. Private consumption expenditure expanded by 12.6% in real terms; however, government final consumption expenditure dropped by 1.8%.
4. Overall investment increased by 28.4% in real terms. Total equipment investment rose by 33.3%, in which investment of the private and public sectors increased by 32.3% and 149.8%
respectively. Total construction investment grew by 25.6%, with construction by the private and public sectors rising by 26.1% and 4.4% respectively. Furthermore, number of new incorporations increased by 10.7% but value of registered capital shrank by 10.3%.
5. Total government revenue rose by 48.5% to MOP 24.36 billion, with tax revenue from gaming
rising by 46.7% to MOP 21.86 billion. Total expenditure soared by 102.4% to MOP 7.06 billion, with current expenditure amounting to MOP 6.84 billion. Fiscal surplus for the first quarter stood at MOP 17.30 billion.
II. Major Segments of the Economy
Note: Unless otherwise specified, the rates of change refer to year-on-year change in nominal terms.
A. External Merchandise Trade
Overview
Macao’s external merchandise trade continued to grow in the first quarter of 2011, with total value of merchandise imports and exports rising by 27.1% to MOP 14.81 billion. Value of merchandise imports increased by 34.2% to MOP 13.19 billion, while that of merchandise exports decreased further by 10.8% to MOP 1.63 billion. The exports-imports ratio continued to drop by 6.2 percentage points year-on-year to 12.3%. Trade deficit widened from MOP 8.01 billion in the first quarter of 2010 to MOP 11.56 billion.
Total Exports
In the first quarter of 2011, value of merchandise exports to the US (MOP 152.7 million);
Mainland China (MOP 232.5 million); Hong Kong (MOP 733.6 million); Taiwan, China (MOP 30.2 million) and Vietnam (MOP 37.2 million) decreased by 26.4%, 13.4%, 12.3%, 44.3% and 16.5% respectively; exports to Japan increased by 5.4% to MOP 26.03 million and that to the EU resumed positive growth, up by 2.7% to MOP 98.08 million. Garment and textile products still predominated as the major merchandise of exports, yet the value shrank by 11.5% to MOP 337.2 million, bringing its relative importance to total exports down to 20.7%. Besides, exports of jewellery, sharing 7.0% of total exports, dropped by 61.4%, and exports of machines, apparatus &
parts and other products went down by 5.0% and 7.0% to account for 7.1% and 44.2% respectively of the total exports; on the contrary, exports of tobacco & wine, clocks & watches, and copper &
articles thereof, sharing 8.5%, 6.1% and 6.3% of total exports, increased by 62.8%, 45.6% and 5.2%
respectively.
Merchandise exports (Year-on-year change)
-60 -50 -40 -30 -20 -10 0 10
Q1 Q2 Q3 Q4 Q1
2010 2011
%
Total exports USA EU
Domestic Exports
After regaining positive growth in the fourth quarter of 2010, domestic exports increased slightly by 0.7% year-on-year to MOP 566.1 million in the first quarter of 2011, sharing 34.8% of the total exports; however, value of domestic exports registered a decrease of 9.8%
quarter-to-quarter. Hong Kong was the largest market of Macao’s domestic exports, with the value of exports rising by 36.6% year-on-year. Value of domestic exports to the US decreased further by 31.1%, while that to the EU increased by 4.6%. Analysed by principal commodity, value of exports of garment, accounting for 40.5% of total domestic exports, declined by 21.5%, of which value of exports to the US and the EU dropped by 36.6% and 4.0% respectively to share 48.5% and 32.2%
of the total. Value of exports of tobacco & wine, sharing 15.4% of total domestic exports, rose considerably by 41.3%, and that of other products increased 19.8% to take up 44.1% of the total.
Value of domestic exports to Mainland China increased by 26.5% to MOP 63.50 million, accounting for 11.2% of the total; in particular, value of tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Agreement (CEPA) went up by 19.1% to MOP 18.79 million, consisting mainly of copper-clad board (73.1% of total) and garment (12.6%); the amount of tariff saved totalled MOP 1.20 million.
In addition, results of the Industrial Exports Survey for the first quarter of 2011 indicated that
the average length of time of orders on hand of the interviewed manufacturers stood at 2.36 months,
down by 4.8% from 2.48 months in the same quarter of 2010. Meanwhile, 47.0% of the enterprises
expressed optimism about the domestic industrial exports in the coming six months, up by 8.8
percentage points quarter-to-quarter and 9.5 percentage points year-on-year, with 8.6% anticipating
a substantial increase and 38.4% expecting a modest increase. However, 27.0% expected less
promising prospects of exports, up by 0.6 percentage point quarter-to-quarter and 3.6 percentage points year-on-year; moreover, 25.7% expected the outlook of exports remained stagnant, down by 9.3 percentage points quarter-to-quarter and 13.0 percentage points year-on-year. The findings showed that the manufacturers were still cautiously optimistic about the outlook of exports.
Re-exports
Value of re-exports declined by 15.9% year-on-year to MOP 1.06 billion in the first quarter of 2011, accounting for 65.2% of the total exports. Hong Kong was the largest market of Macao’s re-exports, constituting 55.7% of the total, which was followed by Mainland China, at 15.9%.
Value of re-exports to Hong Kong and Mainland China dropped by 19.3% and 22.6% respectively.
In terms of the types of merchandise, value of re-exports of consumer goods fell substantially by 26.8% to take up 42.3% of the total, while that of other products and raw materials &
semi-manufactures, accounting for 42.1% and 15.6% of the total, decreased by 6.1% and 4.0%
respectively.
Imports
Value of merchandise imports increased by 34.2% year-on-year to MOP 13.19 billion in the first quarter of 2011 on account of soaring imports of consumer goods. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 29.8% to MOP 3.88 billion (29.4% of total). Value of imports from the EU (25.7% of total), Hong Kong (10.4%), Japan (6.9%), the US (6.7%) and Taiwan, China (2.2%) expanded by 55.5%, 26.3%, 4.0%, 43.8% and 14.1% respectively.
Regarding the types of merchandise, value of imports of consumer goods (61.1% of total) and
capital goods (18.5%) rose significantly by 36.1% and 70.6% respectively; meanwhile, imports of
raw materials & semi-manufactures (10.4%) and fuels & lubricants (10.1%) went up by 7.6% and
9.6% respectively.
Merchandise imports and the main components (Year-on-year change)
-10 0 10 20 30 40
Q1 Q2 Q3 Q4 Q1
2010 2011
%
Total imports Consumer goods Raw materials and semi-manufactures
B. Gaming, Tourism and MICE
Gaming and tourism sector posted favourable performance, of which exports of gaming services rose by 36.1% in real terms; visitor arrivals increased by 5.2%; per-capita spending of visitors rose by 7.0%, and hotel guests increased by 1.9%.
Gaming
Gross gaming revenue (excluding gratuities) amounted to MOP 58.84 billion, up by 42.6%
year-on-year and 6.2% quarter-to-quarter. Revenue of game of chance rose by 42.9% year-on-year to MOP 58.52 billion (99.5% of total) on account of a 48.0% increase of revenue from VIP Baccarat (72.7% of total revenue of game of chance). Gross revenue of pari-mutuels and lotteries amounted to MOP 315 million, a year-on-year increase of 5.9%.
Number of casinos held stable at 33 in the first quarter, with 4,853 gaming tables (+0.9%) and
13,787 slot machines (-4.9%).
Gross gaming revenue (excluding gratuities)
0 10 20 30 40 50 60
Q1 Q2 Q3 Q4 Q1
2010 2011 Billion M OP
0 10 20 30 40 50 60 70 80
%
Gross gaming revenue Year-on-year change
Visitor Arrivals
Visitor arrivals increased by 5.2% year-on-year to 6,431,178. Visitors from Mainland China rose by 10.3% to 3,678,952, with 1,619,997 (44.0%) travelling to Macao under the Individual Visit Scheme (IVS), up by 11.8%; visitors from Hong Kong grew by 3.0% whereas those from Taiwan, China and Japan dropped by 16.6% and 3.2% respectively. Moreover, visitors from the Republic of Korea increased by 28.0% to 106,430 to become the principal visitor market after Mainland China;
Hong Kong; and Taiwan, China. Same-day visitors, sharing 54.7% of the total, increased by 10.6%
year-on-year to 3,518,661.
In the first quarter of 2011, visitor arrivals by sea (38.9% of total) and by land (55.0%)
increased by 1.2% and 10.1% year-on-year to 2,499,356 and 3,538,533 respectively, while those by
air (6.1%) decreased by 8.9% to 393,289. In addition, visitor arrivals in package tours decreased by
1.8% year-on-year to 1,407,876.
Visitor arrivals
1 2 3 4 5 6 7
Q1 Q2 Q3 Q4 Q1
2010 2011 M illion
Visitor arrivals
Principal visitor markets
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
Q1 Q2 Q3 Q4 Q1
2010 2011 M illion
M ainland China Hong Kong Taiwan, China Japan
Hotels
Hotels and guest-houses had 20,129 available guest rooms, an increase of 5.1%. Hotel guests increased by 1.9% to 1,918,955; the average occupancy rate of the hotel sector stood at 81.0%, up by 1.9 percentage points, with four-star hotels leading at 86.6%.
Average length of stay of guests stood at 1.5 nights, same as the first quarter of 2010, with guests of the five-star hotels staying longer, at 1.9 nights.
Visitor Spending
Total spending (excluding gaming expenses) of visitors amounted to MOP 9.75 billion, up by
12.5% in comparison with MOP 8.67 billion a year earlier.
Per-capita spending of visitors (excluding gaming expenses) increased by 7.0% to MOP 1,516.
Mainland visitors had the highest per-capita spending of MOP 1,928 and that of visitors from Japan;
Southeast Asia; Hong Kong; and Taiwan, China amounted to MOP 1,366, MOP 1,166, MOP 873 and MOP 856 respectively. Per-capita spending of tourists (overnight visitors) increased by 14.3%
year-on-year to MOP 2,623, whereas that of same-day visitors decreased by 1.4% to MOP 600.
Per-capita shopping spending rose by 3.9% to MOP 739, and per-capita non-shopping spending went up by 10.1% to MOP 777.
Per-diem spending of visitors amounted to MOP 1,516, an increase of 7.0%.
MICE (Meetings, Incentives, Conventions and Exhibitions)
A total of 267 MICE events were held in the first quarter of 2011, with 127,194 participants and attendees and an average duration of 2.1 days.
There were 257 meetings & conferences attracting 28,040 participants, down by 20.2% and 17.2% respectively year-on-year; the average duration was 2.1 days. Analyzed by type, the majority were Corporate Meetings (174), Government Meetings (29), and Association Meetings (28).
Meanwhile, a total of 10 exhibitions were held, up by 11.1%, with number of attendees increasing by 77.4% to 99,154; average duration of exhibitions was 2.5 days. MICE events held in hotels accounted for 80.1% of the total and the others were held in convention & exhibition centres and other venues.
C. Consumption and Prices
Private Consumption
Private consumption expenditure expanded by 12.6% in real terms, higher than the 5.6% rise in the previous quarter, which was spurred by the increase in expenditure on durable goods (e.g.
motor vehicles and mobile phones) and services, as well as consumption expenditure abroad.
Household final consumption expenditure in the domestic market increased by 9.6% and that abroad went up by 24.5%.
Retail Sales
Value of retail sales amounted to MOP 9.60 billion, up by 37.8% year-on-year and 12.9%
quarter-to-quarter. Value of retail sales of Watches and jewellery (25.2% of total), Goods in
department stores (14.7%) and Leather goods (11.1%) amounted to MOP 2.42 billion, MOP 1.42 billion and MOP 1.07 billion respectively.
After removing the effect of price changes, volume of retail sales for the first quarter rose by 26.8% year-on-year, with marked increase being observed in the sales volume of Leather goods (+54.6%), Cosmetics & sanitary articles (+43.0%), Motor vehicles (+39.7%) and Communication equipment (+37.5%). Volume of retail sales in the first quarter registered an increase of 9.8%
quarter-to-quarter.
Value of Major Retail Sales
0 500 1000 1500 2000 2500
Q1 Q2 Q3 Q4 Q1
2010 2011 M OP million
Adults' clothing M otor vehicles Leather goods
Goods in department stores Watches, clocks & jewellery
Prices
The Composite CPI (108.0) rose by 5.0% year-on-year, with notable increase being observed in the price indices of Miscellaneous goods & services (+7.5%); Transport (+7.4%); Clothing &
footwear (+7.2%); Food & non-alcoholic beverages (+6.3%); and Health (+6.3%), while index of Communication decreased by 8.3%. The Composite CPI registered an increase of 2.2%
quarter-to-quarter. In addition, implicit deflator of GDP that measures changes in prices rose by
6.1% year-on-year. The two indicators reflect that the local and the overall prices moved in an
upward trend.
Composite CPI and Implicit Deflator of GDP (Year-on-year change)
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
Q1 Q2 Q3 Q4 Q1
2010 2011
%
Composite CPI Implicit Deflator of GDP
D. Employment
Employment and employment earnings saw satisfactory improvement. Total labour force was 334,000 in the first quarter, up by 3.4% year-on-year and 1.1% quarter-to-quarter; the employed population was 325,000, up by 3.7% year-on-year and 1.1% quarter-to-quarter; non-resident workers totalled 81,416 at the end of the first quarter, up by 11.8% year-on-year and 7.4%
quarter-to-quarter. Employment in Other Community, Social & Personal Services totalled 77,000, of which 64,000 were working in the Gaming Sector, up by 3.9% year-on-year but down slightly by 0.1% quarter-to-quarter.
Unemployment rate held stable at 2.7% as the previous quarter, down by 0.2 percentage point year-on-year; total number of unemployed was 8,900, with 6.5% being fresh labour force entrants searching for their first job. Analyzed by the previous industry engaged, 19.2% had worked in Wholesale and Retail, 18.6% in Construction and 17.9% in Other Community, Social & Personal Services. In terms of educational attainment, 26.9% had junior secondary education, while those with primary education and senior secondary education both accounted for 24.5%.
Underemployment rate was 1.4%, down by 0.4 percentage point year-on-year and 0.3 percentage point quarter-to-quarter.
Median monthly employment earnings of the employed stood at MOP 9,600, up by 6.7% over
the previous quarter and the same quarter of 2010. Median employment earnings of Real Estate,
Renting and Business Activities logged the highest year-on-year increase of 16.7% and that of
Other Community, Social and Personal Services went up by 8.3%. For the Gaming Sector that
accounted for the largest share of total employment, median employment earnings increased by 3.8% compared with the previous quarter and the same quarter of 2010.
Employed population and unemployment rate
300 310 320 330
Q1 Q2 Q3 Q4 Q1
2010 2011 Thousand persons
2.5 3.0 3.5
%
Employed population Unemployment rate
E. Investment
Investment in Construction and Equipment
Equipment investment increased by 33.3% and construction investment rose by 25.6% in real terms, causing overall investment to expand by 28.4%. Investment by the private and public sectors grew by 28.4% and 32.2% respectively.
For the investment by the private sector, number of building completions held stable as the first quarter of 2010, with number of units and gross floor area surging by 280.5% and 153.2%
respectively; meanwhile, construction of new buildings, units and gross floor area decreased by 17.6%, 81.7% and 92.5% respectively.
Construction investment by the private sector rose by 26.1% in real terms on account of the low comparison base in the first quarter of 2010; moreover, equipment investment increased by 32.3%. At the same time, construction and equipment investment of the government rose by 4.4%
and 149.8% respectively.
Gross floor areas of buildings started and completed
0 50 100 150 200 250 300 350 400 450 500 550 600 650
Q1 Q2 Q3 Q4 Q1
2010 2011 Thousand m
2Buildings started Buildings completed
Transactions on Real Estate
A total of 7,422 building units were purchased and sold at MOP 17.67 billion, up by 16.2%
and 76.3% year-on-year but down by 15.8% and 8.8% quarter-to-quarter.
Analyzed by end-use, transaction of residential units totalled 4,554 and the total value amounted to MOP 13.41 billion, accounting for 61.4% and 75.9% of the respective total.
As regards status of the buyers, 9,025 buyers (88.6% of total) were Macao residents; total value of transaction amounted to MOP 14.29 billion, with its relative importance rising notably from 67.9% in the previous quarter to 80.9%. Meanwhile, 1,165 buyers were non-residents, with the total value amounting to MOP 3.38 billion.
Building units purchased and sold under “intermediate transfer of title” increased by 74.2% to 2,374 and the value of transaction soared by 118.3% to MOP 8.56 billion. Among them, the number and value of new units shared 97.7% and 97.2% of the respective total under “intermediate transfer of title”.
The average transaction price of residential units rose by 14.6% quarter-to-quarter to MOP 38,261 per square metre of usable area in the first quarter, with the average price of those in the Macao Peninsula rising by 25.3% to MOP 37,159 per square metre, while the average price of those in Taipa dropping by 16.2% to MOP 33,402 per square metre. The average price of offices went up by 2.3% quarter-to-quarter to MOP 27,700 per square metre.
Note:Intermediate transfer of title is a real estate transaction whose full transfer of ownership has not been completed.
For taxation purposes, payment of 0.5% of stamp duty gives legal effects to the respective transaction.
Values of building units transacted
0 4 8 12 16 20
Q1 Q2 Q3 Q4 Q1
2010 2011 M OP billion
Value of building unit s transacted
Business Investment
Number of new incorporations rose by 10.7% to 768 while the total value of registered capital dropped by 10.3% to MOP 79.12 million in the first quarter of 2011. Among the new incorporations, 37.2% were operating in Wholesale & Retail, 15.9% in Business Services and 13.8% in Real Estate.
In terms of registered capital, Wholesale & Retail predominated with 44.1% of the total, while Financial Services and Business Services accounted for 16.4% and 10.8% respectively. As regards origin of capital, capital from Macao shared 53.5% of the total and that from Mainland China and Hong Kong took up 37.2% and 5.4% respectively.
Number of companies in dissolution increased by 7.0% to 137, with 42 engaging in Wholesale
& Retail (30.7% of total), 27 in Business Services (19.7%), 24 in Construction (17.5%) and 14 in Real Estate (10.2%).
F. Public Accounts
Total government revenue rose by 48.5% to MOP 24.36 billion on account of a 46.8% surge of direct taxes, of which tax revenue from gaming increased by 46.7% to MOP 21.86 billion.
Note:Total government revenue and expenditure only include non-autonomous services and administrative autonomous
services.
Total government expenditure soared by 102.4% to MOP 7.06 billion, mainly due to an increase of transfer payment to some Autonomous Agencies and the payment of the Wealth Partaking Scheme for the year of 2011, which drove current transfer up by 150.5%; meanwhile, expenditure for goods and services increased considerably by 415.4%. Fiscal surplus stood at MOP 17.30 billion in the first quarter, higher than the MOP 12.91 billion in the same quarter of 2010.
Total government revenue and expenditure
0 5 10 15 20 25
Q1 Q2 Q3 Q4 Q1
2010 2011 M OP billion
Total revenue Total expenditure Balance
G. Money and Finance
At the end of March 2011, narrow money supply M1 went up by 7.6% year-on-year, of which currency in circulation increased by 10.8% and demand deposits rose by 6.9%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 19.0%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 0.7 percentage points to 48.3%, and the respective share in M2 dropped by 0.9 percentage points to 27.3%. The share of the Hong Kong dollar was 49.4% in M1 and 53.6% in M2.
Resident deposits rose by 18.9% to MOP 250.70 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 15.7%, 16.6% and 31.2% respectively to MOP 64.48 billion, MOP 137.42 billion and MOP 48.80 billion.
Domestic loans extended to the private sector rose by 33.0% to MOP 139.83 billion, of which
outstanding real estate mortgage loans of residents went up by 37.8% year-on-year to MOP 104.17
billion. For domestic loans to the private sector, the MOP accounted for 27.5%, valued at MOP
38.40 billion, and the Hong Kong dollar took up 64.1%, valued at MOP 89.66 billion.
Resident deposits and loans
0 40 80 120 160 200 240 280
Q1 Q2 Q3 Q4 Q1
2010 2011 MOP billion (value at
the end of t he period)
Resident deposits M ortgage loans to residents Other loans to the private sector
The loan-to-deposit ratio for the resident sector at the end of March was 51.0%, up by 4.6 percentage points from a year earlier, and that for both the resident and non-resident sectors rose by 9.2 percentage points to 79.8%.
As the MOP is indirectly pegged to the US dollar, interest rates in Macao are normally adjusted to be in line with those in the US. In the first quarter, the US Federal Reserve maintained the range for the Fed funds rate at 0% to 0.25%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.
The changes in the exchange rates of the MOP basically reflect the changes in those of the US
dollar. In the first quarter, the exchange rates of the MOP exhibited a mixed performance against
major currencies. The average exchange rates of the MOP against the Swiss franc, the Australian
dollar and the Malaysian ringgit decreased by 12.7%, 11.3% and 10.8% respectively year-on-year,
while those against the Euro rose by 0.9%. Consequently, the effective exchange rate index for the
MOP, a gauge of exchange rates of the MOP against currencies of Macao’s major trading partners,
dropped by 1.82 points to 88.25.
H. Other Economic Indicators
Transport and Communications
In the first quarter of 2011, containerized cargo by land (9,282 tonnes), seaborne containerized cargo (38,382 tonnes) and air cargo (8,520 tonnes) decreased by 5.8%, 5.0% and 36.1%
respectively year-on-year.
As regards local transport, new registration of vehicles totalled 4,332, up by 9.8% year-on-year, of which new registration of cars increased by 31.6% but that of motorcycles dropped by 4.1%. At the end of March 2011, number of licensed vehicles totalled 197,800, comprising 90,977 cars and 106,823 motorcycles.
At the end of March, number of Internet users went up by 20.2% to 180,316; mobile phone users increased by 16.7% to 1,231,912. Fixed-line telephone dropped by 1.6% to 167,804.
Fixed-line telephone density for the first quarter was 30.1 per 100 population.
Water and Energy Consumption
Consumption of electricity decreased by 0.9% year-on-year to 736 million kWh, while that of water increased by 2.2% to 16.17 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) dropped by 0.9% to 67.83 million litres due to a decline of consumption of fuel oil; consumption of liquefied petroleum gas (LPG) increased by 8.1% to 12,417 tonnes; consumption of natural gas was 53.59 million cubic meters, up by 100.0%.
III. Concluding Remarks
Economic expansion of Macao in the first quarter of 2011 was mainly supported by favourable performance in exports of services, investment and private consumption expenditure, leading GDP to increase by 21.5% in real terms.
Looking ahead to the second quarter, in terms of domestic demand, investment is expected to register steady growth upon sustained construction investment by the private and public sectors;
unemployment rate will remain low amid satisfactory job market conditions, driving private
consumption to increase further. As regards external demand, protracted decrease in merchandise
exports is expected to bring about minimal effect to the economy; at the same time, vibrant growth
is envisaged in exports of tourism and gaming services, with visitor arrivals in April and May
increased by 10.1% year-on-year when gross gaming revenue surged by 43.1%. In sum, the
economy of Macao is expected to sustain double-digit growth in the second quarter of 2011.
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STATISTICAL TABLES
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
@ Figures are subject to revision later on
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
Notes: Due to rounding, the totals may not correspond to the sums of the partial figures.
The figures presented are subject to regular revisions as and when required.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 1/2
2010 2010 2010 2010 2011
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product - -2.6 2.9
r2.4 3.0 3.2 2.8
r2.3
Exports of goods 12.1 -18.0 21.0 20.5 25.3 20.6
r18.2 18.2
Imports of goods 7.5 -25.9 22.6 21.2 31.8 22.9
r15.7 19.1
Consumer Price Index 3.8 -0.4 1.7 2.4 1.8 1.2 1.3 2.1
Unemployment rate 5.8 9.3 9.6 10.4 9.5 9.5 9.1 9.5
Euro area
aGross Domestic Product 0.4 -4.1 1.7 0.8 2.0 2.0
r1.9
r2.5
Exports of goods 4.0
r-18.1 20.2
r12.9 22.4
r22.8
r22.3
r21.3
Imports of goods 8.1
r-21.8
r22.3
r9.8
r27.6
r26.7
r25.5
r23.8
Consumer Price Index 3.3 0.3 1.6 1.1 1.4
r1.7 2.0 2.5
Unemployment rate 7.6 9.6
r10.1
r10.6
r9.9 9.8
r10.0
r10.5
Germany
Gross Domestic Product 1.0 -4.7 3.6 2.5
r4.3 3.9 3.8
r5.2
Exports of goods 2.0 -18.4
r19.4 11.1
r24.4
r21.5
r20.7 18.8
Imports of goods 4.7 -17.5
r21.3 7.0
r27.8
r24.2
r26.7 20.9
Consumer Price Index 2.6 0.3 1.1 0.8 1.1 1.2 1.5 2.1
Unemployment rate 7.8 8.2 7.7 8.6 7.8 7.5 7.1 7.8
French
Gross Domestic Product -0.2
r-2.6
r1.4
r1.0
r1.5
r1.7
r1.4
r2.2
Exports of goods 2.6
r-17.3 12.3 7.5 12.6
r14.2
r14.7 12.7
Imports of goods 5.1
r-17.7 12.8 6.2
r13.7
r18.8
r12.6 17.3
Consumer Price Index 2.8 0.1 1.5 1.3 1.6 1.5 1.6 1.8
Unemployment rate 7.8 9.5 9.8 10.2 9.4 9.6
r9.9 9.9
The United Kingdom
Gross Domestic Product 0.5 -4.9
r1.3 -0.4
r1.5
r2.5
r1.5 1.8
Exports of goods 14.1 -9.7 16.9 11.4
r21.2
r17.5
r16.1
r20.7
Imports of goods 11.1 -10.2 17.2 10.1
r18.9
r20.8
r18.7
r14.7
Consumer Price Index 3.6 2.1
r3.3 3.3 3.4 3.1 3.4 4.1
Unemployment rate 5.7 7.7
r7.8
r8.0 7.8 7.7 7.9 7.7
a The Euro area consists of 17 member states from 2011 onwards.
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
2008 2009 2010
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 2/2
2010 2010 2010 2010 2011
Q1 Q2 Q3 Q4 Q1
Mainland China
Gross Domestic Product 9.0 8.7 10.3 11.9 10.3 9.6 9.8 9.7
Exports of goods 17.3 -15.9 31.3 28.7 40.9 32.2 24.9 26.4
Imports of goods 18.5 -11.3 38.7 64.7 43.6 27.3
r29.6 32.7
Consumer Price Index
a5.9 -0.7 3.3 2.2 2.6 2.9 3.3 5.0
Hong Kong
Gross Domestic Product 2.3
r-2.7
r7.0
r8.0
r6.7
r6.9
r6.4
r7.2
Exports of goods 5.1 -12.6 22.8 26.0 24.3 27.8 14.4 24.6
Imports of goods 5.5 -11.0 25.0 34.3 29.9 24.1 15.1 20.6
Consumer Price Index 4.3 0.5 2.4 1.9 2.6 2.3 2.8 4.0
Unemployment rate 3.6 5.4 4.3 4.4 4.7 4.4 3.7 3.4
Taiwan, China
Gross Domestic Product 0.7 -1.9 10.8 13.6 12.9 10.7
r6.9 6.2
Exports of goods 3.6 -20.3 34.8 52.5 46.2 27.1
r20.9 19.5
Imports of goods 9.7 -27.5 44.1 78.3 53.7
r31.5
r27.6 21.8
Consumer Price Index 3.5 -0.9 1.0 1.3 1.1 0.4 1.1 1.3
Unemployment rate 4.1 5.9 5.2 5.7 5.2 5.1 4.8 4.6
Japan
Gross Domestic Product -1.2 -6.3
r4.0
r5.6
r3.1
r5.0
r2.2 -1.0
Exports of goods -3.5 -33.1 24.4 43.2
r33.2 17.8 10.0 2.4
Imports of goods 8.0 -34.8 18.0
r19.2
r28.1
r14.9
r11.3
r11.4
Consumer Price Index 1.4 -1.4 -0.7 -1.2 -0.9 -0.8 0.1 -
Unemployment rate 4.0 5.1 5.1 5.1 5.3 5.1 4.8 4.7
Republic of Korea
Gross Domestic Product 2.3 0.3
r6.2
r8.5
r7.5
r4.4
r4.7
r4.2
Exports of goods 13.6 -13.9 28.6 35.8 33.1 22.7
r23.8
r30.4
Imports of goods 22.0 -25.8 31.8 37.4 42.8
r24.6
r24.6
r25.7
Consumer Price Index 4.6 2.8 2.9 2.7 2.6 2.9 3.6 4.5
Unemployment rate 3.2 3.6 2.9 4.7 3.5 3.5 3.3 4.2
Singapore
Gross Domestic Product 1.5
r-0.8
r14.5 16.4
r19.4
r10.5
r12.0 8.3
Exports of goods 5.8 -18.0 22.4 28.2 29.1 20.0
r14.5 13.4
Imports of goods 13.9 -21.0 18.8 25.5 26.4 15.6
r9.7 10.2
Consumer Price Index 6.6 0.6 2.8 0.9 3.1 3.4 4.0 5.2
Unemployment rate 2.2 3.0 2.2 2.1 2.8 1.8 2.0 1.8
a Accumulated year-on-year comparison.
Source : China National Bureau of Statistics
Hong Kong SAR Census and Statistics Department
Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan, China; Ministry of Economic Affairs, Taiwan, China 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
2008 2009 2010
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)
Change from preceding period (seasonally adjusted) (%)
2010 2010 2010 2010 2011
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product - -2.6 2.9
r3.7 1.7 2.6
r3.1
r1.8
Exports of goods 12.1 -18.0 21.0 5.8
r3.4 2.3 5.8 5.8
Imports of goods 7.5 -25.9 22.6 6.0 6.3 1.7
r0.8 9.3
Consumer Price Index 3.8 -0.4 1.7 0.3
r-0.1
r0.4 0.7 1.3
Unemployment rate
a5.8 9.3 9.6 9.7 9.6
r9.6 9.6 8.9
Japan
Gross Domestic Product -1.2 -6.3
r3.9 2.2
r0.1
r0.9
r-0.8
r-3.7
Exports of goods -3.6
r-33.2
r24.6
r8.5
r5.5
r-2.9
r-1.3
r1.6
Imports of goods 7.7
r-34.6
r18.0
r5.6
r5.0
r-1.0
r1.2
r5.8
Consumer Price Index 1.4 -1.4 -0.7 0.2 -0.3
r-0.3
r0.6 0.1
Unemployment rate
a4.0 5.1 5.1 4.9 5.2 5.1 5.0 4.7
Hong Kong
Gross Domestic Product 2.3
r-2.7
r6.8 1.9
r1.9
r0.9
r1.5 2.8
Exports of goods 5.1 -12.6 22.8 6.7
r3.6
r1.9
r-4.1 16.3
Imports of goods 5.5 -11.0 25.0 6.8
r2.2
r1.0
r-2.7 12.1
Consumer Price Index 4.3 0.5 2.4 0.9
r0.5 -1.3
r2.8 1.9
Unemployment rate
a3.6 5.4 4.3 4.4 4.6 4.2 4.0 3.4
a Unemployment rate 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
2010 2010 2010 2010 2011
Q1
rQ2
rQ3
rQ4
rQ1
@At current prices:
GDP (MOP billion) 166.0 170.1 223.7 47.3 53.1 57.0 66.3 61.0
GDP per capita (MOP thousand) 302.4 312.5 409.8 .. .. .. .. ..
Chain volume measures in chained (2009) dollars:
GDP (MOP billion) 167.4 170.1 214.9 46.5 51.3 54.8 62.3 56.5
% growth in real terms
GDP 3.4 1.6 26.4 17.6 31.6 27.4 28.4 21.5
Private consumption expenditure 5.8 2.3 6.4 3.9 7.6 8.6 5.6 12.6
In the domestic market 4.3 0.6 4.8 3.8 4.1 5.6 5.4 9.6
Abroad 7.9 10.1 16.5 5.9 26.6 28.7 8.8 24.5
Government final consumption expenditure 2.3 11.5 5.4 -8.2 7.2 6.8 12.5 -1.8
Gross fixed capital formation -14.8 -32.3 -19.5 -48.7 -36.4 -4.8 13.5 28.4
Private sector -14.2 -36.8 -25.2 -49.2 -37.1 -15.3 12.1 28.4
Government -23.7 34.4 22.7 1.3 -26.5 70.6 17.3 32.2
Exports of goods -22.0 -48.2 -7.3 -9.0 -7.8 -9.5 -2.8 -6.7
Exports of services 14.6 3.9 47.1 46.2 63.5 40.8 41.4 30.0
Imports of goods -8.4 -24.0 10.7 8.0 9.5 9.8 15.0 22.7
Imports of services 18.5 -12.6 46.0 50.7 53.7 38.2 44.0 37.3
Note: Starting from the third quarter of 2010, the chain volume measures of GDP are adopted; data series of the preceding years have been revised according to the new methodology.
2010
2009
r2008
r2008 2009
2010
rI. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2011 2010 2010 2010 2010 2011
Q1 to Q1 Q1 Q2 Q3 Q4 Q1
A. External Merchandise trade (MOP million)
Total exports 16 025.4 7 672.5 6 960.0 1 626.1 1 822.2 1 810.3 1 653.6 1 673.9 1 626.1 -10.8
Textiles and garments 9 145.2 2 469.9 1 627.3 337.2 381.2 395.0 467.1 384.0 337.2 -11.5
Other products 6 880.2 5 202.6 5 332.7 1 288.9 1 441.0 1 415.3 1 186.5 1 289.9 1 288.9 -10.6
Total imports 43 034.2 36 902.0 44 118.4 13 188.1 9 830.5 10 515.0 11 415.7 12 357.1 13 188.1 34.2
Trade balance -27 008.8 -29 229.4 -37 158.4 -11 561.9 -8 008.4 -8 704.7 -9 762.1 -10 683.2 -11 561.9 -44.4
B. Gaming and tourism
Gross gaming revenue (excluding gratuities)(MOP million) 109 826 120 383 189 588 58 835 41 248 45 219 47 723 55 398 58 835 42.6
y-on-y % change 31.0 9.6 57.5 42.6 57.1 76.5 49.0 51.9 42.6
No. of visitor arrivals(thousand) 22 933.2 21 752.8 6 24 965.4 431.2 6 115.2 6 114.2 6 359.1 6 376.8 6 431.2 5.2
Average length of stay of visitors (days) 1.1 1.1 0.9c .. 0.9cr 0.9 0.9 0.9 0.9c -
Visitor spending per capita b(MOP) 1 729 1 616 1 518c .. 1 417cr 1 575 1 648 1 812 1 516c 7.0
Hotel occupancy rate (%) 74.3 71.4 79.8 81.0 79.1 78.2 78.9 83.0 81.0 1.9a
C. Construction and real estate
Expenditure on public works (MOP million) 2 419.7 3 021.2 4 076.2 36.5 20.8 358.4 1 315.6 2 381.4 36.5 75.2
Private sector construction
Buildings started - no. of units 2 046 1 547 870 93 508 41 132 189 93 -81.7
Buildings started - gross floor area (thousand m²) 533 229 184 9 125 6 22 31 9 -92.5
Buildings completed - no. of units 1 177 3 251 4 527 567 149 1 869 466 2 043 567 280.5
Buildings completed - gross floor area (thousand m²) 584 1 406 1 272 164 65 609 241 356 164 153.2
No. of building units transacted d 21 516 17 310 29 617 7 422 6 386 8 575 5 838 8 818 7 422 16.2
Value of building units transacted d(MOP million) 35 024.9 26 298.7 56 753.6 17 670.2 10 024.5 16 795.0 10 567.1 19 367.1 17 670.2 76.3
D. Transport
Seaborne containerised cargo (tonne) 328 196 180 413 178 380 38 382 40 408 46 421 46 655 44 895 38 382 -5.0
Containerised land cargo (tonne) 104 312 51 694 45 718 9 282 9 850 11 458 13 393 11 017 9 282 -5.8
Air cargo (tonne) 100 767 52 464 52 166 8 520 13 330 14 570 10 868 13 397 8 520 -36.1
E. Prices and consumption
Inflation rate (%) 8.6 1.2 2.8 5.0 1.5 2.7 3.1 3.9 5.0 ..
Composite Consumer Price Index (4/2008-3/2009=100) 100.2 101.4 104.2 108.0 102.8 104.0 104.6 105.6 108.0 5.0
Retail sales turnover (MOP million) 19 391 22 354 29 851r 9 595 6 962r 6 865 7 529 8 496r 9 595 37.8
F. Employment
Unemployment rate (%) 3.0 3.6 2.8 .. 2.9 2.8 2.9 2.7 2.7 -0.2a
Median monthly employment earnings (MOP thousand) 8.0 8.5 9.0 .. 9.0 8.5 9.0 9.0 9.6 6.7
Non-resident workers in Macao (end-period) 92 161 74 905 75 813 .. 72 843 72 142 74 525 75 813 81 416 11.8
G. Public accounts (MOP million)
Total revenue 62 259.3 69 870.9 79 635.8 24 355.7 16 399.2 19 118.6 20 302.8 23 815.2 24 355.7 48.5
Tax revenue from gaming 43 207.5 45 697.5 68 776.1 21 864.5 14 900.0 16 996.6 17 362.4 19 517.1 21 864.5 46.7
Total expenditure 30 443.4 35 459.9 37 758.1 7 057.6 3 487.4 5 383.7 15 035.5 13 851.5 7 057.6 102.4
Balance 31 815.9 34 411.0 41 877.8 17 298.1 12 911.8 13 734.9 5 267.3 9 963.7 17 298.1 ..
H. Money and finance (period-end values, MOP million)
Narrow money supply (M1) 24 729.6 30 606.8 34 721.1 33 831.6 31 452.2 34 433.3 34 132.3 34 721.1 33 831.6 7.6
Broad money supply (M2) 189 790.3 212 233.3 243 247.3 256 991.2 215 934.5 222 160.0 236 970.2 243 247.3 256 991.2 19.0 Resident deposits 185 389.8 207 327.4 237 626.9 250 695.5 210 808.9 217 138.2 231 505.6 237 626.9 250 695.5 18.9 Domestic credit to the private sector 91 801.6 101 125.2 130 676.9 140 101.1 105 336.4 112 132.8 119 789.9 130 676.9 140 101.1 33.0 Net foreign assets 233 256.6 275 171.7 333 802.8r 354 061.4 284 127.9 296 525.1 320 377.8 333 802.8r 354 061.4 24.6 Foreign exchange reserves 127 160.6 146 578.7 190 186.8 204 084.5 156 225.2 163 707.6 169 670.1 190 186.8 204 084.5 30.6
I. Others
No. of new companies incorporated 2 738 2 529 2 991 768 694 778 782 737 768 10.7
No. of companies in dissolution 447 469 492 137 128 125 120 119 137 7.0
Consumption of electricity (million kWh) 3 311.7 3 463.3 3 655.5 736.2 742.6 954.7 1 120.3 838.0 736.2 -0.9
a Percentage points.
b Visitor spending does not include gaming expenses.
c Results from statistical extrapolation.
d Including residential units exempt from payment of Stamp Duty.
2008
2011 Q1 year-on-year
% change
2009 2010
II. EXTERNAL MERCHANDISE TRADE
1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE
2011 2010 2010 2010 2010 2011
Q1 to Q1 Q1 Q2 Q3 Q4 Q1
A. Imports and exports MOP million 59 059.6 44 574.5 51 078.4 14 814.2 11 652.7 12 325.3 13 069.3 14 031.0 14 814.2
y-on-y % change -7.1 -24.5 14.6 27.1 13.3 16.8 12.9 15.4 27.1
B. Total exports MOP million 16 025.4 7 672.5 6 960.0 1 626.1 1 822.2 1 810.3 1 653.6 1 673.9 1 626.1
y-on-y % change -21.6 -52.1 -9.3 -10.8 -9.6 -3.8 -11.7 -11.9 -10.8
1. Domestic exports MOP million 9 582.3 2 971.1 2 389.8 566.1 562.4 570.7 628.8 627.9 566.1
y-on-y % change -29.1 -69.0 -19.6 0.7 -39.8 -24.2 -11.4 9.1 0.7
2. Re-exports MOP million 6 443.1 4 701.4 4 570.2 1 060.0 1 259.8 1 239.6 1 024.8 1 046.0 1 060.0
y-on-y % change -6.8 -27.0 -2.8 -15.9 16.3 9.7 -11.9 -21.1 -15.9
C. Total imports MOP million 43 034.2 36 902.0 44 118.4 13 188.1 9 830.5 10 515.0 11 415.7 12 357.1 13 188.1
y-on-y % change -0.2 -14.2 19.6 34.2 18.8 21.3 17.7 20.4 34.2
D. Trade balance a MOP million -27 008.8 -29 229.4 -37 158.4 -11 561.9 -8 008.4 -8 704.7 -9 762.1 -10 683.2 -11 561.9
E. Exports/Imports ratio b 37.2 20.8 15.8 12.3 18.5 17.2 14.5 13.5 12.3
F. External merchandise trade index (2006=100) 1. Exports
Value index index 78.3 37.5 34.0 31.8 35.6 35.4 32.3 32.7 31.8
y-on-y % change -21.5 -52.1 -9.3 -10.7 -9.6 -3.8 -11.7 -12.1 -10.7
Unit value index index 104.4 104.1 107.5 114.7 107.4 105.4 106.4 111.1 114.7
y-on-y % change 5.1 -0.3 3.3 6.8 3.8 3.5 1.8 3.8 6.8
Quantum index index 75.0 36.0 31.6 27.7 33.2 33.6 30.4 29.5 27.7
y-on-y % change -25.4 -52.0 -12.2 -16.6 -12.9 -7.2 -13.1 -15.0 -16.6
2. Imports
Value index index 117.8 101.0 120.8 144.5 107.7 115.1 125.0 135.3 144.5
y-on-y % change -0.2 -14.3 19.6 34.2 18.9 21.3 17.6 20.4 34.2
Unit value index index 111.7 111.1 115.5 121.7 114.2 115.0 115.5 116.9 121.7
y-on-y % change 8.1 -0.5 4.0 6.6 3.0 4.1 4.3 4.2 6.6
Quantum index index 105.5 90.9 104.6 118.7 94.2 100.1 108.2 115.7 118.7
y-on-y % change -7.6 -13.8 15.1 26.0 15.3 16.5 12.7 15.5 26.0
3. Terms of trade index c index 93.5 93.7 93.1 94.2 94.0 91.6 92.1 95.0 94.2
y-on-y % change -2.8 0.2 -0.6 0.2 0.8 -0.5 -2.4 -0.4 0.2
a Trade balance = Total exports - Total imports.
b Exports / Imports ratio = Total exports / Total imports × 100.
c Terms of trade index = Unit value index of exports / Unit value index of imports × 100.
2008 2009 2010
II. EXTERNAL MERCHANDISE TRADE
2. PRINCIPAL STATISTICS ON EXPORTS
2011 2010 2010 2010 2010 2011 Structure
Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)
Total exports MOP million 16 025.4 7 672.5 6 960.0 1 626.1 1 822.2 1 810.3 1 653.6 1 673.9 1 626.1 100.0
y-on-y % change -21.6 -52.1 -9.3 -10.8 -9.6 -3.8 -11.7 -11.9 -10.8
1. Destination
USA MOP million 6 399.2 1 308.3 782.1 152.7 207.6 177.1 241.5 155.9 152.7 9.4
y-on-y % change -22.8 -79.6 -40.2 -26.4 -58.8 -42.4 -18.5 -22.3 -26.4
European Union MOP million 1 591.1 631.3 409.4 98.1 95.5 105.3 105.5 103.1 98.1 6.0
y-on-y % change -57.3 -60.3 -35.2 2.7 -48.2 -46.0 -22.9 -10.5 2.7
Mainland China MOP million 1 968.2 1 117.5 1 102.4 232.5 268.5 315.9 257.6 260.3 232.5 14.3
y-on-y % change -35.1 -43.2 -1.4 -13.4 -7.6 8.4 -1.9 -4.6 -13.4
Hong Kong MOP million 3 162.7 3 014.6 3 002.6 733.6 836.8 803.7 620.6 741.5 733.6 45.1
y-on-y % change 18.3 -4.7 -0.4 -12.3 24.2 14.3 -20.2 -13.7 -12.3
Taiwan, China MOP million 217.6 160.7 175.9 30.2 54.3 57.3 35.5 28.8 30.2 1.9
y-on-y % change -14.6 -26.2 9.5 -44.3 40.5 49.4 5.5 -42.4 -44.3
Japan MOP million 212.9 105.7 109.5 26.0 24.7 24.6 30.5 29.7 26.0 1.6
y-on-y % change -8.6 -50.3 3.5 5.4 6.7 27.4 0# -9.4 5.4
Vietnam MOP million 170.0 178.3 188.2 37.2 44.6 47.9 41.4 54.4 37.2 2.3
y-on-y % change 26.8 4.8 5.6 -16.5 8.0 12.4 -9.2 11.4 -16.5
2. Type of goods
Garment and textile MOP million 9 145.2 2 469.9 1 627.3 337.2 381.2 395.0 467.1 384.0 337.2 20.7
products y-on-y % change -31.7 -73.0 -34.1 -11.5 -55.5 -39.3 -15.3 -6.8 -11.5
Garment MOP million 8 419.7 2 101.9 1 314.3 272.2 328.4 308.9 366.8 310.1 272.2 16.7
y-on-y % change -29.6 -75.0 -37.5 -17.1 -57.1 -41.6 -20.3 -10.5 -17.1
Knitted or MOP million 4 974.3 1 282.6 755.1 141.5 198.8 178.3 208.3 169.8 141.5 8.7
crocheted y-on-y % change -35.4 -74.2 -41.1 -28.8 -58.5 -43.3 -24.1 -21.0 -28.8
Not knitted or MOP million 3 445.5 819.3 559.1 130.8 129.7 130.6 158.5 140.3 130.8 8.0
crocheted y-on-y % change -19.2 -76.2 -31.8 0.9 -54.9 -39.1 -14.7 6.8 0.9
Textile products MOP million 725.4 368.0 313.0 65.0 52.8 86.1 100.2 73.9 65.0 4.0
y-on-y % change -49.3 -49.3 -14.9 23.2 -41.5 -29.1 10.2 12.8 23.2
Machines and apparatus, parts MOP million 1 203.5 626.2 449.0 116.2 122.3 105.1 107.5 114.0 116.2 7.1 and accessories thereof y-on-y % change -45.2 -48.0 -28.3 -5.0 -35.7 -29.8 2.6 -37.1 -5.0
Tobacco and wine MOP million 361.4 318.6 470.3 138.7 85.2 91.8 113.3 180.0 138.7 8.5
y-on-y % change 33.3 -11.8 47.6 62.8 18.0 20.9 28.9 118.0 62.8
Clocks and watches MOP million 91.2 312.2 352.3 98.4 67.6 165.0 68.3 51.4 98.4 6.1
y-on-y % change 80.8 242.3 12.8 45.6 27.6 162.6 -17.7 -54.7 45.6
Jewellery MOP million 679.8 753.7 736.8 113.6 294.7 240.8 74.0 127.2 113.6 7.0
y-on-y % change 74.9 10.9 -2.2 -61.4 108.9 31.0 -68.2 -35.0 -61.4
Copper and articles thereof MOP million 375.1 266.2 374.1 103.2 98.1 96.8 89.1 90.1 103.2 6.3
y-on-y % change -15.9 -29.0 40.5 5.2 150.8 70.7 10.5 0.4 5.2
Others MOP million 4 169.3 2 925.8 2 950.2 718.8 773.2 715.7 734.3 727.1 718.8 44.2
y-on-y % change 13.1 -29.8 0.8 -7.0 16.3 1.8 0.3 -11.9 -7.0
2008 2009 2010
II. EXTERNAL MERCHANDISE TRADE
3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS
2011 2010 2010 2010 2010 2011 Structure
Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)
Domestic exports MOP million 9 582.3 2 971.1 2 389.8 566.1 562.4 570.7 628.8 627.9 566.1 100.0
y-on-y % change -29.1 -69.0 -19.6 0.7 -39.8 -24.2 -11.4 9.1 0.7
1. Destination
USA MOP million 6 334.4 1 265.3 713.7 134.1 194.6 163.8 209.3 146.1 134.1 23.7
y-on-y % change -22.8 -80.0 -43.6 -31.1 -60.6 -44.3 -26.6 -24.1 -31.1
European Union MOP million 1 528.6 609.5 398.4 95.7 91.4 102.8 103.1 101.0 95.7 16.9
y-on-y % change -56.2 -60.1 -34.6 4.6 -49.6 -46.0 -21.4 -5.4 4.6
Mainland China MOP million 222.7 189.6 251.3 63.5 50.2 72.0 62.6 66.5 63.5 11.2
y-on-y % change -15.9 -14.9 32.5 26.5 42.0 38.9 15.7 37.6 26.5
Hong Kong MOP million 524.4 348.0 485.1 142.8 104.5 84.7 105.7 190.2 142.8 25.2
y-on-y % change -12.4 -33.6 39.4 36.6 41.0 23.4 6.6 79.4 36.6
Taiwan, China MOP million 124.4 46.8 53.7 19.9 11.1 17.9 14.4 10.3 19.9 3.5
y-on-y % change -0.4 -62.4 14.8 78.2 -14.0 47.3 7.8 23.7 78.2
Japan MOP million 141.0 87.3 94.9 23.7 22.2 21.8 25.2 25.8 23.7 4.2
y-on-y % change -11.0 -38.1 8.8 6.7 36.3 32.3 -6.5 -6.5 6.7
Vietnam MOP million 141.3 155.9 144.3 36.3 38.5 41.1 37.6 27.2 36.3 6.4
y-on-y % change 6.8 10.4 -7.4 -5.5 18.1 3.8 -10.1 -35.1 -5.5
2. Type of goods
Garment MOP million 8 187.4 1 971.1 1 169.0 229.5 292.4 282.7 326.2 267.7 229.5 40.5
y-on-y % change -30.3 -75.9 -40.7 -21.5 -59.7 -44.4 -23.7 -13.8 -21.5
Knitted or MOP million 4 810.1 1 219.6 694.5 124.3 184.1 165.5 192.0 152.9 124.3 22.0 crocheted y-on-y % change -36.5 -74.6 -43.1 -32.4 -59.6 -45.7 -25.8 -23.4 -32.4
Not knitted or MOP million 3 377.3 751.4 474.5 105.1 108.4 117.2 134.2 114.8 105.1 18.6 crocheted y-on-y % change -19.3 -77.8 -36.9 -3.0 -59.7 -42.4 -20.3 3.6 -3.0
Tobacco and wine MOP million 236.3 252.2 277.7 87.2 61.7 65.5 68.9 81.6 87.2 15.4
y-on-y % change 8.6 6.7 10.1 41.3 9.9 0.2 1.6 29.8 41.3
Others MOP million 1 158.7 747.8 943.1 249.4 208.2 222.4 233.8 278.7 249.4 44.1
y-on-y % change -24.9 -35.5 26.1 19.8 36.6 24.5 9.0 37.7 19.8
2008 2009 2010
