MACAO ECONOMIC BULLETIN

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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.

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Quarter

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Editor: DSEC Macao,January 2018

Typesetting and design: DSEC Printing: DSEC

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THE WORLD ECONOMY

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In the third quarter of 2017, the global economy continued to maintain relatively strong growth momentum. The economic growth of the US was steady and the economies of the Euro area and Japan continued to improve; the outlook for the global economy was benign.

Nevertheless, there were still factors that affect the economic growth, such as the expectation for an interest-rate hike and the gradual reduction of the balance sheet in the US, the Brexit negotiations, trade protectionism and the rising geopolitical tensions in Northeast Asia. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in October 2017 indicated that the global upswing in economic activity was strengthening; economic growth in advanced economies accelerated in general whereas prospects for medium-term growth were dim. Growth in emerging market and developing economies is expected to rise this year and next. Despite the short-term risks around the global growth to be broadly balanced, medium-term risks remain skewed to the downside.

The global economic growth projections for 2017 and 2018 were revised upwards by 0.1 percentage point as compared to July, at 3.6% and 3.7% respectively.

Economic growth in the US economy was steady in the third quarter, with Gross Domestic Product (GDP) rising by 2.3% year-on-year and 3.3% quarter-to-quarter. Private consumption expenditure was still the major impetus for economic growth, contributing 1.6 percentage points to the increase. Inventory and fixed investment added 0.8 and 0.4 percentage points to the growth respectively. Moreover, exports and government expenditure also contributed 0.3 and 0.1 percentage points respectively. Economic growth was steady whereas the unemployment rate edged up by 0.2 percentage points quarter-to-quarter to 4.4%; the seasonally adjusted unemployment rate was 4.3%.

Economies of Germany and France improved, and the economy of the Euro area continued to grow. GDP of the Euro area in the third quarter expanded by 2.6%

year-on-year and 0.6% quarter-to-quarter. Final consumption expenditure of households and non-profit institutions, and gross fixed capital formation each contributed 0.2 percentage points to the growth; inventory also added 0.1 percentage point while government final consumption expenditure and imports and exports failed to contribute to the increase as they offset each other. Economic growth accelerated and the unemployment rate dropped by 0.3 percentage points quarter-to-quarter to 8.7%.

The UK economy continued to be affected by the Brexit uncertainty, with the GDP in the third quarter growing by 1.5% year-on-year and 0.4% quarter-to-quarter. Economic growth, underpinned by the manufacturing and service industries, expanded by 1.1% and

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remained modest, and the unemployment rate inched down by 0.1 percentage point from the previous quarter to 4.3%.

Economy in the Asian region maintained the upward momentum. The WEO of IMF for October 2017 indicated that the ASEAN-5 economies^a are projected to grow by 5.2% in 2017, which is 0.1 percentage point higher than its forecast in July 2017. The projected economic growth for the Middle East, North Africa, Afghanistan and Pakistan stayed the same at 2.6%; the projection for China increased by 0.1 percentage point to 6.8% while that for India decreased by 0.5 percentage points to 6.7%.

The economy of Japan continued to grow, with the third quarter GDP rising by 1.7%

year-on-year and 0.3% quarter-to-quarter. Net exports was the major impetus for economic growth, contributing 0.5 percentage points to the increase. However, domestic demand weakened, dragging down the growth by 0.2 percentage points. Employment situation remained stable amid continuous economic growth; the unemployment rate edged down by 0.1 percentage point to 2.8%; the seasonally adjusted unemployment rate was also 2.8%.

The third quarter GDP of the Republic of Korea increased by 3.6% year-on-year and 1.4% quarter-to-quarter due to the outstanding performance of exports. Exports and final consumption expenditure added 2.5 and 0.7 percentage points respectively to the growth;

however, gross capital formation lowered the growth rate by 0.2 percentage points. The unemployment rate dropped by 0.4 percentage points from the previous quarter to 3.5%

amid the pickup in economic growth.

Mainland China showed steady economic progress with positive economic outlook, with the GDP for the third quarter expanding by 6.8% year-on-year, down slightly by 0.1 percentage point quarter-to-quarter. In the first three quarters of 2017, value added of the above-scale industries increased by 6.7% year-on-year, up by 0.7 percentage points from the same period of the previous year. Fixed asset investment grew by 7.5% year-on-year, a decrease of 0.7 percentage points. Retail sales of consumer goods went up by 10.4%

year-on-year, the same as in the corresponding period of the preceding year, with sales of furniture, construction & decoration materials, and Chinese and Western medicines rising by 13.3%, 12.6% and 12.4% respectively. As regards external trade, total value of external trade for the first three quarters of 2017 grew by 11.7% year-on-year and the trade surplus amounted to USD 296.6 billion. Inflation rose slightly, with the Consumer Price Index (CPI) for the third quarter increasing by 1.5%, and that for September rising by 1.6%

year-on-year.

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The Hong Kong economy continued to expand in the third quarter, up by 3.6%

year-on-year and 0.5% quarter-to-quarter. Domestic demand stayed sound. Private consumption expenditure and government consumption expenditure increased by 6.7%

and 4.1% respectively year-on-year, whereas gross fixed capital formation dropped by 1.7%. Exports of goods and exports of services continued to strengthen, rising by 5.5%

and 3.7% respectively year-on-year. The unemployment rate held stable as in the previous quarter at 3.2% amid satisfactory economic performance, and the seasonally adjusted rate was 3.1%.

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2017, the economy of Macao expanded by 6.1% year-on-year in real terms, lower than the 10.8% growth in the previous quarter, on account of a higher base of comparison in the third quarter of 2016. For external demand, exports of services rose by 14.6% year-on-year, of which exports of gaming services and exports of other tourism services grew by 18.4% and 9.4% respectively. Moreover, exports of goods went up by 18.9%. Domestic demand slackened, with gross fixed capital formation decreasing significantly by 25.1% year-on-year.

The following highlights year-on-year comparisons of major segments of the local economy in the third quarter of 2017:

1. Total external merchandise trade (exports plus imports) increased by 5.8%, with total merchandise exports and total merchandise imports rising by 12.0% and 4.9%

respectively; visible trade deficit amounted to MOP16.45 billion.

2. Exports of gaming and tourism services continued to rise. Total exports of services expanded by 14.6% year-on-year in real terms due to increases in gross gaming revenue (+21.7%), visitor arrivals (+2.1%) and total spending of visitors (+8.8%).

Exports of gaming services and exports of other tourism services rose by 18.4% and 9.4% respectively. Imports of services also went up by 12.2%.

3. Private consumption expenditure edged up and inflation remained low. Labour market was stable, with an unemployment rate of 2.0%; median monthly employment earnings remained unchanged. Non-resident workers decreased by 2.0%

year-on-year. Private consumption expenditure rose by 0.5% while government final consumption expenditure dropped by 0.7% year-on-year. The Composite Consumer Price Index (Composite CPI) grew by 1.3%, with moderate price increase and modest growth in inflation.

4. Investment declined. Private investment decreased by 32.2%, of which construction investment and equipment investment dropped by 35.7% and 4.5% respectively.

Meanwhile, public investment went up by 79.0%. Number of newly incorporated companies increased by 163 whereas the value of registered capital fell by 6.4%.

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down by 4.8% quarter-to-quarter.

6. Public finance remained sound and recorded a fiscal surplus. Total government revenue and expenditure amounted to MOP30.64 billion and MOP15.19 billion respectively in the third quarter. A fiscal surplus of MOP15.45 billion was registered owing to a 24.7% rise in tax revenue from gaming.

II. Major Segments of the Economy

A. External Merchandise Trade

Overview

External merchandise trade of Macao increased by 5.8% from MOP21.10 billion in the third quarter of 2016 to MOP22.33 billion in the same quarter of 2017. Merchandise imports rose by 4.9% to MOP19.39 billion, and merchandise exports went up by 12.0% to MOP2.94 billion. The exports-imports ratio grew by 1.0 percentage point year-on-year to 15.2%. Merchandise trade deficit expanded from MOP15.86 billion in the third quarter of 2016 to MOP16.45 billion.

Total Exports

Total merchandise exports increased by 12.0% year-on-year in the third quarter of 2017, with domestic exports declining by 29.2% while re-exports rising by 25.4%.

Analysed by destination, merchandise exports to Taiwan (MOP12.4 million), Mainland China (MOP709.9 million), Hong Kong (MOP1.52 billion) and the USA (MOP39.4 million) increased by 75.7%, 59.9%, 16.6% and 12.3% respectively. On the other hand, exports to Japan (MOP37.9 million), Singapore (MOP12.1 million) and the EU (MOP41.9 million) decreased by 55.8%, 15.6% and 12.0% respectively.

Exports of machines, apparatus & parts, the leading export commodity, surged by 146.0% to MOP403.8 million, accounting for 13.7% of the total exports. Exports of textiles

& garments products, diamond & diamond jewellery, electronic components, other products, copper & articles thereof and watches rose by 114.2%, 60.6%, 59.2%, 6.5%, 1.8% and 0.2% respectively. Meanwhile, exports of tobacco & wine fell by 35.4%.

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Domestic Exports

Domestic exports amounted to MOP455.2 million (15.5% of total exports), down by 29.2% year-on-year but up by 2.7% quarter-to-quarter. Hong Kong remained the largest market of Macao’s domestic exports (43.8% of total domestic exports), and the value of exports increased by 33.0% year-on-year. Domestic exports to the USA grew by 26.7%

whereas those to the EU went down by 8.5%. Analysed by types of commodities, exports of garments (3.7% of total domestic exports) rose by 149.0%, of which exports to the USA (37.3% of total domestic exports of garments) surged by 1,597.4% and those to the EU (21.2%) went up by 8.1%. Meanwhile, exports of tobacco & wine (16.7% of total domestic exports) decreased by 35.9% and exports of other products (79.5%) fell by 30.0%.

Domestic exports to Mainland China dropped by 12.4% to MOP79.0 million (17.3% of total domestic exports), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) decreased by 7.6% to MOP21.9 million, consisting mainly of copper-clad boards (78.6% of total) and stamps (6.8%). The amount of tariff saved totalled MOP1.2 million.

In addition, results of the Industrial Exports Survey for the third quarter of 2017 indicated that the average length of time of orders on hand of the interviewed manufacturers was 2.5 months, down by 4.0% from 2.6 months in the same quarter of

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substantial increase and 0.9% expecting a modest rise; 13.2% expected less promising prospects of exports, up by 8.2 percentage points quarter-to-quarter and 3.1 percentage points year-on-year; 80.5% expected the outlook of exports to remain stagnant, down by 1.5 percentage points quarter-to-quarter but up by 9.1 percentage points year-on-year.

The findings showed that the manufacturers generally took a wait-and-see attitude towards the outlook of exports.

Re-exports

Total value of re-exports rose by 25.4% to MOP2.48 billion (84.5% of total exports) in the third quarter of 2017. Hong Kong was the largest market of Macao’s re-exports (53.3%

of total re-exports), followed by Mainland China (25.4%). Value of re-exports to Hong Kong and Mainland China increased by 14.5% and 78.4% respectively. In terms of the types of commodities, re-exports of consumer goods (55.8% of total re-exports), raw materials &

semi-manufactures (3.8%) and other products (40.4%) went up by 30.0%, 23.4% and 19.7% respectively.

Imports

Total value of merchandise imports increased by 4.9% year-on-year to MOP19.39 billion in the third quarter of 2017. Mainland China was the main supplier of goods imported to Macao (32.8% of total imports), and the value of imports fell by 2.8% to MOP6.35 billion. As regards other places of origin, value of imports from Japan (7.1%), the USA (4.8%), Hong Kong (8.8%), Taiwan (1.8%) and the EU (25.9%) expanded by 22.9%, 14.7%, 12.6%, 8.8% and 8.3% respectively, whereas that from Switzerland (7.4%) dropped by 10.8%.

Regarding the types of commodities, imports of capital goods (14.6% of total imports) decreased by 3.9%. Meanwhile, imports of consumer goods (65.9%), fuels & lubricants (9.6%) and raw materials & semi-manufactures (9.9%) rose by 7.6%, 5.1% and 1.9%

respectively.

Imports of consumer goods increased, with imports of handbags & wallets (4.9% of total), motor cars & motorcycles (2.2%), gold jewellery (9.0%), other consumer goods (18.5%), food & beverages (15.7%) and clothing & footwear (8.6%) rising by 46.7%, 34.6%, 9.8%, 7.0%, 3.4% and 1.6% respectively. Meanwhile, imports of watches (6.9%) fell by 2.4%.

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B. Gaming, Tourism and MICE

Exports of gaming services rose by 18.4% in real terms on account of a growth in gross gaming revenue. Moreover, exports of other tourism services increased by 9.4% in real terms and total visitor spending rose by 8.8%, together driving up the exports of services by 14.6%. As regards MICE events, a total of 304 meetings/conferences and exhibitions were held, attracting 580,835 participants and attendees.

Gaming

Gross gaming revenue amounted to MOP67.21 billion in the third quarter of 2017, up by 21.7% year-on-year. Gross revenue of game of chance, which took up 99.7% of the total, increased by 21.8% to MOP67.00 billion, of which VIP Baccarat revenue rose by 35.0% to account for 58%. Gross revenue of the mass market also registered growth, but the growth was smaller than that of VIP Baccarat. Meanwhile, gross revenue of pari-mutuels and lotteries went down by 1.9% to MOP211.1 million.

There were 40 casinos operating in the third quarter of 2017, up by 2 year-on-year and 1 quarter-to-quarter. Number of gaming tables totalled 6,449, up by 2.3% year-on-year and 0.6% quarter-to-quarter; slot machines totalled 16,310, up by 3.4% year-on-year and 0.7% quarter-to-quarter.

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Visitor Arrivals

Visitor arrivals went up by 2.1% year-on-year to 8,270,736 in the third quarter of 2017, with Mainland visitors rising by 6.6% to 5,754,770. Mainland visitors travelling to Macao under the Individual Visit Scheme (IVS) rose by 5.2% to 2,709,148, constituting 47.1% of the total visitors from Mainland China. Visitors from the Republic of Korea and Japan went up by 27.8% and 7.7% respectively year-on-year, but those from Hong Kong went down by 11.3%. Overnight visitors grew by 7.0% year-on-year to 4,539,233, accounting for 54.9% of the total, an increase of 2.5 percentage points from a year earlier; meanwhile, same-day visitors dropped by 3.3% to 3,731,503. The average length of stay of visitors climbed by 0.1 day to 1.3 days. Package tour visitors increased by 12.8% to 2,248,997.

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Hotels and Guesthouses

There were 107 hotels and guesthouses operating in Macao at the end of the third quarter of 2017, remaining unchanged year-on-year and quarter-to-quarter. A total of 36,752 guest rooms were available, up by 506 (+1.4%) year-on-year; five-star hotel rooms accounted for 60.6% of the total supply. Number of guests checking into hotels and guesthouses rose by 6.6% to 3,353,481, taking up 69.5% of the total overnight visitors.

The average occupancy rate of hotels and guesthouses grew by 1.1 percentage points year-on-year to 88.1%. The average length of stay of guests rose by 0.1 night year-on-year to 1.5 nights.

Visitor Spending

Total spending of visitors amounted to MOP15.93 billion, up by 8.8% year-on-year.

Total spending of overnight and same-day visitors increased by 9.0% and 8.2%

respectively year-on-year.

Per-capita spending of visitors was MOP1,926, up by 6.7% year-on-year. Per-capita spending of overnight visitors rose by 1.9% to MOP2,862, and that of same-day visitors went up by 12.0% to MOP788. Mainland visitors spent an average of MOP2,197, up by 4.6%, with IVS visitors spending MOP2,586, up by 11.8%. Per-capita spending of visitors from Japan (MOP1,932), Singapore (MOP2,104) and Malaysia (MOP1,818) grew by 10.4%, 10.1% and 4.8% respectively. Visitors from Australia had relatively high per-capita spending among the long-haul visitors, at MOP1,646.

Analysed by structure of spending, visitors spent mainly on Shopping (46.4%), Accommodation (26.6%) and Food & Beverage (19.3%). Per-capita shopping spending went up by 14.2% year-on-year, of which spending on Cosmetics & Perfume had the highest increase of 72.7%, followed by that on Local Food Products with a rise of 16.8%.

Local Food Products and Cosmetics & Perfume accounted for relatively large shares of shopping spending, at 29.5% and 26.0% respectively.

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MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 304 MICE events were held in the third quarter of 2017, drawing 580,835 participants and attendees. Among them, there were 279 meetings and conferences, up by 8.6% year-on-year, and number of participants rose by 33.9% to 59,911; meetings and conferences with a duration of 4 hours or more totalled 183, with 51,005 participants.

Concurrently, 15 exhibitions were held, down by 11.8% year-on-year; number of exhibition attendees declined by 12.9% to 502,620.

C. Consumption and Prices

Private Consumption

Private consumption expenditure increased by 0.5% in real terms, with household final consumption expenditure in the domestic market and abroad rising by 0.7% and 1.8%

respectively; meanwhile, consumption of durable goods weakened, down by 9.7%.

Retail Sales

Value of retail sales totalled MOP16.18 billion, up by 14.9% year-on-year and 11.1%

quarter-to-quarter. Value of retail sales of Communication equipment (2.2% of total) registered a notable year-on-year increase of 30.6%. Moreover, value of retail sales of Watches, clocks & jewellery, Leather goods, Adults’ clothing and Goods in department stores grew by 23.2%, 21.7%, 20.4% and 17.3% respectively year-on-year, whereas retail sales of Automotive fuels (2.1%) and Goods in pharmacies (2.7%) decreased by 4.9% and

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5.5% respectively.

After removing the effect of prices, volume of retail sales rose by 16.2% year-on-year, with marked increases being observed in the sales volume of Communication equipment (40.5% of total), Watches, clocks & jewellery (29.5%) and Adults’ clothing (21.8%). Volume of retail sales also grew by 11.8% quarter-to-quarter, of which sales volume of Adults’

clothing (21.3%) recorded a significant growth, but that of Goods in pharmacies went down by 6.1%.

Prices

The average Composite CPI rose by 1.3% year-on-year, slightly higher than the 0.9%

growth in the previous quarter. Inflation edged up with moderate growth in prices. A higher increase was observed in the price indices of Education (+6.4%), Health (+5.3%) and Clothing & footwear (+2.9%). In addition, implicit deflator of GDP that measures changes in overall prices went up by 2.8% year-on-year.

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D. Employment

The general labour force participation rate decreased by 0.2 percentage points quarter-to-quarter to 71.0% in the third quarter; the labour force participation rate of local residents was 65.1%, down by 0.1 percentage point quarter-to-quarter. Economically active population (labour force) totalled 388,900, with an employed population of 381,200, down by 3.2% and 3.3% respectively year-on-year, on account of a decrease in employed population in Construction, Hotels and Restaurants & Similar Activities. Employment in Recreational, Cultural, Gaming & Other Services reached 93,600, of which 80,900 were working in Gaming & Junket Activities, accounting for 21.2% of the total employment.

Employment in Domestic Works and Financial Intermediation saw notable growth, up by 5.5% and 4.5% respectively. Non-resident workers decreased by 2.0% year-on-year to 176,666 at the end of the quarter, with 28.4% working in Hotels, Restaurants & Similar Activities and 17.4% in Construction.

Job market remained stable. The general unemployment rate was 2.0%, up slightly by 0.1 percentage point year-on-year and staying stable from the previous quarter; the unemployment rate of local residents was 2.7%, up slightly by 0.1 percentage point year-on-year and remaining unchanged quarter-to-quarter. The underemployment rate was 0.6%. Total number of unemployed was about 7,700, with 14.8% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged of the unemployed, 28.9% had worked in Recreational, Cultural, Gaming & Other Services and 19.7% in Construction. In terms of educational attainment, 31.9% had tertiary education, 29.2% had junior secondary education and 22.3% had senior secondary education.

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Median monthly employment earnings of the employed held stable year-on-year and quarter-to-quarter, at MOP15,000. Median earnings of the employed residents rose by 5.6% year-on-year and quarter-to-quarter to MOP19,000. Analysed by industry, median employment earnings in Manufacturing logged the highest year-on-year increase of 16.5%.

For Gaming & Junket Activities that accounted for the largest share of total employment, median employment earnings grew by 1.6% year-on-year.

E. Investment

Investment in Construction and Equipment

Overall investment decreased by 25.1% year-on-year, of which construction investment dropped by 28.6% in real terms while equipment investment grew by 2.9% in real terms. Investment by the private sector declined by 32.2% while that by the public sector rose by 79.0%.

For the investment by the private sector, number of units and gross floor area of building with licence of use issued in the third quarter soared by 305.9% and 336.7%

respectively year-on-year; meanwhile, number of units and gross floor area of building with construction permit issued decreased by 99.4% and 98.6% respectively. Construction

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As regards investment by the public sector, construction investment and equipment investment increased by 77.0% and 91.4% respectively in the third quarter.

Transactions on Real Estate

Real estate transactions in the third quarter slid as compared with the previous quarter, with 2,818 building units and parking spaces being purchased and sold, down by 38.6% quarter-to-quarter; total value of transactions decreased by 48.1%

quarter-to-quarter to MOP15.62 billion.

A total of 2,088 residential units (comprising 251 pre-sale units and 1,837 existing units) were purchased and sold at MOP12.41 billion in the third quarter, accounting for 74.1% and 79.4% of the respective total.

As regards status of the buyers, 2,714 units (96.3% of total) were purchased by Macao residents; value of transactions amounted to MOP14.74 billion, comprising 94.3%

of the total value. Meanwhile, 90 units were purchased by non-residents, and the value amounted to MOP798.3 million.

The average transaction price of residential units decreased by 4.8%

quarter-to-quarter to MOP99,276 per square metre of usable area in the third quarter. The average price of those in the Macao Peninsula went up by 3.3% quarter-to-quarter to MOP93,334 per square metre, whereas the average price of those in Taipa dropped by 8.5% to MOP110,247 per square metre. The average price of office units increased by 4.6% quarter-to-quarter to MOP120,763 per square metre. Moreover, the average price of

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industrial units rose by 13.6% quarter-to-quarter to MOP57,746 per square metre.

Business Investment

Number of newly incorporated companies increased by 163 year-on-year to 1,250 in the third quarter; meanwhile, total value of registered capital fell by 6.4% to MOP116.0 million. Among the new companies, 38.9% were operating in Wholesale & Retail Trade, 20.6% in Business Services and 14.3% in Construction. In terms of registered capital, Wholesale & Retail Trade predominated at 35.1% of the total, while Business Services and Real Estate accounted for 14.6% and 13.2% respectively. As regards origin of capital, capital from Macao constituted 58.8% of the total, at MOP68.2 million, and that from Mainland China and Hong Kong took up 19.1% and 17.3% respectively.

Number of companies in dissolution totalled 160 in the third quarter, down by 3 year-on-year, with 70 engaging in Wholesale & Retail Trade (43.8% of total), 32 in Business Services (20.0%), 20 in Construction (12.5%) and 12 in Real Estate (7.5%).

F. Public Accounts

In the third quarter of 2017, total government revenue rose by 17.2% to MOP30.64 billion owing to an increase in direct taxes, of which tax revenue from gaming grew by

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MOP15.45 billion in the third quarter, higher than the MOP4.18 billion surplus in the same quarter of 2016.

G. Money and Finance

At the end of September 2017, narrow money supply M1 went up by 1.9%

year-on-year, of which currency in circulation increased by 10.3% whereas demand deposits inched down by 0.3%. Moreover, broad money supply M2 (including M1 and quasi-monetary liabilities) rose by 12.2%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 grew by 1.9 percentage points year-on-year to 57.2%, and its share in M2 climbed by 0.6 percentage points to 31.7%. Besides, the shares of the Hong Kong dollar, the Chinese renminbi and the US dollar in M2 were 53.2%, 4.2% and 8.9%

respectively.

Resident deposits increased by 12.3% year-on-year to MOP552.98 billion. In terms of type of currency, the shares of the MOP, the Hong Kong dollar, the Chinese renminbi and the US dollar were 29.9% (MOP165.31 billion), 54.6% (MOP301.98 billion), 4.3%

(MOP23.87 billion) and 9.2% (MOP50.63 billion) respectively. Meanwhile, public sector deposits with the banking sector grew by 16.9% to MOP188.31 billion.

Domestic loans extended to the private sector rose by 6.9% year-on-year to MOP440.98 billion, of which the outstanding value of credit to individuals for housing loans went up by 7.5% to MOP146.53 billion. Within domestic loans to the private sector, those denominated in the MOP and the Hong Kong dollar accounted for 29.9% and 64.7%

respectively, and valued at MOP131.75 billion and MOP285.17 billion.

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The loan-to-deposit ratio of the banking sector for residents was 59.5%, down by 3.6 percentage points from a year earlier, while that for both resident and non-resident sectors increased by 4.3 percentage points to 88.1%.

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 third quarter, the US Federal Reserve maintained the range for the Fed funds rate at 1.00% - 1.25%; meanwhile, the Base Rate of the Monetary Authority of Macao held stable at 1.50%.

In terms of exchange rates, changes in exchange rates of the MOP basically reflect changes in those of the US dollar. In the third quarter of 2017, the exchange rates of the MOP against major currencies exhibited a mixed performance. The average exchange rates of the MOP against the Japanese yen, the Malaysian ringgit and the South Korean won went up year-on-year by 7.6%, 4.5% and 0.3% respectively, while the rates against the euro, the New Taiwan dollar and the Australian dollar went down by 5.7%, 5.3% and 4.7% respectively. The effective exchange rate index for the MOP, a gauge of exchange rates of the MOP against currencies of Macao’s major trading partners, fell by 1.36 points year-on-year to 104.52 in the third quarter.

H. Other Economic Indicators

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containerised cargo by land (3,232 tonnes) and seaborne containerised cargo (38,633 tonnes) decreased by 40.5% and 1.4% respectively.

As regards local transport, new registration of motor vehicles increased by 41.4%, with that of motorcycles and automobiles rising by 57.7% and 15.6% respectively. At the end of September 2017, number of licensed motor vehicles dropped by 3.0% to 241,441, comprising 115,080 automobiles and 125,950 motorcycles.

At the end of September 2017, number of Internet subscribers grew by 8.7% to 388,200; total duration of internet usage reached 313.0 million hours in the third quarter, up by 8.7% year-on-year; mobile phone subscribers rose by 9.3% to 2,071,997;

meanwhile, number of fixed telephone lines dropped by 5.3% to 133,527.

Water and Energy Consumption

Consumption of electricity increased by 4.1% to 1.68 billion kWh in the third quarter, and that of water rose by 1.3% to 23.2 million cubic metres. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) totalled 101.0 million litres, up by 3.3%;

meanwhile, consumption of liquefied petroleum gas (LPG) decreased by 3.8% to 9,031 tonnes; consumption of natural gas totalled 57.8 million cubic metres.

III. Concluding Remarks

In the third quarter of 2017, the economic growth of Macao slowed down to 6.1%

year-on-year in real terms due to the high base of comparison in the same quarter of 2016.

In the first three quarters of 2017, the economy grew by 9.3% year-on-year in real terms.

Looking ahead to the fourth quarter of 2017, private consumption and government final consumption expenditure are expected to remain stable; domestic demand is predicted to weaken as investment will continue to decrease on account of the successive completion of large-scale tourism and entertainment facilities. As regards external demand, exports of services is anticipated to remain on the rise in the fourth quarter, attributable to the 6.1% growth in merchandise exports and the 7.9% increase in visitor arrivals in October, as well as a year-on-year growth of 22.2% in gross gaming revenue in October and November. Taking into consideration these factors, the economy of Macao in the fourth quarter of 2017 is expected to maintain continued growth, yet at a slower pace similar to that in the third quarter, which is due to the weakened domestic demand and a higher base of comparison in the fourth quarter of 2016.

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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.

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2016 2016 2017 2017 2017

Q3 Q4 Q1 Q2 Q3

USA

　Gross Domestic Product 2.6 2.9 1.5 1.5 1.8 2.0 2.2 2.3

　Exports of goods 2.6 -7.3 -3.5 -2.4 1.9 7.5 6.0^r 5.0

　Imports of goods 3.9 -4.6 -2.7 -2.3 1.8 7.3 7.2^r 4.8

　Consumer Price Index 1.6 0.1 1.3 1.1 1.8 2.5 1.9 2.0

　Unemployment rate 6.2 5.3 4.9 5.0 4.5 4.9 4.2 4.4

Euro area ^a

　Gross Domestic Product 1.3 2.1^r 1.8 1.7 1.9 2.1^r 2.4^r 2.6

　Exports of goods 2.3 5.3 0.3 -0.1^r 2.3 10.9 5.3^r 6.1

　Imports of goods 0.7 2.6 -1.2^r -1.6^r 2.5^r 13.8 9.7^r 7.6

　Consumer Price Index 0.4 - 0.2 0.3 0.7 1.8 1.5 1.4

Germany

　Gross Domestic Product 1.9 1.7 1.9 1.7 1.3 3.4^r 1.0^r 2.3

　Exports of goods 3.3 6.2 0.9^r -0.8^r 1.9^r 8.6^r 3.8 6.6

　Imports of goods 2.2 4.3 0.6 -1.1^r 3.0^r 10.1 8.3 7.7

France

　Gross Domestic Product 1.0 1.0 1.1 0.9 1.2 1.1 1.8^r 2.2

　Exports of goods 0.3 3.9 -0.5 -0.7^r 2.3 1.7 5.2^r 6.4

　Imports of goods -0.6^r 0.7^r 0.4 1.8^r 2.6^r 7.5^r 7.8^r 6.9

United Kingdom

　Gross Domestic Product 3.1 2.3^r 1.8 1.8^r 1.6^r 1.8^r 1.5^r 1.5

　Exports of goods -1.6^r -2.9^r 4.6^r 5.5^r 15.7 19.4^r 15.4^r 14.3 　Imports of goods -0.4^r -3.1^r 7.4^r 14.8^r 14.3^r 15.3^r 11.9 5.9

a Consists 19 member states since 2015.

Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics

2014 2015 2016

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

%

2016 2016 2017 2017 2017

Q3 Q4 Q1 Q2 Q3

Mainland China

　Exports of goods 6.0 -3.0 -7.7 -7.0 -5.3 7.5^r 8.5^r 6.5

　Imports of goods 0.5 -14.3 -5.5 -4.4 2.7 24.2^r 14.2^r 14.3

　Consumer Price Index ^a 2.0 1.4 2.0 2.0 2.0 1.4 1.4 1.5

Hong Kong

　Exports of goods 3.2 -1.8 -0.5 -0.2 5.5 10.3 7.4 8.0

　Imports of goods 3.9 -4.1 -0.9 1.2 5.6 10.7 8.2 7.7

Taiwan

　Gross Domestic Product 4.0 0.8^r 1.4^r 2.0^r 2.8 2.6^r 2.3^r 3.1

　Exports of goods^b 2.8 -10.9 -1.8 0.1 11.7 15.1 10.2 17.5

　Imports of goods^b 1.4 -15.8 -2.8 -0.4 11.5 21.6 12.0 11.4

　Consumer Price Index 1.2 -0.3 1.4 0.7 1.8 0.8 0.6 0.8

Japan

　Gross Domestic Product 0.3 1.1 1.0 1.0^r 1.6^r 1.5 1.4^r 1.7

　Exports of goods 4.8 3.4 -7.4 -10.2 -1.9 8.5 10.5 15.1

　Imports of goods 5.7 -8.7 -15.8 -19.3 -9.3 8.6 16.2 14.5

　Consumer Price Index 2.7 0.8 -0.1 -0.5 0.3 0.3 0.4 0.6

Republic of Korea

　Exports of goods 2.3 -8.0 -5.9 -5.0 1.8 14.7 16.8^r 24.0

　Imports of goods 1.9 -16.9 -6.9 -5.1 4.1 23.9 18.2 17.5

Singapore

　Exports of goods 0.1 -6.5 -5.1 -4.5 2.1 16.9^r 8.3 10.1

　Imports of goods -1.4 -11.5 -4.7 -9.1 6.1 15.5^r 10.9^r 13.5

　Consumer Price Index 1.0 -0.5 -0.5 -0.4 - 0.6 0.8 0.4

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

2014 2015 2016

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2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)

%

2016 2016 2017 2017 2017

Q3 Q4 Q1 Q2 Q3

USA

　Exports of goods 2.6 -7.3 -3.5 3.0 -0.1 3.2 0.2 1.2

　Imports of goods 3.9 -4.6 -2.7 1.5 2.1 3.3 0.1 -0.2

　Consumer Price Index 1.6 0.1 1.3 0.4 0.8 0.8 -0.1 0.5

　Unemployment rate^a 6.2 5.3 4.9 4.9 4.7 4.7 4.4 4.3

Japan

　Gross Domestic Product 0.3 1.1 1.0 0.2^r 0.4 0.3^r 0.6^r 0.3

　Exports of goods 4.6 3.5 -7.8 -0.5^r 5.6^r 6.6^r -1.2^r 3.4

　Imports of goods 5.5 -8.6 -15.8 0.8^r 4.6^r 7.8^r 2.2^r 0.5

　Consumer Price Index 2.7 0.8 -0.1 -0.1 0.6 - -0.1 0.1

Hong Kong

　Exports of goods 3.2 -1.8 -0.5 1.0 3.8 -0.4 1.0 -

　Imports of goods 3.9 -4.1 -0.9 2.6 2.4 2.2 -1.1 0.7

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

2016 2016 2017 2017 2017

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

At current prices:

GDP (Million MOP) 442 070 362 213 362 265 92 096 101 236 94 974 95 453 100 421

GDP per capita ('000 MOP) 710.9 564.6 560.9

Chain volume measures in chained (2015) dollars:

GDP (Million MOP) 461 974 362 213 359 087 92 013 98 908 93 266 93 443 97 625

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

GDP -1.2 -21.6 -0.9 5.8 8.9 11.3 10.8 6.1

Private consumption expenditure 5.9 2.1 -1.1 0.3 -0.5 0.2 2.7 0.5

In the domestic market 6.3 1.5 -1.3 0.2 -1.5 1.2 2.4 0.7

Abroad 3.4 4.7 0.2 2.7 3.5 0.1 0.8 1.8

Government final consumption expenditure 6.4 4.2 4.4 0.6 6.8 4.0 -5.5 -0.7

Gross fixed capital formation 37.1 5.4 -11.8 5.2 1.5 12.2 -4.1 -25.1

Private sector 43.7 3.2 -12.3 6.2 6.4 5.9 -10.8 -32.2

2016

2014

2014 2015

2015^r 2016^r

MACAO ECONOMIC BULLETIN