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.

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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.!

 ʳ ʳ



Reproduction of these data is allowed provided the source is quoted.

3 r d Quarter

2 0 13

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Editor: DSEC Macao, January 2014

Typesetting and design: DSEC

Printing: DSEC

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CONTENTS

THE WORLD ECONOMY... 9

ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW... 13

II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE... 14

B. TOURISM, GAMING AND MICE ... 17

C. CONSUMPTION AND PRICES ... 19

D. EMPLOYMENT... 21

E. INVESTMENT ... 22

F. PUBLIC ACCOUNTS ... 24

G. MONEY AND FINANCE ... 24

H. OTHER ECONOMIC INDICATORS... 26

III. CONCLUDING REMARKS ... 26

TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ... 29

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON) ... 31

3. GROSS DOMESTIC PRODUCT OF MACAO ... 31

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 32

II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE... 33

2. PRINCIPAL STATISTICS ON EXPORTS ... 34

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS... 35

4. PRINCIPAL STATISTICS ON RE-EXPORTS... 36

5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS... 36

6. PRINCIPAL STATISTICS OF IMPORTS…. ... 37

7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 38

8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES... 38

III. TOURISM, GAMING AND MICE 1. INDICATORS OF THE GAMING SECTOR... 39

2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONTRIBUTION TO THE ECONOMY... 40

3. VISITOR ARRIVALS... 41

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4. HOTEL GUESTS... 42

5. SPENDING OF VISITORS ... 43

6. AVERAGE LENGTH OF STAY OF VISITORS... 44

7. MICE STATISTICS ... 45

IV. CONSUMPTION AND PRICES 1. PRICE INDICES ... 46

2. RETAIL SALES... 47

3. SALES VOLUME INDEX ... 47

V. POPULATION AND LABOUR FORCE 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 48

2. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED POPULATION ... 48

3. EMPLOYED POPULATION BY GENDER, AGE GROUP AND INDUSTRY ... 49

4. JOB VACANCIES ... 49

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 50

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 51

7. NON-RESIDENT WORKERS ... 51

VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION... 52

2. PURCHASE AND SALE OF BUILDING UNITS ... 53

3. PURCHASE AND SALE OF BUILDING UNITS BY END-USE OF UNIT AND BUYER’S STATUS ... 54

4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS, OFFICES AND INDUSTRIAL UNITS PURCHASED AND SOLD... 55

5. PUBLIC WORKS ... 55

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 56

2. PUBLIC REVENUE... 57

3. PUBLIC EXPENDITURE ... 58

4. PUBLIC INVESTMENT ... 58

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 59

2. RESIDENT DEPOSITS... 60

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 61

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4. MORTGAGE LOANS ... 61

5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 62

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 63

7. INTEREST RATES OF THE MACAO PATACA ... 63

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 64

2. TRANSPORT ... 65

3. COMMUNICATIONS ... 66

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 66

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 67

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THE WORLD ECONOMY

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The global economy continued to grow slowly in the third quarter of 2013. Despite steady revival of the US economy, the faltering recovery of the Euro area, decelerating growth in the Asian region and the uncertainties of the US fiscal and monetary policies still posed downside risks to global growth. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in October 2013 indicated that growth in the advanced economies have gained some speed, while the emerging market economies have slowed down. The world economy is forecast to expand by 2.9%

in 2013 and 3.6% in 2014, down by 0.3 and 0.2 percentage points from the July forecast respectively.

The US economy showed steady recovery. Gross Domestic Product (GDP) for the third quarter of 2013 expanded by 1.8% year-on-year and 3.6% quarter-to-quarter. Inventory growth and private consumption expenditure contributed 1.7 and 1.0 percentage points to economic growth;

fixed investment added 0.8 percentage points to the increase; however, economic contribution of exports was nearly offset by the increase in imports. The unemployment rate dropped by 0.1 percentage point quarter-to-quarter to 7.3% amid economic recovery; the seasonal adjusted unemployment rate also stood at 7.3%.

Although economic growth sustained in Germany and France, yet the pace of recovery of the Euro area was far from solid. The third quarter GDP of the Euro area shrank by 0.4% year-on-year, but registered quarter-to-quarter increase for two consecutive quarters, at 0.1%. Inventory growth contributed 0.3 percentage points to economic growth; gross fixed capital formation and exports added 0.1 percentage point each, whereas imports tapered off 0.4 percentage points. The unemployment rate receded by 0.2 percentage points quarter-to-quarter to 11.8%.

In UK, service sector, the construction and manufacturing sectors expanded for two consecutive quarters, with the third quarter GDP rising by 1.5% year-on-year and 0.8%

quarter-to-quarter. Gross capital formation and household final consumption expenditure contributed 1.1 and 0.5 percentage points respectively to economic growth, but net exports dragged down the rate of increase by 0.9 percentage points. The economy revived noticeably, the unemployment rate dropped by 0.2 percentage points from previous quarter, at 7.6%.

Decelerating growth in the emerging Asian economies was triggered by slackened external demand. The October WEO of IMF indicated that the ASEAN 5

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economies are projected to expand by 5.0%, the Middle East and the North African region by 2.1%, and the Chinese and Indian economies by 7.6% and 3.8% respectively in 2013, much lower than the forecast in July, with the exception of China.

Japan continued the economic stimulus measures, yet the effects seemed to be fading away.

a

Indonesia, Malaysia, the Philippines, Thailand and Vietnam

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The third quarter GDP increased by 2.7% year-on-year and merely 0.5% quarter-to-quarter. The driver of growth came from domestic demand that contributed 0.9 percentage points to economic growth; however, exports pulled down the rate of increase by 0.4 percentage points. The unemployment rate decreased by 0.2 percentage points to 4.0% amid sustained economic recovery;

the seasonal adjusted rate also stood at 4.0%.

The economy of Mainland China maintained steady growth. The third quarter GDP expanded by 7.8% year-on-year, a rebound of 0.3 percentage points compared with the increase in the previous quarter. In the first three quarters of 2013, value added of the above-scale industries rose by 9.6% year-on-year, up by 0.3 percentage points from the increase in the first half year; fixed asset investment increased by 20.2% year-on-year, up by 0.1 percentage point; retail sales of consumer goods rose by 12.9% year-on-year, up by 0.2 percentage points, with sales of jewellery rising by 29.6%, construction and decoration materials by 20.7%, and furniture by 20.6%. Total value of external trade for the first three quarters of 2013 grew by 7.7% year-on-year and the trade surplus amounted to USD169.4 billion. Inflation rate was stable, the Consumer Price Index for the third quarter increased slightly by 2.5%, of which CPI for September rose by 3.1% year-on-year.

Hong Kong maintained moderate growth in the third quarter of 2013, the economy expanded by 2.9% year-on-year and 0.5% quarter-to-quarter. Despite slower growth, domestic demand remained the key impetus to economic growth, of which private consumption expenditure increased by 2.8% year-on-year, government final consumption expenditure and gross fixed capital formation rose by 2.7% and 2.2% respectively. External demand remained sluggish, imports and exports rising by 2.6% and 3.3% year-on-year, and by 1.0% and 2.1% quarter-to-quarter. The unemployment rate edged up by 0.1 percentage point, at 3.5%; the seasonal adjusted unemployment rate held stable as the previous quarter at 3.3%.

GDP of major economies (Year-on-year change)

-2.0 0.0 2.0 4.0 6.0 8.0

USA Euro Area Japan M ainland

China

United Kingdom

Hong Kong

%

Q2/2013 Q3/2013

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2013, the economy of Macao increased by 10.5% year-on-year in real terms. Economic growth was mainly spurred by the increase in exports of gaming and tourism services. In terms of external demand, increase in exports of gaming services and total visitor spending supported sustained rise in exports of services. As regards domestic demand, private consumption expenditure grew upon favourable employment situation and rising incomes.

The following highlights year-on-year comparisons of major segments of the local economy in the third quarter of 2013:

1. Total value of merchandise exports decreased by 2.9%, of which exports of machines, apparatus & parts and garment dropped by 48.9% and 13.1% respectively. Analysed by destination, exports to Mainland China increased by 28.8%; however, exports to the EU, the USA and Hong Kong decreased by 11.0%, 29.0% and 11.3% respectively. Total value of merchandise imports increased by 14.8%, with imports of consumer goods, which took up a significant share of the total, rising by 23.5%. A visible trade deficit of MOP18.25 billion was recorded in the third quarter.

2. Visitor arrivals increased by 6.6%; gross gaming revenue expanded by 19.5%; guests of hotels and guesthouses rose by 8.7%, and per-capita spending of visitors went up by 4.6%. After adjusting for price changes, exports of services increased by 11.9%, while imports of services dropped by 0.6%.

3. Unemployment rate was 1.9% amid encouraging employment situation; median monthly employment earnings increased by 2.6%. Inflation sped up with the Composite Consumer Price Index (Composite CPI) rising by 5.6%. Private consumption expenditure increased by 5.3%, and government final consumption expenditure expanded by 3.4%.

4. Overall investment held stable as the same quarter of 2012. Total construction investment expanded by 1.9%, with construction by the private sector rising by 23.4% but that of the public sector falling by 57.8%. Total equipment investment decreased by 7.8%, in which investment of the private sector dropped by 12.7% but that of the public sector rose by 67.8%.

Number of new incorporations increased by 15.6% but the value of registered capital decreased by 20.4%.

5. Number and value of building units purchased and sold decreased by 51.0% and 59.3%

respectively from the previous quarter. The average transaction price of residential units went

down by 24.8% quarter-to-quarter.

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6. Total government revenue increased by 22.3% to MOP39.45 billion, with tax revenue from gaming rising by 19.3% to MOP33.41 billion. Total expenditure increasing by 74.3% to MOP18.62 billion, with current expenditure growing by 110.3% to MOP17.14 billion. Fiscal surplus for the third quarter stood at MOP20.83 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

Growth in external merchandise trade sustained, with total value of merchandise imports and exports rising by 12.9% to MOP22.53 billion in the third quarter of 2013. Merchandise imports increased by 14.8% to MOP20.39 billion, while merchandise exports decreased by 2.9% to MOP2.14 billion. The exports-imports ratio dropped by 1.9 percentage points year-on-year to 10.5%. Merchandise trade deficit widened from MOP15.56 billion in the third quarter of 2012 to MOP18.25 billion.

Total Exports

Merchandise exports (Year-on-year change)

-50 -40 -30 -20 -10 0 10 20 30 40

Q3 Q4 Q1 Q2 Q3

2012 2013

%

Total exports USA EU

In the third quarter of 2013, value of merchandise exports to Mainland China (MOP457.5

million) and Vietnam (MOP42.85 million) increased by 28.8% and 1.8% respectively; meanwhile,

exports to Taiwan, China (MOP7.99 million), the USA (MOP88.68 million), Japan (MOP32.79

million), Hong Kong (MOP1.04 billion) and the EU (MOP62.84 million) decreased by 46.0%,

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29.0%, 21.2%, 11.3% and 11.0% respectively. As the major merchandise of exports, value of electronic components (MOP303.3 million) increased by 72.7% to take up 14.2% of the total exports. Besides, exports of diamond & diamond jewellery and clocks & watches rose robustly by 277.6% and 163.4% respectively; on the contrary, exports of machines, apparatus & parts, garment

& textile products, tobacco & wine, copper & articles thereof and other products dropped by 48.9%, 17.2%, 12.4%, 6.4% and 3.7%.

Domestic Exports

In the third quarter of 2013, domestic exports amounted to MOP489.8 million (22.9% of total exports), down by 14.9% year-on-year and 11.1% quarter-to-quarter. Hong Kong continued to be the largest market of Macao’s domestic exports, but the value of exports decreased continuously by 7.2% year-on-year; besides, domestic exports to the USA and the EU declined by 25.4% and 13.8%

respectively. Analysed by principal commodity, exports of garment (21.6% of total domestic exports) declined by 31.7%, of which exports to the USA (38.4% of total exports of garment) fell sharply by 43.5% and exports to the EU (32.6%) dropped by 12.0%; meanwhile, exports of tobacco

& wine (24.7%) and that of other products (53.7%) decreased by 8.8% and 8.6% respectively.

Domestic exports to Mainland China decreased by 23.2% to MOP59.71 million (12.2% of total), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) dropped by 33.2% to MOP19.94 million, consisting mainly of copper-clad boards (49.6% of total) and garment and textile (44.2%); the amount of tariff saved totalled MOP1.95 million.

In addition, results of the Industrial Exports Survey for the third quarter of 2013 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 1.7 months, down by 35.6% from 2.6 months in the same quarter of 2012. Meanwhile, 24.9% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, down by 3.2 percentage points quarter-to-quarter and 7.1 percentage points year-on-year, with 0.4% anticipating a substantial increase and 24.5% expecting a modest rise. However, 35.7% expected less promising prospects of exports, up by 7.9 percentage points quarter-to-quarter and 2.1 percentage points year-on-year; moreover, 39.4% expected the outlook of exports remained stagnant, down by 4.7 percentage points quarter-to-quarter but up by 5.0 percentage points year-on-year. The findings showed that the manufacturers were generally cautious about the outlook of exports.

Re-exports

Growth in re-exports slowed, with the total value rising slightly by 1.3% to MOP1.65 billion

(77.1% of total exports) in the third quarter of 2013. Hong Kong was the largest market of Macao’s

re-exports (51.7% of total), which was followed by Mainland China (24.1%). Value of re-exports to

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Hong Kong decreased by 12.2%, while that to Mainland China soared by 43.4%.

In terms of the types of merchandise, re-exports of consumer goods (34.8% of total) and raw materials & semi-manufactures (9.4%) increased by 23.8% and 28.4% respectively, whereas re-exports of other products (55.8%) decreased by 11.8%

Imports

Value of merchandise imports increased by 14.8% year-on-year to MOP20.39 billion in the third quarter of 2013, on account of rising imports of consumer goods that took up 65.3% of the total imports. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 10.6% to MOP6.58 billion (32.3% of total). Value of imports from the EU (23.1%), Hong Kong (13.2%), Switzerland (9.6%), Japan (5.7%) and the USA (4.9%) expanded by 12.7%, 39.2%, 39.7%, 6.5% and 24.9% respectively; however, value of imports from Taiwan, China (1.4%) decreased by 21.7%

Regarding the types of merchandise, imports of consumer goods (65.3% of total), fuels &

lubricants (10.6%) and raw materials & semi-manufactures (9.4%) increased by 23.5%, 4.6% and 7.3% respectively, while imports of capital goods (14.7%) decreased by 4.2%.

Imports of consumer goods grew faster in the third quarter of 2013. Except a drop of 3.3% and 0.3% in the imports of handbags & wallets (4.2% of total imports) and light passenger cars &

motorcycles (4.1%), imports of gold jewellery (14.7%), food & beverages (11.8%), watches (8.8%) and clothing & footwear (6.6%) increased by 49.1%, 13.4%, 36.0% and 8.6% respectively.

Merchandise imports and the main components (Year-on-year change)

-10 0 10 20 30

Q3 Q4 Q1 Q2 Q3

2012 2013

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

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B. Tourism, Gaming and MICE

In the third quarter of 2013, visitor arrivals increased by 6.6%; per-capita spending of visitors grew by 4.6%; exports of gaming services rose by 13.3% in real terms; guests of hotels and guesthouses went up by 8.7%; however, number of MICE events and number of participants and attendees decreased by 2.2% and 11.0% year-on-year respectively.

Gaming

Gross gaming revenue amounted to MOP89.45 billion in the third quarter, up by 19.5%

year-on-year. Gross revenue of game of chance increased by 19.6% to MOP89.19 billion (99.7% of total), while that of pari-mutuels and lotteries dropped by 4.0% to MOP261.6 million.

Number of casinos remained at 35 in the third quarter, with 5,748 gaming tables (+4.6%) and 14,775 slot machines (-13.2%).

Gross gaming revenue

0 10 20 30 40 50 60 70 80 90

Q3 Q4 Q1 Q2 Q3

2012 2013 Billion M OP

0 5 10 15 20

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals increased by 6.6% to 7,768,583 in the third quarter, attributable to the 16.0%

rise in visitors from Mainland China to 5,044,407, with 2,214,475 travelling to Macao under the Individual Visit Scheme (IVS), up by 15.6%. Moreover, visitors from the Republic of Korea and the United Kingdom increased by 6.8% and 5.3% respectively, whereas visitors from Hong Kong;

Taiwan, China; Japan; Malaysia; Singapore; the USA and Australia registered year-on-year

decrease, of which Japanese visitors had the largest decline of 35.0%. Average length of stay of

visitors stood at 1.0 day, same as the previous quarter and the same quarter of 2012. Same-day

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visitors accounted for 50.4% of the total visitor arrivals. Meanwhile, visitor arrivals in package tour rose by 11.6% to 2,776,924.

Principal visitor markets

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5

Q3 Q4 Q1 Q2 Q3

2012 2013 M illion

M ainland China Hong Kong Taiwan, China Republic of Korea

Hotels

Hotels and guesthouses had 27,807 available guest rooms, an increase of 6.7%; guest rooms of five-star hotels accounted for 66.1% of the total. The hotels and guesthouses received 2,759,857 guests in the third quarter of 2013, up by 8.7%. Visitor-guests took up 67.1% of the total number of overnight visitors. Due to an increase in number of guests, the average occupancy rate of hotels and guesthouses increased by 0.9 percentage points year-on-year to 85.8%.

Average length of stay of guests stood at 1.3 nights, held stable as the same quarter of 2012, with guests of the five-star hotels staying the longest, at 1.5 nights.

Visitor Spending

Total spending of visitors amounted to MOP14.80 billion in the third quarter of 2013, up by 11.5% year-on-year.

Per-capita spending of visitors increased by 4.6% to MOP1,905, much slower than the growth

rate in the previous quarter and the same quarter of 2012. Mainland visitors had the highest

per-capita spending of MOP2,321, and those travelling under IVS spent MOP2,582; per-capita

spending of visitors from Singapore; Japan; Taiwan, China; and Hong Kong amounted to

MOP1,908, MOP1,741, MOP1,597 and MOP953 respectively. Per-capita spending of overnight

visitors increased by 3.2% to MOP3,179, and that of same-day visitors increased by 18.4% to

MOP650.

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Analysed by expenditure structure, visitors spent mainly on Shopping (48%); Accommodation (25%); and Food & Beverage (20%). Shopping items included Local Food Products (24%), Shoes, handbags & wallets (18%), Clothing (17%) and Jewellery & Watches (17%).

Per-capita spending of visitors from selected markets

0 400 800 1 200 1 600 2 000 2 400 2 800

Q3 Q4 Q1 Q2 Q3

2012 2013 M OP

M ainland China Hong Kong Taiwan, China Singapore Japan

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 218 MICE events were held in the third quarter of 2013, down by 5 year-on-year;

number of participants and attendees decreased by 11.0% to 622,987. There were 21 exhibitions, down by 1 year-on-year; number of attendees decreased by 13.3% to 593,202. Meanwhile, 197 meetings and conferences were held, drawing 29,785 participants.

C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 5.3% in real terms, higher than the 4.5% rise in the second quarter of 2013. Household final consumption expenditure in the domestic market increased by 4.6% and that abroad went up by 1.2%.

Retail Sales

Value of retail sales amounted to MOP15.55 billion in the third quarter, up by 23.3%

year-on-year but down by 2.1% quarter-to-quarter. Value of retail sales of Watches, clocks &

jewellery (28.9% of total), Goods in department stores (15.9%), Leather goods (10.9%) and Adults’

clothing (8.7%) increased by 27.0%, 25.0%, 28.7% and 18.5% respectively year-on-year.

After removing the effect of prices, volume of retail sales increased by 24.7% year-on-year,

with marked increase being observed in the sales volume of Communication equipment (+60.7%),

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Watches, clocks & jewellery (+37.8%), Leather goods (+32.0%), and Motor vehicles (+22.8%).

Volume of retail sales rose by 0.2% quarter-to-quarter, of which sales volume of Motor vehicles and Communication equipment went up by 17.0% and 13.4% respectively, but that of Watches, clocks & jewellery fell by 14.1%.

Value of selected retail sales

0 1000 2000 3000 4000 5000 6000

Q3 Q4 Q1 Q2 Q3

2012 2013 M OP million

Adults' clothing M otor vehicles Leather goods Goods in department stores Watches, clocks & jewellery

Prices

The average Composite CPI for the third quarter rose by 5.6% year-on-year, higher than the growth in the first and second quarters, indicating that inflation may intensify. Notable increase was observed in the price indices of Housing & fuels (+10.2%), Food & non-alcoholic beverages (+6.7%) and Health (+6.4%); meanwhile, index of Communication decreased further by 2.6% and that of Education dropped by 1.4%. In addition, implicit deflator of GDP that measures changes in overall prices rose by 7.5% year-on-year.

Composite CPI and Implicit Deflator of GDP (Year-on-year change)

0 1 2 3 4 5 6 7 8

Q3 Q4 Q1 Q2 Q3

2012 2013

%

Composite CPI Implicit Deflator of GDP

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D. Employment

Employment and employment earnings was promising. Economically active population (labour force) totalled 371,000 in the third quarter, with an employed population of 364,000, up by 5.7% and 5.8% year-on-year respectively. Employment in Recreational, Cultural, Gaming & Other Services reached 94,000, of which 83,000 were working in the Gaming Sector, accounting for 22.9% of the total; employment in Real Estate & Business Activities and Construction saw notable growth, at 23.8% and 18.3% respectively. Non-resident workers totalled 130,822, with 28.6%

working in Hotels & Restaurants and 18.0% in Construction.

Unemployment rate was 1.9%, down by 0.1 percentage point year-on-year; total number of unemployed was 6,900, with 14.5% being fresh labour force entrants searching for their first job.

Analysed by the previous industry engaged, 28.9% had worked in Recreational, Cultural, Gaming

& Other Services, 19.6% in Construction, and 14.1% in Wholesale and Retail Trade. In terms of educational attainment, 28.1% had tertiary education; 24.1% had junior secondary education and 21.6% had senior secondary education. Underemployment rate was 0.6%.

Median monthly employment earnings of the employed stood at MOP12,000 in the third quarter, held stable as the previous quarter but up by 2.6% year-on-year. Median earnings of the employed residents was MOP15,000, up by MOP1,000 quarter-to-quarter. Analysed by industry, median employment earnings of Financial Intermediation logged the highest year-on-year increase of 25.9%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings rose by 3.3% year-on-year.

Employed population and unemployment rate

340 350 360 370

Q3 Q4 Q1 Q2 Q3

2012 2013 Thousand persons

1.7 1.9 2.1

%

Employed population Unemployment rate

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E. Investment

Investment in Construction and Equipment

In the third quarter of 2013, overall investment held stable as the same quarter of 2012, with construction investment rising by 1.9% but equipment investment falling by 7.8% in real terms.

Investment by the private sector grew by 15.1%, but that by the public sector went down by 51.4%.

For the investment by the private sector, number of building completions, units and gross floor area decreased by 71.4%, 94.8% and 99.0% respectively in the third quarter; meanwhile, number of construction of new buildings, units and gross floor area increased by 80.0%, 12.0% and 19.1 times respectively. Due to the commencement of construction for large-scale tourism facilities of gaming enterprises, together with an increase in investment of building construction, property transfer fees and real estate developers’ margin, construction investment by the private sector expanded by 23.4% in real terms in the third quarter; meanwhile, equipment investment dropped by 12.7% in real terms.

As regards investment by the public sector, construction investment decreased substantially by 57.8% in the third quarter due to the completion of construction of the Hengqin Campus of the University of Macau in the first half year of 2013; meanwhile, equipment investment went up by 67.8%.

Gross floor area of buildings started and completed

0 200 400 600 800 1 000 1 200 1 400 1 600 1 800

Q3 Q4 Q1 Q2 Q3

2012 2013 Thousand m

2

Buildings started Buildings completed

Transactions on Real Estate

Number of building units purchased and sold in the third quarter decreased substantially by

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52.8% year-on-year and 51.0% quarter-to-quarter to 3,193; total value amounted to MOP13.84 billion, down sharply by 48.6% year-on-year and 59.3% quarter-to-quarter.

Analysed by end-use, 1,908 residential units were purchased and sold at MOP8.41 billion, accounting for 59.8% and 60.8% of the respective total.

As regards status of the buyers, 3,083 units (96.6% of total) were purchased by Macao residents; value of transaction amounted to MOP13.13 billion, with its share in total value rising from 94.7% in the previous quarter to 94.9%. Meanwhile, 74 units were purchased by non-residents, with the total value amounting to MOP541.6 million.

The average transaction price of residential units decreased by 24.8% quarter-to-quarter to MOP66,936 per square metre of usable area in the third quarter, due to a sharp decline in purchase and sale of the expensive pre-sale residential units. The average price of those in the Macao Peninsula dropped by 26.8% quarter-to-quarter to MOP65,466 per square metre, and the average price of those in Taipa went down by 15.6% to MOP70,229 per square metre. The average price of office units increased by 23.3% quarter-to-quarter to MOP79,592 per square metre. The average price of industrial units rose by 1.2% quarter-to-quarter to MOP34,637 per square metre.

Total value of building units purchased and sold

0 5 10 15 20 25 30 35

Q3 Q4 Q1 Q2 Q3

2012 2013 M OP billion

Business Investment

Number of new incorporations increased by 15.6% to 1,147 in the third quarter of 2013; total value of registered capital decreased by 20.4% to MOP129.3 million. Among the new incorporations, 36.9% were operating in Wholesale & Retail, 25.5% in Business Services and 12.7% in Construction. In terms of registered capital, Wholesale & Retail predominated with 34.4%

of the total, while Business Services and Hotels, Restaurants & Similar Activities accounted for

(24)

21.1% and 14.4% respectively. As regards origin of capital, capital from Macao shared 69.0% of the total, and that from Mainland China and Hong Kong took up 21.4% and 4.9% respectively.

Number of companies in dissolution was 121 in the third quarter, held stable as the same quarter of 2012, with 41 engaging in Wholesale & Retail (33.9% of total), 19 in Business Services (15.7%), 18 in Real Estate (14.9%) and 13 in Construction (10.7%).

F. Public Accounts

In the third quarter of 2013, total government revenue expanded by 22.3% to MOP39.45 billion on account of an increase in direct taxes, of which tax revenue from gaming rose by 19.3%

to MOP33.41 billion.

Meanwhile, total government expenditure increased by 74.3% to MOP18.62 billion, owing to a 1.5 fold increase in current transfers, including the giving out of health care vouchers, payment of the Wealth Partaking Scheme and fund injection to the individual accounts of the Central Provident Fund. Fiscal surplus stood at MOP20.83 billion in the third quarter, lower than the MOP21.58 billion surplus in the same quarter of 2012.

Total government revenue and expenditure

0 5 10 15 20 25 30 35 40

Q3 Q4 Q1 Q2 Q3

2012 2013 M OP billion

Total revenue Total expenditure Fiscal surplus

G. Money and Finance

At the end of September 2013, narrow money supply M1 went up by 33.7% year-on-year, of

which currency in circulation increased by 20.5% and demand deposits rose by 36.5%. Meanwhile,

broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 22.5%. In terms

of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 1.9 percentage

points to 44.3%, and its share in M2 dropped by 0.3 percentage points to 24.3%. The share of the

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Hong Kong dollar was 53.7% in M1 and 53.4% in M2.

Resident deposits rose by 22.7% year-on-year to MOP417.94 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 21.0%, 16.6% and 42.5%

respectively to MOP95.12 billion, MOP227.89 billion and MOP94.93 billion. Meanwhile, public sector deposits in banks increased by 53.6% to MOP63.94 billion.

Domestic loans extended to the private sector rose by 27.2% year-on-year to MOP243.32 billion, of which outstanding value of mortgage loans extended to residents went up by 26.1%

year-on-year to MOP181.96 billion. Within the domestic loans to the private sector, the MOP accounted for 32.0%, valued at MOP77.89 billion, and the Hong Kong dollar took up 58.4%, valued at MOP142.09 billion.

Resident deposits and loans

0 50 100 150 200 250 300 350 400 450

Q3 Q4 Q1 Q2 Q3

2012 2013

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 September was 50.5%, up by 0.4 percentage points from a year earlier, while that for both the resident and non-resident sectors decreased by 1.8 percentage points to 78.1%.

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 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 third quarter of 2013, the exchange rates of the MOP exhibited a mixed performance

against major currencies. The average exchange rates of the MOP against the euro, the Chinese

(26)

renminbi and the Swiss franc decreased by 7.0%, 3.8% and 3.3% respectively year-on-year, whereas the respective rates against the Japanese yen, the Australian dollar and the Canadian dollar increased by 20.5%, 11.8% and 4.1%. 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 0.76 points to 97.80.

H. Other Economic Indicators

Transport and Communications

In the third quarter of 2013, containerized cargo by land (10,454 tonnes) and seaborne containerized cargo (53,821 tonnes) increased by 53.8% and 10.7% respectively, but air cargo (6,348 tonnes) decreased by 6.6%.

As regards local transport, new registration of motor vehicles totalled 4,951, up by 2.5%; new registration of motorcycles increased by 5.6% to 2,402 while that of cars decreased by 0.2% to 2,549. At the end of September 2013, number of licensed motor vehicles totalled 224,146, comprising 106,431 cars and 117,715 motorcycles.

At the end of September 2013, number of Internet subscribers went up by 11.6% to 250,743;

mobile phone users increased by 1.6% to 1,556,994; fixed-line telephone users dropped by 2.6% to 159,245.

Water and Energy Consumption

Consumption of electricity increased by 2.8% to 1.29 billion kWh in the third quarter of 2013, and that of water rose by 4.5% to 20.84 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) increased by 4.1% to 93.47 million litres due to an increase in consumption of gas oil & diesel; consumption of liquefied petroleum gas (LPG) went up by 6.0%

to 9,960 tonnes.

III. Concluding Remarks

In the third quarter of 2013, the economy of Macao expanded by 10.5% year-on-year in real terms, attributable to the increase in exports of gaming and tourism services. In the first three quarters of 2013, the economy expanded by 10.5% in real terms.

Looking ahead for the fourth quarter, domestic demand is forecast to expand further and total

investment is likely to hold up well with rising private investment; private consumption expenditure

is expected to see steady growth on account of the increase in total employment and employment

(27)

earnings. As regards external demand, merchandise export is likely to post continuous increase;

meanwhile, exports of services are expected to have robust growth as visitor arrivals and gross

gaming revenue for October and November increased by 2.2% and 26.7%. Taking into

consideration these factors and the fourth quarter is generally seen as the season of spending, the

fourth quarter growth of Macao is forecast to be higher than the past three quarters.

(28)

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)

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

Figures are subject to regular revisions when required.

(29)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2012 2012 2013 2013 2013

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product 2.5 1.8 2.8 3.1 2.0 1.3 1.6 1.8

ΓExports of goods 21.0 15.8 4.4 1.1 2.8 0.5 1.6 2.8

ΓImports of goods 22.7 15.4 3.0 - 0.6 -2.8 -1.3

r

1.5

ΓConsumer Price Index 1.7 3.1 2.1 1.7 1.9 1.7 1.4 1.6

ΓUnemployment rate 9.6 8.9 8.1 8.1 7.5 8.1 7.4 7.3

Euro area

a

ΓGross Domestic Product 2.0 1.6

r

-0.7

r

-0.7 -1.0 -1.2

r

-0.6

r

-0.4

ΓExports of goods 20.1 13.0 7.7

r

7.8

r

5.9

r

0.9

r

1.5

r

-0.2

ΓImports of goods 22.4 13.3 1.9

r

0.6

r

1.2

r

-5.2

r

-3.2

r

-2.4

ΓConsumer Price Index 1.6 2.7 2.5 2.5 2.3 1.9 1.4 1.3

ΓUnemployment rate 10.2

r

10.1 11.4 11.1

r

11.8 12.6 12.0 11.8

Germany

ΓGross Domestic Product 4.0 3.3 0.7 0.4 - -1.6 0.9 1.1

ΓExports of goods 18.5 11.5 3.3

r

3.4

r

1.0

r

-1.9

r

0.2

r

-0.8

ΓImports of goods 19.9 13.2 0.4

r

-0.9

r

-1.1

r

-3.7

r

-0.1

r

-0.5

ΓConsumer Price Index 1.1 2.1 2.0 2.0 2.0 1.5 1.5 1.6

ΓUnemployment rate 7.7 7.1 6.8 6.7 6.6 7.4 6.8 6.7

French

ΓGross Domestic Product 1.6 2.0 - - -0.3 -0.4

r

0.5

r

0.2

ΓExports of goods 12.8 9.0 4.0 3.9 1.6 -1.8 -0.7

r

-2.4

ΓImports of goods 13.3 12.8 2.0 0.9

r

0.5 -3.3

r

-3.5

r

-1.8

ΓConsumer Price Index 1.5 2.1 2.0 2.0 1.5 1.1 0.8 0.9

ΓUnemployment rate 9.7 9.6 10.2

r

10.0

r

10.8

r

11.2 10.5 10.8

United Kingdom

ΓGross Domestic Product 1.7 1.1 0.1

r

-

r

-0.2

r

0.2

r

1.3

r

1.5

ΓExports of goods 16.5 12.5 0.7

r

2.5

r

-3.2

r

-0.4

r

6.1

r

-0.1

ΓImports of goods 17.1 9.5 2.7

r

0.5

r

0.9

r

-0.2

r

1.8

r

2.5

ΓConsumer Price Index 3.3 4.5 2.8 2.4 2.6 2.8 2.7 2.8

ΓUnemployment rate 7.8 8.1 7.9 7.8 7.8 7.8 7.8 7.6

a Consists 17 member states since 2011.

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

2010 2011 2012

(30)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2012 2012 2013 2013 2013

Q3 Q4 Q1 Q2 Q3

Mainland China

ΓGross Domestic Product 10.3 9.2 7.8 7.4 7.9 7.7 7.5 7.8

ΓExports of goods 31.3 20.3 7.9 4.4 9.4 18.3r 3.8 3.9

ΓImports of goods 38.7 25.0 4.3 1.4 2.7 8.6 4.9r 8.4

ΓConsumer Price Index a 3.3 5.4 2.6 2.8 2.6 2.4 2.4 2.5

Hong Kong

ΓGross Domestic Product 6.8 4.9 1.5 1.5 2.8 2.9 3.2r 2.9

ΓExports of goods 22.8 10.1 2.9 3.8 7.0 4.0 2.4 3.3

ΓImports of goods 25.0 11.9 3.9 4.5 8.1 4.9 3.5 2.6

ΓConsumer Price Index 2.4 5.3 4.1 3.1 3.8 3.7 4.0 5.3

ΓUnemployment rate 4.3 3.4 3.3 3.5 3.1 3.4 3.4 3.5

Taiwan, China

ΓGross Domestic Product 10.8 4.1 1.3 0.7 4.0 1.6 2.5 1.6

ΓExports of goods 34.8 12.3 -2.3 -2.2 2.4 2.4 2.4 -0.8

ΓImports of goods 44.1 12.0 -3.9 -3.4 -0.1 4.4 -3.5 -3.3

ΓConsumer Price Index 1.0 1.4 1.9 3.0 1.8 1.8 0.8 -

ΓUnemployment rate 5.2 4.4 4.2 4.3 4.3 4.2 4.1 4.3

Japan

ΓGross Domestic Product 4.7 -0.6 1.9r 0.3 0.3r 0.3 1.1r 2.7

ΓExports of goods 24.4 -2.7 -2.7 -8.2 -5.5 1.2 7.1 12.7

ΓImports of goods 18.0 12.1 3.8 0.3 0.5 8.1 10.4 17.4

ΓConsumer Price Index -0.7 -0.3 - -0.4 -0.2 -0.6 -0.3 0.9

ΓUnemployment rate 5.1 4.6 4.3 4.3 4.0 4.2 4.2 4.0

Republic of Korea

ΓGross Domestic Product 6.3 3.7 2.0 1.6 1.5 1.5 2.3 3.3

ΓExports of goods 28.3 19.0 -1.3 -5.8 -0.4 0.4 0.7r 2.8

ΓImports of goods 31.6 23.3 -0.9 -6.9 -1.1 -3.0 -2.8r 0.2

ΓConsumer Price Index 3.0 4.0 2.2 1.6 1.7 1.4 1.1 1.2

ΓUnemployment rate 3.7 3.4 3.2 3.0 2.8 3.6 3.1 3.0

Singapore

ΓGross Domestic Product 14.8 5.2 1.3 - 1.5 0.3r 4.4r 5.8

ΓExports of goods 22.4 7.5 -0.9 -4.2 -5.1 -8.7 -0.2r 6.1

ΓImports of goods 18.8 8.6 3.2 -1.3 -0.4 -9.3 -4.0 5.9

ΓConsumer Price Index 2.8 5.2 4.6 4.2 4.0 4.0 1.6 1.8

ΓUnemployment rate 2.2 2.0 2.0 1.7 1.6 1.8 2.6r 1.5

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

2010 2011 2012

(31)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2012 2012 2013 2013 2013

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product 2.5 1.8 2.8 2.8 0.1 1.1 2.5 3.6

ΓExports of goods 21.0 15.8 4.4 -0.2 -0.2 0.4 1.0r 0.5

ΓImports of goods 22.7 15.4 3.0 -1.4 0.4 -0.5 0.1r 0.8

ΓConsumer Price Index 1.7 3.1 2.1 0.5 0.5 0.4 - 0.7

ΓUnemployment ratea 9.6 8.9 8.1 8.0 7.8 7.7 7.6 7.3

Japan

ΓGross Domestic Product 4.7 -0.6 1.9r -0.9 0.1r 1.1r 0.9r 0.5

ΓExports of goods 24.5 -2.6 -2.9 -3.6r -1.4 7.4r 4.8r 1.4

ΓImports of goods 18.1 12.2 3.4 -0.4 -0.4r 9.7r 1.6r 4.9

ΓConsumer Price Index -0.7 -0.3 - -0.4 - -0.1 0.2 0.8

ΓUnemployment ratea 5.1 4.6 4.3 4.3 4.2 4.2 4.0 4.0

Hong Kong

ΓGross Domestic Product 6.8 4.9 1.5 1.1 1.4 0.2 0.7r 0.5

ΓExports of goods 22.8 10.1 2.9 2.6 4.9 -1.5 -2.9 2.1

ΓImports of goods 25.0 11.9 3.9 2.2 4.7 -1.4 -1.1 1.0

ΓConsumer Price Index 2.4 5.3 4.1 -1.9 3.7 1.2 1.1 -0.7

ΓUnemployment ratea 4.3 3.4 3.3 3.3 3.2 3.5 3.3 3.3

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

2012 2012 2013 2013 2013

Q3 Q4 Q1 Q2 Q3@

At current prices:

GDP (Million MOP) 226 941 295 046 348 216 86 922 98 075 94 662 98 083 103 218

GDP per capita ('000 MOP) 422.7 537.1 611.9 .. .. .. .. ..

Chain volume measures in chained (2011) dollars:

GDP (Million MOP) 242 207 295 046 324 398 80 561 89 272 84 857 85 970 89 011

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

GDP 27.5 21.8 9.9 6.2 8.5 10.8 10.2 10.5

Private consumption expenditure 7.2 11.0 9.1 9.4 7.2 10.2 4.5 5.3

In the domestic market 5.3 10.6 9.0 8.9 8.6 10.0 5.8 4.6

Abroad 20.7 10.5 10.4 10.3 7.0 9.5 6.3 1.2

Government final consumption expenditure 4.9 5.5 6.9 3.0 7.8 1.7 7.6 3.4

Gross fixed capital formation -16.8 17.1 19.1 11.9 21.8 14.7 4.3 0#

Private sector -22.4 7.3 8.3 16.8 8.3 8.7 13.6 15.1

Government 24.1 62.0 51.7 -1.4 39.3 40.6 -29.3 -51.4

Exports of goods -7.2 -1.9 23.2 29.7 17.4 16.4 10.0 6.8

Exports of services 47.4 30.1 6.8 0.7 3.7 8.5 11.1 11.9

Imports of goods 15.4 27.0 11.0 4.8 4.5 10.4 15.7 16.2

Imports of services 43.5 32.6 1.4 -7.1 0.6 1.6 1.1 -0.6

Note: Starting the third quarter of 2010, chain volume measures are adopted to measure GDP change in real terms.

2012

2011 2010

2010 2011

2012

(32)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2013 2012 2012 2013 2013 2013

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. External Merchandise Trade (Million MOP)

Total exports 6 960.0 6 970.9 8 159.7 6 729.8 2 203.0 2 010.2 2 338.8r 2 252.8r 2 138.1 -2.9

Textiles and garments 1 627.3 1 339.0 1 053.4 652.7 264.6 236.3 211.4r 221.9r 219.3 -17.2

Other products 5 332.7 5 631.9 7 106.3 6 077.1 1 938.4 1 773.9 2 127.4 2 030.9r 1 918.8 -1.0

Total imports 44 118.4 62 288.9 70 927.8 58 551.8 17 758.3 18 823.8 18 583.0r 19 579.7r 20 389.0 14.8

Trade balance -37 158.4 -55 318.0 -62 768.1 -51 822.0 -15 555.3 -16 813.6 -16 244.2r -17 326.9r -18 250.9 -17.3 B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(Million MOP) 189 588 269 058 305 235 261 465 74 854 81 115 85 600 86 419 89 447 19.5

y-on-y % change 57.5 41.9 13.4 16.7 6.1 9.9 14.8 15.7 19.5

Visitor arrivals('000) 24 965.4 28 002.3 28 082.3 21 910.8 7 287.0 7 217.6 7 076.4 7 065.8 7 768.6 6.6

Average length of stayb (days) 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 -d

Per capita spending of visitors (MOP) 1 518 1 619 1 864 .. 1 822 2 019 2 046 1 973 1 905 4.6

Hotel occupancy rate (%) 79.8 84.1 83.6r 81.9 84.9r 85.1r 79.7r 80.0r 85.8 0.9a

C. Construction and real estate

Expenditure on public works (Million MOP) 4 274.9 7 666.0 12 536.5 1 602.4 2 129.6 7 427.5 10.0 707.2 885.2 -58.4 Private sector construction

ΓΓ New buildings - no. of units 870 2 159 1 592 1 712 392 482 154 1 119r 439 12.0

ΓΓ New buildings - gross floor area ('000 m²) 184 367 304 2 303 80 94 34 662r 1 607 1 911.1

ΓΓ Completion of Buildings - no. of units 4 527 1 387 2 558 933 1 573 59 273 578 82 -94.8

ΓΓ Completion of Buildings - gross floor area ('000 m²) 1 272 1 163 1 568 491 613 8 399 87 6 -99.0

No. of building units transacted 29 617 27 624 25 419 15 130 6 766 7 216 5 423 6 514 3 193 -52.8

Value of building units transacted (Million MOP) 56 753.6 76 255.1 100 905.5 73 523.1 26 926.1 31 220.2 25 688.1 33 999.7 13 835.2 -48.6 D. Transport (tonne)

Γ Seaborne containerised cargo 178 380 182 959 207 280 143 977 48 641 53 351 45 117r 45 040r 53 821 10.7

Γ Containerised land cargo 45 718 35 093 30 681 21 412 6 798 6 664 4 409 6 549 10 454 53.8

Γ Air cargo 52 166 39 524 27 794 18 850 6 794 7 647 5 984 6 517 6 348 -6.6

E. Consumption and Prices

Inflation rate (%) 2.8 5.8 6.1 5.4 6.0 5.6 5.4 5.1 5.6 ..

Composite Consumer Price Index (4/2008-3/2009=100) 104.2 110.3 117.0 122.6 117.7 119.0 120.9 122.7 124.3 5.6

Retail sales turnover (Million MOP) 30 642 43 158r 53 517r 47 300 12 610r 14 579r 15 874r 15 876r 15 550 23.3 F. Labour force

Unemployment rate (%) 2.8 2.6 2.0 .. 2.0 1.9 1.9 1.8 1.9 0.1a

Median monthly employment earnings ('000 MOP) 9.0 10.0 11.3 .. 11.7 12.0 12.0 12.0 12.0 2.6

Non-resident workers in Macao (end-period) 75 813 94 028 110 552 .. 109 038 110 552 114 716 121 194 130 822 20.0 G. Public accounts (Million MOP)

Total revenue 88 488.1 122 972.3 144 994.5 113 304.9 32 266.1 35 605.8 34 520.9 39 335.7r 39 448.3 22.3

Tax revenue from gaming 68 776.1 99 656.4 113 377.7 98 311.1 28 000.4 28 883.0 31 216.8 33 688.0 33 406.3 19.3

Total expenditure 38 393.9 45 593.3 54 012.6 35 694.1 10 686.2 24 378.1 6 367.1 10 705.9 18 621.2 74.3

Balance 50 094.1 77 379.0 90 981.9 77 610.8 21 579.9 11 227.6 28 153.8 28 629.8r 20 827.2 ..

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

Γ Narrow money supply (M1) 34 729.7 36 243.3 47 621.8 54 246.5 40 586.3 47 621.8 51 207.8 51 950.3 54 246.5 33.7

Γ Broad money supply (M2) 243 053.8 297 963.9 374 931.0 426 604.4 348 198.6 374 931.0 391 112.8 396 394.2 426 604.4 22.5

Γ Resident deposits 237 639.4 291 595.1 367 261.7 417 942.5 340 708.5 367 261.7 382 956.0 388 064.6 417 942.5 22.7

Γ Domestic credit to the private sector 130 676.9 167 855.8 198 701.9 243 557.7 191 593.8 198 701.9 211 007.8 226 647.6 243 557.7 27.1 Γ Net foreign assets 333 837.7 425 292.6 482 694.1 519 381.0 433 036.2 482 694.1 450 722.2 475 511.3r 519 381.0 19.9 Foreign exchange reserves c 190 186.8 272 369.4 132 536.2 130 281.4 132 748.1 132 536.2 129 917.6 127 016.1 130 281.4 -1.9 I. Others

ΓNew incorporations 2 991 3 405 3 612 3 281 992 790 988 1 146 1 147 15.6

ΓCompanies in dissolution 492 511 501 394 121 119 129 144 121 -

ΓConsumption of electricity (Million kWh) 3 655.5 3 856.5 4 204.8 3 320.2 1 260.1 985.4 873.1 1 152.3 1 294.8 2.8

a Percentage points.

b Data for 2010 are obtained by statistical extrapolation. Starting from 2011, data are provided by the Public Security Police Forece.

c According to the Fiscal Reserve Act that came into effect on 1 January 2012, the fiscal reserves and foreign exchange reserves are managed under separate accounts.

The official transfer of relevant assets was made in February 2012 d day.

2010 2011 2012

2013 Q3 year-on-year

% change

(33)

II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2013 2012 2012 2013 2013 2013

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Total external trade Million MOP 51 078.4 69 259.8 79 087.4 65 281.6 19 961.3 20 834.0 20 921.9r 21 832.6r 22 527.2

y-on-y % change 14.6 35.6 14.2 12.1 9.0 5.2 9.8r 13.5r 12.9

B. Total exports Million MOP 6 960.0 6 970.9 8 159.7 6 729.8 2 203.0 2 010.2 2 338.8r 2 252.8r 2 138.1

y-on-y % change -9.3 0.2 17.1 9.4 33.3 4.8 18.4 14.3r -2.9

Γ1. Domestic exports Million MOP 2 389.8 2 390.2 2 285.0 1 499.3 575.5 532.1 458.8 550.7r 489.8

y-on-y % change -19.6 0# -4.4 -14.5 -3.4 -15.7 -19.9 -8.8 -14.9

Γ2. Re-exports Million MOP 4 570.2 4 580.7 5 874.7 5 230.5 1 627.5 1 478.1 1 880.0r 1 702.1r 1 648.3

y-on-y % change -2.8 0.2 28.2 19.0 54.0 14.9 34.1 24.5r 1.3

C. Total imports Million MOP 44 118.4 62 288.9 70 927.8 58 551.8 17 758.3 18 823.8 18 583.0r 19 579.7r 20 389.0

y-on-y % change 19.6 41.2 13.9 12.4 6.6 5.3 8.8r 13.4r 14.8

D. Trade balance Million MOP -37 158.4 -55 318.0 -62 768.1 -51 822.0 -15 555.3 -16 813.6 -16 244.2r-17 326.9r -18 250.9 (Exports - Imports)

E. Exports/Imports ratio 15.8 11.2 11.5 11.5 12.4 10.7 12.6r 11.5r 10.5

F. External merchandise trade index (2011=100) Γ1. Exports

ΓΓValue index index 99.8 100.0 117.1 129.1 126.4 115.3 134.3 130.4 122.7

y-on-y % change -9.4 0.2 17.1 9.8 33.3 4.7 18.5 15.3 -2.9

ΓΓUnit value index index 91.8 100.0 100.7 99.9 99.8 101.7 102.7 99.4 97.5

y-on-y % change 3.0 8.9 0.7 -0.4 -1.2 1.4 1.1 -0.3 -2.3

ΓΓQuantum index index 108.7 100.0 116.3 129.3 126.7 113.4 130.8 131.2 125.9

y-on-y % change -12.0 -8.0 16.3 10.3 34.9 3.4 17.2 15.7 -0.6

Γ2. Imports

ΓΓValue index index 70.8 100.0 113.9 127.6 114.0 120.9 122.1 129.0 131.6

y-on-y % change 19.6 41.2 13.9 14.4 6.5 5.3 11.3 16.3 15.4

ΓΓUnit value index index 92.5 100.0 103.0 103.0 102.7 104.0 104.3 103.3 101.4

y-on-y % change 4.0 8.1 3.0 0.4 2.3 2.4 2.5 -0.1 -1.3

ΓΓQuantum index index 76.6 100.0 110.6 123.9 111.1 116.2 117.1 124.8 129.8

y-on-y % change 15.0 30.5 10.6 14.0 4.2 2.8 8.7 16.4 16.8

Γ3. Terms of trade index a index 99.3 100.0 97.7 97.0 97.2 97.8 98.5 96.2 96.1

y-on-y % change -0.9 0.7 -2.3 -0.8 -3.3 -0.9 -1.2 -0.2 -1.1

a Terms of trade index = Unit value index of exports / Unit value index of imports × 100.

2010 2011 2012

(34)

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2013 2012 2012 2013 2013 2013 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 %

Total exports Million MOP 6 960.0 6 970.9 8 159.7 6 729.8 2 203.0 2 010.2 2 338.8r 2 252.8r 2 138.1 100.0

y-on-y % change -9.3 0.2 17.1 9.4 33.3 4.8 18.4 14.3r -2.9

1. Destination

USA Million MOP 782.1 555.8 507.3 269.2 125.0 122.4 106.0 74.6 88.7 4.1

y-on-y % change -40.2 -28.9 -8.7 -30.1 2.5 -6.4 -14.8 -45.0 -29.0

European Union Million MOP 409.4 383.3 315.5 208.4 70.6 70.2 66.5 79.0 62.8 2.9

y-on-y % change -35.2 -6.4 -17.7 -15.1 -20.4 -20.8 -22.1 -11.6 -11.0

Mainland China Million MOP 1 102.4 1 097.9 1 369.0 1 217.7 355.2 384.4 326.2r 434.0r 457.5 21.4

y-on-y % change -1.4 -0.4 24.7 23.7 53.8 35.0 15.2r 25.3r 28.8

Hong Kong Million MOP 3 002.6 3 108.9 4 095.4 3 585.0 1 167.7 949.0 1 373.2 1 176.3r 1 035.5 48.4

y-on-y % change -0.4 3.5 31.7 13.9 57.7 1.0 34.4 22.9r -11.3

Taiwan, China Million MOP 175.9 103.0 41.8 30.9 14.8 6.0 15.7 7.3 8.0 0.4

y-on-y % change 9.5 -41.5 -59.4 -13.8 -34.2 -66.7 43.0 -28.0 -46.0

Japan Million MOP 109.5 144.0 162.2 112.7 41.6 43.2 37.2 42.8 32.8 1.5

y-on-y % change 3.5 31.6 12.6 -5.2 11.4 -4.6 2.6 4.0 -21.2

Vietnam Million MOP 188.2 119.1 135.8 141.7 42.1 32.2 32.1 66.7 42.9 2.0

y-on-y % change 5.6 -36.7 14.0 36.9 56.5 82.2 -4.7 140.6 1.8

2. Type of goods

Garment and textile Million MOP 1 627.3 1 339.0 1 053.4 652.7 264.6 236.3 211.4r 221.9r 219.3 10.3

products y-on-y % change -34.1 -17.7 -21.3 -20.1 -22.6 -18.1 -25.7 -17.1r -17.2

Garment Million MOP 1 314.3 1 069.7 889.3 547.3 214.0 200.4 187.7r 173.7r 185.9 8.7

y-on-y % change -37.5 -18.6 -16.9 -20.6 -23.2 -14.2 -24.6r -23.2r -13.1

Knitted or crocheted Million MOP 755.1 511.3 411.5 219.6 84.4 98.8 77.5r 64.3 77.8 3.6

y-on-y % change -41.1 -32.3 -19.5 -29.8 -31.2 -11.1 -36.2r -39.8 -7.9

Not knitted or crocheted Million MOP 559.1 558.4 477.8 327.7 129.6 101.5 110.2 109.4 108.1 5.1

y-on-y % change -31.8 -0.1 -14.4 -12.9 -16.8 -17.1 -13.5 -8.3r -16.5

Textile products Million MOP 313.0 269.3 164.2 105.3 50.7 35.9 23.7 48.3r 33.3 1.6

y-on-y % change -14.9 -14.0 -39.0 -17.9 -20.1 -34.4 -34.0 15.8r -34.2

Machines and apparatus, parts Million MOP 449.0 627.8 1 426.0 914.9 441.4 328.7 304.0 385.2 225.7 10.6 and accessories thereof y-on-y % change -28.3 39.8 127.1 -16.6 254.5 55.4 3.5 6.4 -48.9

Tobacco and wine Million MOP 470.3 669.6 768.3 557.8 187.1 185.5 173.4 220.6 163.9 7.7

y-on-y % change 47.6 42.4 14.8 -4.3 16.6 -4.4 4.4 -4.0 -12.4

Clocks and watches Million MOP 352.3 264.5 186.3 397.8 30.9 15.6 202.3 114.1 81.4 3.8

y-on-y % change 12.8 -24.9 -29.6 133.0 -41.0 -76.8 121.6 135.2 163.4

Diamond and diamond Million MOP 614.3 225.2 199.8 471.9 30.2 13.9 254.6 103.2 114.0 5.3

jewellery y-on-y % change 15.7 -63.3 -11.3 153.8 -23.7 -71.4 89.3 386.5 277.6

Copper and articles thereof Million MOP 374.1 382.0 371.5 288.0 101.0 84.4 91.4 102.0 94.6 4.4

y-on-y % change 40.5 2.1 -2.7 0.3 -1.1 -0.3 -1.5 9.2 -6.4

Electronic components Million MOP 244.5 290.1 629.8 752.5 175.6 219.3 188.0 261.2 303.3 14.2

y-on-y % change -1.9 18.7 117.1 83.3 171.6 189.0 90.6 91.7 72.7

Others Million MOP 2 828.4 3 172.7 3 524.4 2 694.2 972.1 926.6 913.7 844.5r 936.0 43.8

y-on-y % change -2.4 12.2 11.1 3.7 26.8 -2.2 12.3 4.0r -3.7

2010 2011 2012

(35)

II. EXTERNAL MERCHANDISE TRADE

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS

2013 2012 2012 2013 2013 2013 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 %

Domestic exports Million MOP 2 389.8 2 390.2 2 285.0 1 499.3 575.5 532.1 458.8 550.7r 489.8 100.0

y-on-y % change -19.6 0# -4.4 -14.5 -3.4 -15.7 -19.9 -8.8 -14.9

1. Destination

USA Million MOP 713.7 498.2 461.5 242.4 111.7 113.6 92.1 67.0 83.3 17.0

y-on-y % change -43.6 -30.2 -7.4 -30.3 0.3 0.6 -21.7 -43.6 -25.4

European Union Million MOP 398.4 370.9 302.5 197.1 67.2 67.3 64.5 74.7 57.9 11.8

y-on-y % change -34.6 -6.9 -18.5 -16.2 -20.9 -21.3 -21.0 -13.4 -13.8

Mainland China Million MOP 251.3 294.7 302.3 184.9 77.8 69.6 59.3 65.9 59.7 12.2

y-on-y % change 32.5 17.3 2.6 -20.6 -1.6 -19.8 -29.9 -6.5r -23.2

Hong Kong Million MOP 485.1 705.5 750.8 531.7 198.4 183.1 150.0 197.6 184.1 37.6

y-on-y % change 39.4 45.4 6.4 -6.3 2.7 -15.1 -9.1 -3.2 -7.2

Taiwan, China Million MOP 53.7 54.0 24.5 6.1 7.5 2.0 2.4 2.4 1.3 0.3

y-on-y % change 14.8 0.7 -54.6 -72.7 -35.5 -78.3 -65.8 -69.6 -82.5

ΓΓ Japan Million MOP 94.9 128.4 123.5 81.2 34.1 31.6 26.9 30.2 24.1 4.9

y-on-y % change 8.8 35.3 -3.9 -11.7 -3.6 -21.9 2.3 -4.2 -29.3

Vietnam Million MOP 144.3 109.5 121.0 134.6 36.9 25.0 31.5 65.6 37.6 7.7

y-on-y % change -7.4 -24.1 10.5 40.2 65.8 45.7 0.3 136.6 1.8

2. Type of goods

Garment Million MOP 1 169.0 899.8 660.0 308.8 155.2 141.9 108.2 94.6 106.0 21.6

y-on-y % change -40.7 -23.0 -26.7 -40.4 -31.7 -27.9 -41.7 -46.7 -31.7

Knitted or Million MOP 694.5 447.6 334.5 143.6 65.6 75.7 55.1 37.9 50.6 10.3

crocheted y-on-y % change -43.1 -35.6 -25.3 -44.5 -37.0 -23.1 -46.6 -57.9 -22.8

Not knitted or Million MOP 474.5 452.2 325.5 165.3 89.6 66.2 53.2 56.7 55.4 11.3 crocheted y-on-y % change -36.9 -4.7 -28.0 -36.3 -27.3 -32.8 -35.4 -35.1 -38.2

Tobacco and wine Million MOP 277.7 468.4 528.1 394.2 132.5 124.1 98.1 175.3 120.8 24.7

y-on-y % change 10.1 68.7 12.7 -2.4 14.4 -16.5 -17.7 15.1 -8.8

Others Million MOP 943.1 1 022.0 1 096.9 796.3 287.9 266.1 252.5 280.8 263.0 53.7

y-on-y % change 26.1 8.4 7.3 -4.1 13.8 -6.8 -5.9 2.3 -8.6

2010 2011 2012

Figure

Updating...

References

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