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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.

4

th

Quarter

2 0 12

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Editor: DSEC Macao, April 2013

Typesetting and design: DSEC Printing: DSEC

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CONTENTS

THE WORLD ECONOMY... 9

ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW... 15

II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE ... 16

B. TOURISM, GAMING AND MICE ... 19

C. CONSUMPTION AND PRICES ... 22

D. EMPLOYMENT ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 28

G. MONEY AND FINANCE... 28

H. OTHER ECONOMIC INDICATORS... 30

III. CONCLUDING REMARKS ... 31

TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ... 35

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON) ... 37

3. GROSS DOMESTIC PRODUCT OF MACAO ... 37

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 38

II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE... 39

2. PRINCIPAL STATISTICS ON EXPORTS ... 40

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS... 41

4. PRINCIPAL STATISTICS ON RE-EXPORTS... 42

5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS... 42

6. PRINCIPAL STATISTICS OF IMPORTS…. ... 43

7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 44

8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES... 44

III. GAMING, TOURISM AND MICE 1. INDICATORS OF THE GAMING SECTOR... 45

2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONTRIBUTION TO THE ECONOMY ... 46

3. VISITOR ARRIVALS... 47

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4. HOTEL GUESTS... 48

5. PER CAPITA SPENDING AND AVERAGE LENGTH OF STAY OF VISITORS ... 49

6. MICE STATISTICS ... 50

IV. PRICES AND CONSUMPTION 1. PRICE INDICES ... 51

2. RETAIL SALES... 52

3. SALES VOLUME INDEX ... 52

V. POPULATION AND LABOUR FORCE 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 53

2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 53

3. EMPLOYED POPULATION BY AGE GROUP AND INDUSTRY... 54

4. JOB VACANCIES ... 54

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 55

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 56

7. NON-RESIDENT WORKERS ... 56

VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR... 57

2. PURCHASE AND SALE OF BUILDING UNITS PER STAMP DUTY RECORD... 58

3. NUMBER AND VALUE OF BUILDING UNITS PURCHASED AND SOLD BY END-USE OF UNIT AND BUYER’S STATUS PER STAMP DUTY RECORD ... 59

4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS AND OFFICES PURCHASED AND SOLD PER STAMP DUTY REOCRD ... 60

5. PUBLIC WORKS ... 60

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 61

2. PUBLIC REVENUE... 62

3. PUBLIC EXPENDITURE ... 63

4. PUBLIC INVESTMENT ... 63

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 64

2. RESIDENT DEPOSITS... 65

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 66

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5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 67

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 68

7. INTEREST RATES OF THE MACAO PATACA ... 68

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 69

2. TRANSPORT ... 70

3. COMMUNICATIONS ... 71

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 71

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 72

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THE WORLD ECONOMY

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Global economic growth slowed further in the fourth quarter of 2012, falling slightly below expectations. Pullback of the US economy, possible setback of the German and French economies amid likely remission of the sovereign debt crisis in Euro area, and the fairly stable Asian economies pointed out that the global economic recovery was rather grim. The World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) in January 2013 indicated that the economic upturn is projected to be more gradual. Policy actions have lowered acute crisis risks in the Euro area and the United States, while policies have supported a modest growth pickup in some emerging market economies; however, downside risks remain significant. The world economy expanded by 3.2% in 2012 and expected to grow by 3.5% in 2013, both down by 0.1 percentage point from the October forecast.

The US economy posted slow growth. Gross Domestic Product (GDP) for the fourth quarter of 2012 expanded by 1.6% year-on-year and merely 0.1% quarter-to-quarter, down substantially from the previous quarter. Economic growth was attributable to the increase in private consumption expenditure and fixed investment that contributed 1.5 and 1.4 percentage points respectively to economic growth; on the contrary, reduced inventory, cutback in government spending and shrinking exports dragged down the rate of expansion by 1.6, 1.4 and 0.6 percentage points respectively. Despite modest growth, the fourth quarter unemployment rate declined notably by 0.6 percentage points quarter-to-quarter to 7.5%; the seasonal adjusted unemployment rate stood at 7.8%.

Economic performance of Germany and France, the two major economies in the Euro area, receded far worse than expectations. The fourth quarter GDP of the Euro area contracted by 0.9%

year-on-year, marking four consecutive quarters of negative growth; the economy shrank by 0.6%

quarter-to-quarter. Sluggish exports dragged down the rate of increase by 0.4 percentage points;

gross fixed capital formation, household and consumption expenditure of NPISH lowered economic growth by 0.2 percentage points. Unemployment rate surged by 0.7 percentage points quarter-to-quarter to 11.8% amid deteriorating economic conditions.

Affected by poor performance of the manufacturing sector, the fourth quarter GDP of UK expanded by 0.3% year-on-year but returned to negative growth of 0.3% quarter-to-quarter.

Government and household final consumption expenditure contributed 0.2 and 0.1 percentage points respectively to growth, but exports and gross fixed capital formation lowered the rate of increase by 0.5 and 0.4 percentage points. The economy decelerated after the London Olympics, yet the unemployment rate held stable at 7.8% as the previous quarter.

The Asian economies was fairly stable upon obvious improvement in intra-regional trade quarter-to-quarter. The January WEO Update of IMF indicated that the newly industrialized Asian

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economiesa expanded by 1.8%, the ASEAN 5b by 5.7%, the Middle East and the North African region by 5.2%, the Chinese and Indian economies by 7.8% and 4.5% respectively in 2012, of which the growth forecast of the newly industrialized Asian economies, the Middle East and the North African region, and the Indian economy was lower than those of the October forecast.

In Japan, the fourth quarter GDP increased by 0.3% year-on-year, but contracted by 0.1%

quarter-to-quarter, marking three consecutive quarters of negative growth. Slacken exports tapered off economic growth by 0.5 percentage points, when fixed capital formation lowered the rate by 0.2 percentage points. Despite the weakened economy, the unemployment rate declined by 0.3 percentage points from 4.3% in the previous quarter to 4.0%; the seasonal adjusted rate held stable at 4.2%.

GDP of Mainland China expanded by 7.9% year-on-year in the fourth quarter of 2012, up by 0.5 percentage points from 7.4% in the previous quarter. Economic growth for 2012 was 7.8%, down by 1.4 percentage points year-on-year. In 2012, value added of the above-scale industriesc rose by 10.0% year-on-year, down by 3.9 percentage points from the increase in 2011; fixed asset investment increased by 20.6% year-on-year, down by 3.4 percentage points; retail sales of consumer goods rose by 14.3% year-on-year, down by 2.8 percentage points, with sales of communication equipment rising by 28.9%, furniture by 27.0%, and construction and decoration materials by 24.6%. Total value of external merchandise trade for the whole year of 2012 rose by 6.2% year-on-year, with trade surplus amounting to USD231.1 billion. Inflation rate eased further to 2.6% in the fourth quarter, with CPI for December rising by 2.5% year-on-year.

In Hong Kong, pace of economic growth accelerated from the third quarter, expanding by 2.5% year-on-year and 1.2% quarter-to-quarter. Exports and domestic demand rebounded notably, of which gross fixed capital formation and private consumption expenditure increased by 10.5%

and 4.1% respectively year-on-year, while increase in government final consumption expenditure slowed to 3.5%. External trade picked up, with merchandise imports and exports rising by 8.1% and 7.0% year-on-year, or 4.7% and 4.9% quarter-to-quarter. The unemployment rate stood at 3.1%, down significantly by 0.4 percentage points quarter-to-quarter.

a Korea; Taiwan, China; Hong Kong and Singapore

b Indonesia, Malaysia, the Philippines, Thailand and Vietnam

c According to the definition of the National Bureau of Statistics of China, it refers to industrial enterprises with annual

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

-2.0 0.0 2.0 4.0 6.0 8.0

USA Euro Zone Japan M ainland

China

The United Kingdom

Hong Kong

%

Q3/2012 Q4/2012

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the fourth quarter of 2012, the economy of Macao increased by 8.5% year-on-year in real terms. Economic growth was spurred by the increase in exports of services, investment and private consumption expenditure. In terms of external demand, despite declining visitor arrivals and slower growth in visitor spending, rebound in exports of gaming services caused rising exports of services, and increase in merchandise exports sustained. As regards domestic demand, private consumption expenditure increased upon better employment conditions and rising incomes, and investment continued the growth momentum. For the whole year of 2012, the economy expanded by 9.9% in real terms that was fuelled by exports of services and domestic demand, of which exports of gaming services increased by 6.9% and total visitor spending by 6.4%. In respect of domestic demand, gross fixed capital formation went up by 19.1% upon a surge in public construction investment, private and government final consumption expenditure increased by 9.1% and 6.9% respectively, merchandise exports rebounded remarkably by 23.2%. GDP growth for the second and third quarters of 2012 revised to 7.9% and 6.2% respectively.

The following highlights year-on-year comparisons of major segments of the local economy in the fourth quarter and the whole year of 2012:

1. Total value of merchandise exports increased by 4.8% in the fourth quarter, of which exports of machines, apparatus & parts rose by 55.4%, while that of garment dropped by 14.2%.

Analysed by destination, exports to Hong Kong and Mainland China increased by 1.0% and 35.0% respectively; however, exports to the EU and the United States decreased by 20.8% and 6.4%. Total value of merchandise imports rose by 5.3%, with imports of capital goods, which took up a significant share of the total, increasing by 27.4%. A visible trade deficit of MOP16.81 billion was recorded in the fourth quarter. For the whole year of 2012, merchandise exports and imports increased by 17.1% and 13.9% respectively, with the trade deficit amounting to MOP62.77 billion.

2. Visitor arrivals decreased by 1.7% in the fourth quarter; gross gaming revenue expanded by 9.9%, guests of the hotel sector rose by 9.1%, and per-capita spending of visitors went up by 11%. After adjusting for price changes, exports of services increased by 3.7%, and imports of services rose modestly by 0.6%. For the whole year of 2012, gross gaming revenue increased by 13.4%; visitor arrivals edged up by 0.3%, and guests of the hotel sector rose by 10.8%, causing exports of services to expand by 6.8% in real terms; imports of services also posted an increase of 1.4% in real terms.

3. Unemployment rate stood at 1.9% in the fourth quarter upon encouraging employment situation; median monthly employment earnings increased by 16.5%. Inflation eased with the

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Composite Consumer Price Index (Composite CPI) rising by 5.6%. Private consumption expenditure increased by 7.2%, and government final consumption expenditure expanded by 7.8%. For the whole year of 2012, the Composite CPI grew by 6.1%; private consumption expenditure and government final consumption expenditure went up by 9.1% and 6.9%

respectively.

4. Overall investment increased by 21.8% in the fourth quarter. Total construction investment expanded by 22.6%, with construction by the private and public sectors rising by 8.5% and 39.3% respectively. Total equipment investment increased by 18.3%, in which investment of the private and public sectors went up by 7.8% and 39.3% respectively. Number of new incorporations decreased by 9.8% whereas the value of registered capital increased by 52.6%.

Overall investment in the whole year of 2012 increased by 19.1%; number of new incorporations rose by 6.1% while the value of registered capital went down by 38.0%.

5. Number and value of building units purchased and sold increased by 6.7% and 15.9%

respectively over the third quarter. The average transaction price of residential units went up by 11.3% quarter-to-quarter.

6. Total government revenue increased by 13.8% to MOP35.61 billion in the fourth quarter, with tax revenue from gaming rising by 7.4% to MOP28.88 billion. Total expenditure expanded by 3.1% to MOP24.38 billion, with current expenditure amounting to MOP15.52 billion. Fiscal surplus for the fourth quarter stood at MOP11.23 billion. For the whole year of 2012, public revenue and expenditure expanded by 14.9% and 15.8% respectively, resulting in a fiscal surplus of MOP72.75 billion.

II. Major Segments of the Economy

A. External Merchandise Trade

Overview

Growth in external merchandise trade slowed further, with total value of merchandise imports and exports increasing by 5.2% to MOP20.83 billion in the fourth quarter of 2012. Merchandise imports increased by 5.3% to MOP18.82 billion, and merchandise exports rose by 4.8% to

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MOP2.01 billion. The exports-imports ratio held stable as a year ago at 10.7%. Merchandise trade deficit widened from MOP15.97 billion in the fourth quarter of 2011 to MOP16.81 billion.

For the whole year of 2012, total external merchandise trade increased by 14.2% to MOP79.09 billion, of which merchandise imports rose by 13.9% to MOP70.93 billion and merchandise exports went up by 17.1% year-on-year to MOP8.16 billion. Merchandise trade deficit widened further to MOP62.77 billion.

Total Exports

In the fourth quarter of 2012, value of merchandise exports to Vietnam (MOP32.23 million), Mainland China (MOP384.4 million) and Hong Kong (MOP949.0 million) increased by 82.2%, 35.0% and 1.0% respectively; exports to Taiwan, China (MOP5.96 million), the EU (MOP70.17 million), the US (MOP122.4 million) and Japan (MOP43.22 million) decreased by 66.7%, 20.8%, 6.4% and 4.6% respectively. As the major merchandise of exports, value of machines, apparatus &

parts (MOP328.7 million) soared by 55.4% to take up 16.4% of the total exports. Besides, exports of garment & textile products; tobacco & wine; clocks & watches; diamond & diamond jewellery;

and copper & articles thereof dropped by 18.1%, 4.4%, 76.8%, 71.4% and 0.3% respectively; on the contrary, exports of other products increased by 11.9%.

Merchandise exports (Year-on-year change)

-30 -20 -10 0 10 20 30 40

Q4 Q1 Q2 Q3 Q4

2011 2012

%

Total exports USA EU

Domestic Exports

In the fourth quarter of 2012, domestic exports amounted to MOP532.1 million (26.5% of total exports), down by 15.7% year-on-year and 7.5% quarter-to-quarter. Hong Kong continued to be the largest market of Macao’s domestic exports, with the value of exports falling by 15.1%

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year-on-year; domestic exports to the US edged up by 0.6%, while that to the EU decreased by 21.3%. Analysed by principal commodity, exports of garment (26.7% of total domestic exports) decreased further by 27.9%, of which exports to the US (46.9% of total) and the EU (37.4%) dropped by 27.2% and 27.4% respectively; meanwhile, exports of tobacco & wine (23.3%) shrank by 16.5%, and that of other products (50.0%) went down by 6.8%.

Domestic exports to Mainland China decreased by 19.8% to MOP69.57 million (13.1% of total), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) rose by 1.6% to MOP25.87 million, consisting mainly of copper-clad board (47.1% of total), stamps (23.5%) and garment (19.0%); the amount of tariff saved totalled MOP2.09 million.

In 2012, the share of domestic exports in total exports declined to 28.0%, with its value dropping by 4.4% year-on-year to MOP2.28 billion.

In addition, results of the Industrial Exports Survey for the fourth quarter of 2012 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 2.6 months, down by 33.7% from 3.9 months in the same quarter of 2011. Meanwhile, 36.7% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, up by 4.7 percentage points quarter-to-quarter and 24.9 percentage points year-on-year, with 0.3%

anticipating a substantial increase and 36.4% expecting a modest rise. However, 29.9% expected less promising prospects of exports, down by 3.6 percentage points quarter-to-quarter and 4.7 percentage points year-on-year; moreover, 33.3% expected the outlook of exports remained stagnant, down by 1.0 percentage point quarter-to-quarter and 20.0 percentage points year-on-year.

The findings showed that the manufacturers were generally cautious about the outlook of exports.

Re-exports

Total value of re-exports increased by 14.9% to MOP1.48 billion (73.5% of total exports) in the fourth quarter of 2012. Hong Kong was the largest market of Macao’s re-exports (51.8% of total), which was followed by Mainland China (21.3%). Value of re-exports to Hong Kong increased by 5.8%, and that to Mainland China soared by 59.0%.

In terms of the types of merchandise, re-exports of consumer goods (27.4%) and other products (63.0%) increased by 1.7% and 28.6% respectively, while that of raw materials &

semi-manufactures (9.5%) dropped by 14.0%.

In 2012, the share of re-exports in total exports reached 72.0%, with its value rising notably by 28.2% to MOP5.87 billion.

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Imports

With declining imports of consumer goods that took up 61.2% of the total imports, increase in total merchandise imports narrowed to 5.3%, at MOP18.82 billion in the fourth quarter of 2012.

Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 14.2% to MOP6.19 billion (32.9% of total). Value of imports from Taiwan, China (2.1%) expanded by 10.9%, while that from the EU (23.8%), Hong Kong (11.2%), Japan (5.8%) and the US (5.6%) decreased by 1.4%, 12.4%, 0.4% and 0.9% respectively.

Regarding the types of merchandise, imports of capital goods (19.8% of total) and fuels &

lubricants (10.1%) increased by 27.4% and 18.9% respectively, while imports of consumer goods (61.2%) and raw materials & semi-manufactures (9.0%) decreased by 0.7% and 4.4% respectively.

Imports of consumer goods recorded the first negative growth (-0.7%) since the fourth quarter of 2009, of which value of food & beverages (12.0% of total imports), gold jewellery (10.0%) and handbags & wallets (5.2%) decreased by 2.4%, 16.9% and 15.6% respectively, indicating a slowdown in private consumption expenditure and visitor spending.

In 2012, total value of imports increased by 13.9% to MOP70.93 billion.

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

-10 0 10 20 30 40 50 60

Q4 Q1 Q2 Q3 Q4

2011 2012

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

B. Tourism, Gaming and MICE

In the fourth quarter of 2012, visitor arrivals decreased by 1.7%; increase in per-capita spending

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of visitors slowed to 11%; exports of gaming services rose by 3.9% in real terms; guests of the hotel sector went up by 9.1%, while number of MICE events and participants recorded year-on-year increase. Exports of gaming services for the whole year of 2012 increased by 6.9% in real terms.

Gaming

Gross gaming revenue amounted to MOP81.12 billion in the fourth quarter, up by 9.9%

year-on-year. Gross revenue of game of chance increased by 9.9% to MOP80.83 billion (99.6% of total), while that of pari-mutuels and lotteries rose modestly by 0.7% to MOP287 million. For the whole year of 2012, gross gaming revenue went up by 13.4% year-on-year to MOP305.23 billion.

Number of casinos remained at 35 in the fourth quarter, with 5,485 gaming tables (+3.5%) and 16,585 slot machines (+3.3%).

Gross gaming revenue

0 10 20 30 40 50 60 70 80 90

Q4 Q1 Q2 Q3 Q4

2011 2012 Billion M OP

0 10 20 30 40

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals decreased by 1.7% to 7,217,607 in the fourth quarter, attributable to the 5.4%

and 31.8% decline in those from Hong Kong and Japan. Visitors from Mainland China rose by 0.8% to 4,443,894, with 1,848,617 travelling to Macao under the Individual Visit Scheme (IVS), up by 8.0%; moreover, visitors from the Republic of Korea went up by 17.7%. Average length of stay of visitors held stable as the previous quarter at 1.0 day, up slightly from 0.9 day in the same quarter of 2011. Meanwhile, visitor arrivals in package tours rose by 13.0% to 2,550,864.

For the whole year of 2012, visitor arrivals edged up by 0.3% year-on-year to 28,082,292;

visitor arrivals in package tours rose by 21.0% to 9,122,332.

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Principal visitor markets

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Q4 Q1 Q2 Q3 Q4

2011 2012 M illion

M ainland China Hong Kong Taiwan, China Japan

Hotel

Hotels and guesthouses had 26,069 available guest rooms, an increase of 16.6%, with those of the five-star hotels accounting for 63.8% of the total. Guests of the hotel sector totalled 2,525,923 in the fourth quarter of 2012, up by 9.1%. Due to an increase in number of guest rooms, the average occupancy rate of hotels and guesthouses dropped by 2.0 percentage points year-on-year, yet remained high at 84.6%. For the whole year of 2012, guests of the hotel sector increased by 10.8%

year-on-year to 9,541,397 and the average occupancy rate dropped slightly by 1.0 percentage point to 83.1%.

Average length of stay of guests stood at 1.4 nights, down by 0.1 night from the fourth quarter of 2011, with guests of the five-star hotels staying the longest, at 1.6 nights. For the whole year of 2012, average length of stay of guests went down by 0.1 night year-on-year to 1.4 nights.

Visitor Spending

Total spending of visitors amounted to MOP14.6 billion in the fourth quarter of 2012, up by 9% in comparison with MOP13.4 billion a year earlier. Total spending of visitors for the whole year of 2012 increased by 15% year-on-year to MOP52.3 billion.

Per-capita spending of visitors was MOP2,019 in the fourth quarter, with the rate of growth slowing further to 11%. Mainland visitors had the highest per-capita spending of MOP2,574;

per-capita spending of visitors from Japan; Taiwan, China; Southeast Asia; and Hong Kong amounted to MOP1,788, MOP1,488, MOP1,458 and MOP916 respectively. Per-capita spending of

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tourists (overnight visitors) increased by 10% to MOP3,573, while that of same-day visitors dropped by 17% to MOP534. Per-capita shopping spending grew by 3% to MOP975, and per-capita non-shopping spending went up by 19% to MOP1,044.

Per-capita spending of visitors from selected markets

0 500 1 000 1 500 2 000 2 500 3 000

Q4 Q1 Q2 Q3 Q4

2011 2012 M OP

M ainland China Hong Kong Taiwan, China Southeast Asia

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 294 MICE events were held in the fourth quarter of 2012, up by 22 year-on-year;

number of participants and attendees increased by 22% to 621,359. There were 19 exhibitions, an increase of 3 year-on-year; number of attendees rose by 22% to 586,489. Meanwhile, the other 275 meetings and conferences had 34,870 participants.

For the whole year of 2012, a total of 1,022 MICE events were held, down by 23 year-on-year;

total number of participants and attendees increased by 26% to 1,612,961, of which 1,489,933 attendees were attracted by the 61 exhibitions, up by 28% year-on-year.

C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 7.2% in real terms, lower than the 9.4% rise in the third quarter of 2012. Household final consumption expenditure in the domestic market increased by 8.6% and that abroad went up by 7.0%. Private consumption expenditure for the whole year of 2012 registered an increase of 9.1% in real terms.

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Retail Sales

Value of retail sales amounted to MOP14.32 billion in the fourth quarter, up by 14%

year-on-year and 15% quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (28%

of total), Goods in department stores (15%), Leather goods (11%) and Adults’ clothing (10%) increased by 9%, 16%, 12% and 27% respectively year-on-year. Total value of retail sales for the whole year of 2012 rose by 22% year-on-year to MOP52.85 billion; value of retail sales of Watches, clocks & jewellery topped at MOP15.73 billion, representing the largest increase of 28%.

After removing the effect of price changes, volume of retail sales increased by 11%

year-on-year in the fourth quarter, with marked increase being observed in the sales volume of Cosmetics & sanitary articles (+30%), Adults’ clothing (+23%), Motor vehicles (+19%) and Goods in supermarkets (+17%). Volume of retail sales rose by 12% quarter-to-quarter, of which sales volume of Cosmetics & sanitary articles and Adults’ clothing went up by 28% and 27%

respectively, but that of Communication equipment fell by 17%. For the whole year of 2012, volume of retail sales increased by 16%, with the sales volume of Motor vehicles rising the most by 20%.

Value of selected retail sales

0 500 1000 1500 2000 2500 3000 3500 4000 4500

Q4 Q1 Q2 Q3 Q4

2011 2012 M OP million

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

Prices

The average Composite CPI for the fourth quarter rose by 5.6% year-on-year, with notable increase being observed in the price indices of Alcoholic beverages & tobacco (+29.6%), Household goods and furnishing (+7.9%) and Housing & fuels (+7.8%); meanwhile, index of Communication decreased further by 0.9% and that of Education dropped by 3.1%. Consumer prices continued to move upward but at a slower pace. The Composite CPI registered an increase of

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1.1% quarter-to-quarter. In addition, implicit deflator of GDP that measures changes in overall prices rose by 7.4% year-on-year.

For the whole year of 2012, the average Composite CPI increased by 6.1% year-on-year, with notable increase being observed in the price indices of Alcoholic beverages & tobacco (+30.3%) and Food & non-alcoholic beverages (+8.5%); however, price index of Communication decreased by 4.2%. Implicit deflator of GDP rose by 7.3% in 2012.

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

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

Q4 Q1 Q2 Q3 Q4

2011 2012

%

Composite CPI Implicit Deflator of GDP

D. Employment

Employment and employment earnings showed continuous improvement. Economically active population (labour force) totalled 357,000 in the fourth quarter, with an employed population of 350,000, up by 3.6% and 4.0% year-on-year respectively. Employment in Recreational, Cultural, Gaming & Other Services reached 90,000, of which 80,000 were working in the Gaming Sector, accounting for 22.7% of the total. Non-resident workers totalled 110,552, with 30.8% working in Hotels & Restaurants and 13.9% in Construction.

Unemployment rate stood at 1.9%, down by 0.3 percentage points year-on-year and 0.1 percentage point quarter-to-quarter; total number of unemployed was 6,600, with 16.1% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 32.0%

had worked in Recreational, Cultural, Gaming & Other Services, 17.5% in Construction, and 15.0%

in Wholesale & Retail. In terms of educational attainment, 31.8% had junior secondary education;

21.6% had senior secondary education and 20.8% had primary education. Underemployment rate was 0.7%.

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Median monthly employment earnings of the employed stood at MOP12,000, up by 16.5%

year-on-year. Median employment earnings of the Manufacturing Sector logged the highest year-on-year increase of 38.9%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings held stable as the previous quarter but rose by 7.1%

year-on-year.

Employed population and unemployment rate

320 330 340 350 360

Q4 Q1 Q2 Q3 Q4

2011 2012 Thousand persons

1.8 2.0 2.2

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

In the fourth quarter of 2012, construction investment increased by 22.6% and equipment investment rose by 18.3% in real terms, causing overall investment to expand by 21.8%. Investment by the private sector grew by 8.3%, and that by the public sector went up by 39.3%. For the whole year of 2012, overall investment increased by 19.1%, with construction investment and equipment investment rising by 24.3% and 2.5% respectively; investment by the private and public sectors went up by 8.3% and 51.7% respectively.

For the investment by the private sector, number of building completions, units and gross floor area decreased by 33.3%, 80.9% and 98.3% respectively in the fourth quarter; meanwhile, construction of new buildings, units and gross floor area dropped by 12.5%, 6.0% and 6.0%

respectively. For the whole year of 2012, total number of building completions, units and area increased by 14.8%, 84.4% and 34.9% respectively; however, number of new buildings started, units and area went down by 20.9%, 26.3% and 17.1% respectively. Despite a decline of investment

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in building construction, soaring housing prices led to a substantial increase in property transfer fees and real estate developers’ margin, causing construction investment by the private sector to expand by 8.5% in real terms in the fourth quarter and 10.7% in the whole year of 2012; moreover, equipment investment increased by 7.8% and 2.1% respectively in real terms.

As regards investment by the public sector, construction investment increased by 39.3% in the fourth quarter due to the construction of the Hengqin Campus of the University of Macau and the public housing projects in full swing; meanwhile, equipment investment went up by 39.3%.

Gross floor areas of buildings started and completed

0 100 200 300 400 500 600 700 800 900 1 000

Q4 Q1 Q2 Q3 Q4

2011 2012 Thousand m2

Buildings started Buildings completed

Transactions on Real Estate

A total of 7,216 building units were purchased and sold in the fourth quarter, up by 103.7%

year-on-year and 6.7% quarter-to-quarter; total value amounted to MOP31.22 billion, up by 208.6%

year-on-year and 15.9% quarter-to-quarter. For the whole year of 2012, a total of 25,419 building units were purchased and sold, down by 8.0% year-on-year; total value increased by 32.3% to MOP100.91 billion.

Analysed by end-use, 4,543 residential units were purchased and sold at MOP22.78 billion in the fourth quarter, accounting for 63.0% and 73.0% of the respective total.

As regards status of the buyers, 6,451 units (89.4% of total) were purchased by Macao residents in the fourth quarter; value of transaction amounted to MOP25.22 billion, with its share in total value falling from 85.1% in the previous quarter to 80.8%. Meanwhile, 667 units were purchased by non-residents, with the total value amounting to MOP5.59 billion. For the whole year of 2012, a total of 22,821 units at MOP83.34 billion were purchased by Macao residents, sharing

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The average transaction price of residential units increased by 11.3% quarter-to-quarter to MOP64,869 per square metre of usable area in the fourth quarter. The average price of those in the Macao Peninsula rose by 22.6% to MOP63,336 per square metre, while the average price of those in Taipa dropped by 0.5% to MOP67,218 per square metre. The average price of office units declined by 2.7% quarter-to-quarter to MOP47,925 per square metre. For the whole year of 2012, the average price of residential units increased by 38.4% year-on-year to MOP57,362 per square metre; the average price of office units went up by 32.1% to MOP 46,320 per square metre.

Total value of building units purchased and sold

0 5 10 15 20 25 30 35

Q4 Q1 Q2 Q3 Q4

2011 2012 M OP billion

Business Investment

Number of new incorporations decreased by 9.8% to 790 in the fourth quarter of 2012, while the total value of registered capital increased by 52.6% to MOP159 million. Among the new incorporations, 34.4% were operating in Wholesale & Retail, 18.2% in Business Services and 14.1% in Real Estate. In terms of registered capital, Wholesale & Retail predominated with 58.7%

of the total, while Business Services and Real Estate accounted for 11.5% and 9.4% respectively.

As regards origin of capital, capital from Macao shared 41.8% of the total and that from Mainland China and Hong Kong took up 41.5% and 5.5% respectively. For the whole year of 2012, total number of new incorporations increased by 6.1% to 3,612, while the registered capital dropped by 38.0% to MOP609 million.

Number of companies in dissolution decreased by 13.1% to 119 in the fourth quarter, with 41 engaging in Wholesale & Retail (34.5% of total), 21 in Business Services (17.6%), 17 in Real Estate (14.3%) and 16 in Construction (13.4%). Total number of companies in dissolution for the whole year of 2012 declined by 2.0% year-on-year to 501.

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F. Public Accounts

In the fourth quarter of 2012, total government revenue expanded by 13.8% to MOP35.61 billion on account of an increase in direct taxes, of which tax revenue from gaming rose by 7.4% to MOP28.88 billion.

Meanwhile, total government expenditure grew by 3.1% to MOP24.38 billion, attributable to the increase in investments (+28.6%). Fiscal surplus stood at MOP11.23 billion in the fourth quarter, higher than the MOP7.64 billion surplus in the same quarter of 2011.

For the whole year 2012, total government revenue amounted to MOP129.50 billion, up by 14.9% year-on-year, with gaming tax revenue rising by 13.8% to MOP113.38 billion; total government expenditure increased by 15.8% to MOP56.75 billion; fiscal surplus amounted to MOP72.75 billion.

Total government revenue and expenditure

0 5 10 15 20 25 30 35 40

Q4 Q1 Q2 Q3 Q4

2011 2012 M OP billion

Total revenue Total expenditure Fiscal surplus

G. Money and Finance

At the end of December 2012, narrow money supply M1 went up by 31.1% year-on-year, of which currency in circulation increased by 22.8% and demand deposits rose by 32.8%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 25.7%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 5.7 percentage

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points to 43.6%, and its share in M2 dropped by 1.7 percentage points to 24.3%. The share of the Hong Kong dollar was 54.7% in M1 and 55.8% in M2.

Resident deposits rose by 25.8% year-on-year to MOP366.76 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 17.2%, 28.7% and 28.0%

respectively to MOP83.46 billion, MOP209.12 billion and MOP74.18 billion. Meanwhile, public sector deposits in banks increased by 54.6% to MOP45.72 billion.

Domestic loans extended to the private sector rose by 18.2% year-on-year to MOP198.11 billion, of which outstanding residential mortgage loans went up by 20.0% year-on-year to MOP152.48 billion. Within the domestic loans to the private sector, the MOP accounted for 31.0%, valued at MOP61.37 billion, and the Hong Kong dollar took up 60.6%, valued at MOP120.03 billion.

Resident deposits and loans

0 50 100 150 200 250 300 350 400

Q4 Q1 Q2 Q3 Q4

2011 2012 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 December was 48.0%, down by 4.2 percentage points from a year earlier, and that for both the resident and non-resident sectors decreased by 2.6 percentage points to 75.3%.

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 fourth 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 fourth quarter of 2012, the exchange rates of the MOP exhibited a mixed performance

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against major currencies. The average exchange rates of the MOP against the New Zealand dollar, the Singapore dollar and the Korean won decreased by 5.5%, 4.8% and 4.5% respectively year-on-year, whereas the respective rates against the Japanese yen, the Euro and the Swiss franc rose by 4.9%, 4.3% and 2.6% 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, rose by 0.53 points to 97.08.

H. Other Economic Indicators

Transport and Communications

In the fourth quarter of 2012, containerized cargo by land (6,664 tonnes), air cargo (7,647 tonnes) and seaborne containerized cargo (53,351 tonnes) decreased by 26.4%, 26.8% and 1.5%

respectively. For the whole year of 2012, containerized cargo by land (30,681 tonnes) and air cargo (27,794 tonnes) declined by 12.6% and 29.7% respectively, whereas seaborne containerized cargo (207,280 tonnes) went up by 13.3%.

As regards local transport, new registration of motor vehicles totalled 4,493, up by 1.1%; new registration of cars increased by 4.1% to 2,391 while that of motorcycles decreased by 2.0% to 2,102. For the whole year of 2012, new registration of motor vehicles decreased by 0.5% to 17,621, with the number of cars (9,308) rising by 12.0% but that of motorcycles (8,313) falling by 11.5%.

At the end of 2012, number of licensed motor vehicles totalled 217,335, comprising 101,712 cars and 115,623 motorcycles.

At the end of 2012, number of Internet subscribers went up by 10.7% to 231,582; mobile phone users increased by 19.2% to 1,613,457; fixed-line telephone dropped by 2.3% to 162,533.

Water and Energy Consumption

Consumption of electricity increased by 8.5% to 985 million kWh in the fourth quarter of 2012, and that of water rose by 8.1% to 19.93 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) went up by 6.6% to 84.51 million litres due to an increase in consumption of gas oil & diesel; consumption of liquefied petroleum gas (LPG) rose by 4.5% to 11,450 tonnes. For the whole year of 2012, consumption of electricity increased by 9.0% to 4.20 billion kWh and that of water rose by 6.7% to 75.28 million cubic meters; consumption of liquid fuel grew by 3.7% to 354 million litres, and that of LPG went up by 1.6% to 43,615 tonnes.

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III. Concluding Remarks

In the fourth quarter of 2012, the economy expanded by 8.5% in real terms, higher than the expected and better than the 7.9% and 6.2% growth in the second and third quarters. Economic growth was pushed forward by rising exports of services, investment and private consumption expenditure. For the whole year of 2012, the economy increased by 9.9% in real terms.

Looking ahead for the first quarter of 2013, domestic demand is expected to rise further as the main impetus to growth; total investment is likely to increase continuously; private consumption expenditure is projected to sustain growth on account of buoyant job market, rising employment earnings and low unemployment rate. As regards external demand, increase in merchandise exports is likely to accelerate; in addition, exports of services are expected to see steady increase as visitor arrivals and gross gaming receipts for the first two months of 2013 increased by 2.1% and 9.4%.

Taking into consideration the above factors and slow recovery of the surrounging economies, for the first quarter of 2013, the economy of Macao is expected to expand at similar pace as the previous quarter.

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Página vazia Blank page

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TABLES

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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.

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2011 2012 2012 2012 2012

Q4 Q1 Q2 Q3 Q4

USA

ΓGross Domestic Product 2.4 1.8 2.2 2.0 2.4 2.1 2.6r 1.6

ΓExports of goods 21.0 15.8 4.5 10.4 8.5 5.7 1.2 2.9

ΓImports of goods 22.7 15.4 3.0 12.1 8.5 3.7 - 0.6

ΓConsumer Price Index 1.7 3.1 2.1 3.3 2.8 1.9 1.7 1.9

ΓUnemployment rate 9.6 8.9 8.1 8.3 8.6 8.0 8.1 7.5

Euro area a

ΓGross Domestic Product 2.0 1.4 -0.6 0.6 -0.1 -0.5 -0.6 -0.9

ΓExports of goods 20.0 13.2 7.4 8.6 8.6r 8.1 7.4 5.5

ΓImports of goods 22.5 13.2r 1.8 5.5r 4.1r 1.5r 0.7r 0.8

ΓConsumer Price Index 1.6 2.7 2.5 2.9 2.7 2.5 2.5 2.3

ΓUnemployment rate 10.1 10.1 11.4 10.6 11.4 11.1 11.1r 11.8

Germany

ΓGross Domestic Product 4.2 3.0 0.7 1.4 1.7 0.5 0.4 0.1

ΓExports of goods 18.5 11.5 3.4 5.2 5.1 3.6 3.6 1.3

ΓImports of goods 19.9 13.2 0.7 6.9 4.0 0.1 -0.4 -0.7

ΓConsumer Price Index 1.1 2.1r 2.0 2.2r 2.1r 1.9 2.0r 2.0

ΓUnemployment rate 7.7 7.1 6.8 6.5 7.3 6.8 6.7 6.6

French

ΓGross Domestic Product 1.6 1.7 - 1.1 0.2 0.1 -r -0.3

ΓExports of goods 12.8 9.0 4.1 7.7r 5.0 5.2 4.1r 2.2

ΓImports of goods 13.2 12.9r 2.0 8.5r 2.8r 3.5 1.2r 0.7

ΓConsumer Price Index 1.5 2.1 2.0 2.4 2.3 2.0 2.0 1.5

ΓUnemployment rate 9.7 9.6 10.3 10.0 10.4 9.8 10.1r 10.8

The United Kingdom

ΓGross Domestic Product 1.8 0.9 0.2 0.9r 0.3r -0.2r 0.2r 0.3

ΓExports of goods 16.5 12.6 0.3 9.7r 3.7r -0.8r 2.1r -3.7

ΓImports of goods 17.1 9.6 1.8 5.6r 5.7r 2.2r -r -0.4

ΓConsumer Price Index 3.3 4.5 2.8 4.7 3.5 2.8 2.4 2.6

ΓUnemployment rate 7.8 8.1 7.9 8.4 8.2 8.0 7.8 7.8

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

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2011 2012 2012 2012 2012

Q4 Q1 Q2 Q3 Q4

Mainland China

ΓGross Domestic Product 10.3 9.2 7.8 8.9 8.1 7.6 7.4 7.9

ΓExports of goods 31.3 20.3 7.9 14.2 7.6 10.4r 4.4r 9.4

ΓImports of goods 38.7 25.0 4.3 20.5 7.0r 6.4r 1.4 2.7

ΓConsumer Price Index a 3.3 5.4 2.6 5.4 3.8 3.3 2.8 2.6

Hong Kong

ΓGross Domestic Product 6.8 4.9 1.4 3.0r 0.8r 1.0r 1.4r 2.5

ΓExports of goods 22.8 10.1 2.9 6.9 -1.5 1.9 3.8 7.0

ΓImports of goods 25.0 11.9 3.9 9.3 0.7 2.1 4.5 8.1

ΓConsumer Price Index 2.4 5.3 4.1 5.7 5.2 4.2 3.1 3.8

ΓUnemployment rate 4.3 3.4 3.3 3.1 3.3 3.3 3.5 3.1

Taiwan, China

ΓGross Domestic Product 10.8r 4.1r 1.3 1.2r 0.6r -0.1r 1.0 3.4

ΓExports of goods 34.8 12.3 -2.3 4.5 -4.0 -5.4 -2.2 2.5

ΓImports of goods 44.1 12.0 -3.8 -0.9 -5.9 -5.8 -3.2 -0.1

ΓConsumer Price Index 1.0 1.4 1.9 1.4 1.3 1.7 3.0 1.8

ΓUnemployment rate 5.2 4.4 4.2 4.3 4.2 4.1 4.3 4.3

Japan

ΓGross Domestic Product 4.7r -0.6r 1.9 -0.3r 3.4r 3.8r 0.4r 0.3

ΓExports of goods 24.4 -2.7 -2.8 -5.5 -1.6 4.8 -8.1 -5.5

ΓImports of goods 18.0 12.1 3.8 12.4 9.9 5.1 0.2 0.4

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

ΓUnemployment rate 5.1 4.6 4.3 4.3 4.5 4.6 4.3 4.0

Republic of Korea

ΓGross Domestic Product 6.3 3.6 2.0 3.3 2.8 2.3 1.5r 1.5

ΓExports of goods 28.3 19.0 -1.3 9.0 3.0 -1.7 -5.8r -0.3

ΓImports of goods 31.6 23.3 -0.9 13.4 7.8r -2.9r -6.9r -1.0

ΓConsumer Price Index 3.0 4.0 2.2 4.0 3.0 2.4 1.6 1.7

ΓUnemployment rate 3.7r 3.4 3.2 2.9 3.8 3.3 3.0 2.8

Singapore

ΓGross Domestic Product 14.8 5.2r 1.3 3.6 1.5r 2.3r -r 1.5

ΓExports of goods 22.4 7.5 -0.9 5.8 4.8 1.4 -4.2 -5.1

ΓImports of goods 18.8 8.6 3.2 9.9 10.5 4.6 -1.3 -0.4

ΓConsumer Price Index 2.8 5.2 4.6 5.5 4.9 5.3 4.2 4.0

ΓUnemployment rate 2.2 2.0 2.0 1.8 1.9 2.6 1.7 1.6

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

2010 2011 2012

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2011 2012 2012 2012 2012

Q4 Q1 Q2 Q3 Q4

USA

ΓGross Domestic Product 2.4 1.8 2.2 4.1 2.0 1.3 3.1r 0.1

ΓExports of goods 21.0 15.8 4.5 0.2 1.3r 1.6 -0.3 -0.8

ΓImports of goods 22.7 15.4 3.0 1.6 2.1 -0.4 -2.2r 0.6

ΓConsumer Price Index 1.7 3.1 2.1 0.4r 0.6 0.3r 0.5r 0.5

ΓUnemployment ratea 9.6 8.9 8.1 8.7 8.3 8.2 8.0r 7.8

Japan

ΓGross Domestic Product 4.7r -0.6r 1.9 0.2r 1.5r -0.2r -1.0r -0.1

ΓExports of goods 24.5r -2.6 -2.9 -4.2r 0.7r 0.3r -3.8 -2.2

ΓImports of goods 18.1 12.2 3.4 1.5r 0.1r -0.4r -r 0.1

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

ΓUnemployment ratea 5.1 4.6 4.3 4.5 4.5 4.4 4.2 4.2

Hong Kong

ΓGross Domestic Product 6.8 4.9 1.4 0.5r 0.4r -0.1 0.8r 1.2

ΓExports of goods 22.8 10.1 2.9 -0.1r 1.9r -2.3r 2.6r 4.9

ΓImports of goods 25.0 11.9 3.9 -1.0r 1.6r -0.9r 2.2r 4.7

ΓConsumer Price Index 2.4 5.3 4.1 3.0 1.2r 0.8r -1.9r 3.7

ΓUnemployment ratea 4.3 3.4 3.3 3.3 3.4 3.2 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

2011 2012 2012 2012 2012

Q4r Q1r Q2r Q3r Q4@

At current prices:

GDP (Billion MOP) 226.9 295.0 348.2 84.2 80.2 83.0 86.9 98.1

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

Chain volume measures in chained (2010) dollars:

GDP (Billion MOP) 226.9 276.4 304.0 77.0 71.8 73.1 75.6 83.5

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

GDP 27.5 21.8 9.9 18.0 18.5 7.9 6.2 8.5

Private consumption expenditure 7.2 11.0 9.1 12.8 6.9 13.3 9.4 7.2

In the domestic market 5.3 10.6 9.0 11.6 6.4 12.3 8.9 8.6

Abroad 20.7 10.5 10.4 13.2 13.0 11.8 10.3 7.0

Government final consumption expenditure 4.9 5.5 6.9 5.3 10.6 7.1 3.0 7.8

Gross fixed capital formation -16.8 17.1 19.1 14.0 39.3 9.9 11.9 21.8

Private sector -22.4 7.3 8.3 -8.3 19.9 -6.4 16.8 8.3

Government 24.1 62.0 51.7 66.2 313.9 166.3 -1.4 39.3

Exports of goods -7.2 -1.9 23.2 10.5 24.8 21.7 29.7 17.4

Exports of services 47.4 30.1 6.8 22.8 19.1 5.6 0.7 3.7

Imports of goods 15.4 27.0 11.0 29.8 25.1 13.2 4.8 4.5

Imports of services 43.5 32.6 1.4 18.4 12.6 1.3 -7.1 0.6

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

2012

2011r 2010

2010 2011

2012

參考文獻

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