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MACAO ECONOMIC BULLETI N

This is a joint publication of the Macao Economic Services (DSE), the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC). DSE prepares the analysis of the World Economy and External Merchandise Trade, as well as data on tables I.1, I.2, II.7 and II.8.

AMCM prepares the analysis of Money and Finance and data on tables VIII.1 to VIII.7. DSEC prepares the analysis and data on the remaining sections.

Further information can be obtained from the Documentation and Information Centre of DSEC.

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

4

th

Quarter

2 0 13

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Editor: DSEC Macao, April 2014

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 ... 20

C. CONSUMPTION AND PRICES ... 23

D. EMPLOYMENT... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 28

G. MONEY AND FINANCE ... 29

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) ... 33

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON) ... 35

3. GROSS DOMESTIC PRODUCT OF MACAO ... 35

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 36

II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE... 37

2. PRINCIPAL STATISTICS ON EXPORTS ... 38

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS... 39

4. PRINCIPAL STATISTICS ON RE-EXPORTS... 40

5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS... 40

6. PRINCIPAL STATISTICS OF IMPORTS…. ... 41

7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 42

8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES... 42

III. TOURISM, GAMING AND MICE 1. INDICATORS OF THE GAMING SECTOR... 43

2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONTRIBUTION TO THE ECONOMY ... 44

3. VISITOR ARRIVALS... 45

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4. HOTEL GUESTS... 46

5. SPENDING OF VISITORS ... 47

6. AVERAGE LENGTH OF STAY OF VISITORS... 48

7. MICE STATISTICS ... 49

IV. CONSUMPTION AND PRICES 1. PRICE INDICES ... 50

2. RETAIL SALES... 51

3. SALES VOLUME INDEX ... 51

V. POPULATION AND LABOUR FORCE 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 52

2. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED POPULATION ... 52

3. EMPLOYED POPULATION BY GENDER, AGE GROUP AND INDUSTRY ... 53

4. JOB VACANCIES ... 53

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 54

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 55

7. NON-RESIDENT WORKERS ... 55

VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION... 56

2. PURCHASE AND SALE OF BUILDING UNITS ... 57

3. PURCHASE AND SALE OF BUILDING UNITS BY END-USE OF UNIT AND BUYER’S STATUS .. 58

4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS, OFFICES AND INDUSTRIAL UNITS PURCHASED AND SOLD ... 59

5. PUBLIC WORKS ... 59

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 60

2. PUBLIC REVENUE... 61

3. PUBLIC EXPENDITURE ... 62

4. PUBLIC INVESTMENT ... 62

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 63

2. RESIDENT DEPOSITS... 64

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 65

4. MORTGAGE LOANS ... 65

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5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 66

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 67

7. INTEREST RATES OF THE MACAO PATACA ... 67

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 68

2. TRANSPORT ... 69

3. COMMUNICATIONS ... 70

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 70

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 71

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THE WORLD ECONOMY

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The recovery momentum of the global economy was slightly stronger in the fourth quarter of 2013. The US economic revival continued and the Euro area resumed positive growth; nevertheless, relatively weak domestic demand of the export-oriented Asian economies, and gradual withdrawal of the US quantitative easing measures continued to pose downside risks to a sustained global recovery. The World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) in January 2014 indicated that the overall demand in advanced economies expanded with rising inventory; exports rebounded in emerging market economies, while domestic demand generally remained subdued. The world economy expanded by 3.0% in 2013 and is projected to grow by 3.7% in 2014, both up by 0.1 percentage point from the October forecast.

The US economy continued to recover. Gross Domestic Product (GDP) for the fourth quarter of 2013 expanded by 2.5% year-on-year; the quarter-to-quarter growth was 2.4%, down from 4.1%

in the previous quarter. Increase in private consumption expenditure and exports contributed 1.7 and 1.2 percentage points to economic growth; fixed investment also added 0.6 percentage points to the increase; however, decrease in government expenditure dragged down the rate of growth by 1.0 percentage point. The unemployment situation improved upon continued economic recovery, with the unemployment rate dropping by 0.6 percentage points quarter-to-quarter to 6.7%; the seasonal adjusted unemployment rate stood at 7.0%.

With sustained economic upturn in Germany and France, the Euro area resumed positive growth. The fourth quarter GDP of the Euro area expanded by 0.5% year-on-year and 0.3%

quarter-to-quarter. Exports and gross fixed capital formation added 0.6 and 0.2 percentage points respectively to economic growth, whereas inventory and government final consumption expenditure tapered off 0.3 and 0.1 percentage point. The unemployment rate had not improved amid the economic growth, rising by 0.3 percentage points quarter-to-quarter to 12.0%.

The UK economy continued to pick up, with the services, construction and manufacturing sectors showing positive growth. The fourth quarter GDP increased by 2.7% year-on-year and 0.7%

quarter-to-quarter. Net exports contributed 0.4 percentage points to economic growth; household final consumption expenditure and gross capital formation also added 0.3 and 0.2 percentage points respectively to the increase. Economic performance continued to improve, with the unemployment rate dropping by 0.4 percentage points from the previous quarter, at 7.2%.

Benefited from rising external demand in advanced economies, export growth in emerging Asian economies generally improved. The January WEO Update of IMF indicated that the ASEAN 5a economies expanded by 5.0% in 2013; meanwhile, the Middle East, North Africa, Afghanistan and Pakistan grew by 2.4%, and the Chinese and Indian economies by 7.7% and 4.4% respectively, higher than the forecast in October.

a Indonesia, Malaysia, the Philippines, Thailand and Vietnam

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In Japan, depreciation of the yen spurred exports, yet domestic demand remained the major driving force of economic growth. The fourth quarter GDP increased by 2.7% year-on-year and merely 0.3% quarter-to-quarter. Domestic demand contributed 0.8 percentage points to economic growth; exports only added 0.1 percentage point to the increase. The unemployment rate dropped by 0.3 percentage points to 3.7% amid positive economic growth; the seasonal adjusted rate stood at 3.9%.

The economy of the Republic of Korea saw steady growth, with exports continuously rising.

The fourth quarter GDP increased 3.9% year-on-year and 0.9% quarter-to-quarter. Final consumption expenditure and gross capital formation contributed 0.5 and 0.3 percentage points to economic growth; exports also added 1.1 percentage points to the increase, but it was totally offset by imports. The unemployment rate decreased 0.2 percentage points quarter-to-quarter to 2.8%

upon steady economic growth.

The economy of Mainland China maintained steady growth. The fourth quarter GDP expanded by 7.7% year-on-year, down slightly by 0.1 percentage point compared with the increase in the previous quarter. For the whole year of 2013, value added of the above-scale industries rose by 9.7% year-on-year, down by 0.3 percentage points from the increase a year earlier; fixed asset investment increased by 19.6% year-on-year, down by 1.0 percentage point; retail sales of consumer goods rose by 13.1% year-on-year, down by 1.2 percentage points, with sales of jewellery rising by 25.8%, construction and decoration materials by 22.1%, and furniture by 21.0%. Total value of external trade for the whole year of 2013 grew by 7.6% year-on-year and the trade surplus amounted to USD259.7 billion. Inflation rate rose slightly; the Consumer Price Index for the fourth quarter was 2.6%, of which CPI for December rose by 2.5% year-on-year.

The economy of Hong Kong grew moderately by 3.0% year-on-year and 1.1%

quarter-to-quarter in the fourth quarter of 2013. Domestic demand remained the key impetus to economic growth, of which gross fixed capital formation rose by 5.3% year-on-year, and both private consumption expenditure and government final consumption expenditure increased by 3.2%.

Trading performance improved modestly, with imports and exports rising by 4.3% and 4.8%

respectively year-on-year, and both up by 3.6% quarter-to-quarter. The unemployment rate decreased by 0.4 percentage points, at 3.1%; the seasonal adjusted rate dropped by 0.1 percentage point quarter-to-quarter to 3.2%.

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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 Area Japan M ainland

China

United Kingdom

Hong Kong

%

Q3/2013 Q4/2013

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the fourth quarter of 2013, the economy of Macao expanded by 14.3% year-on-year in real terms. Economic growth was mainly spurred by the increase in exports of 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. For the whole year of 2013, the economy increased by 11.9% in real terms, the flourishing tourism and gaming sector brought exports of services up by 12.0%; in particular, exports of gaming services grew by 12.4% and exports of other tourism services went up by 10.0%. In respect of other components, fixed capital investment rose by 4.7%, both private consumption expenditure and government final consumption expenditure grew by 6.3%, merchandise exports increased by 11.4% and merchandise imports went up by 15.1%. GDP growth for the first three quarters of 2013 was revised to 11.9%, 9.8% and 11.2% respectively.

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

1. Total value of merchandise exports increased by 17.6% in the fourth quarter, of which exports of machines, apparatus & parts and clocks & watches surged by 81.4% and 368.6%

respectively. Analysed by destination, exports to Hong Kong increased by 34.0%; however, exports to the USA and Japan decreased by 22.1% and 14.5% respectively. Total value of merchandise imports increased by 20.4%, with imports of consumer goods, which took up a significant share of the total, rising by 25.0%. A visible trade deficit of MOP20.29 billion was recorded in the fourth quarter. For the whole year of 2013, merchandise exports and imports increased by 11.4% and 14.2% respectively, with the trade deficit amounting to MOP71.92 billion.

2. Visitor arrivals increased by 2.7% in the fourth quarter; gross gaming revenue expanded by 23.8%; guests of hotels and guesthouses rose by 6.0%, and per-capita spending of visitors went up by 9.0%. After adjusting for price changes, exports of services increased by 16.0%, while imports of services edged up by 1.9%. For the whole year of 2013, visitor arrivals increased by 4.4%; gross gaming revenue rose by 18.6% and guests of hotels and guesthouses went up by 11.8%, causing exports of services to expand by 12.0% in real terms; imports of services held stable as in 2012.

3. Unemployment rate was 1.8% in the fourth quarter amid encouraging employment situation;

median monthly employment earnings increased by 2.5%. Inflation sped up with the Composite Consumer Price Index (Composite CPI) rising by 5.9%. Private consumption expenditure increased by 6.5%, and government final consumption expenditure expanded by

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6.1%. For the whole year of 2013, the Composite CPI grew by 5.5%; both private consumption expenditure and government final consumption expenditure expanded by 6.3%.

4. Overall investment increased by 9.5% in the fourth quarter. Total construction investment expanded by 7.3%, with construction by the private sector rising by 73.8% but that of the public sector falling by 60.4%. Total equipment investment increased by 19.5%, in which investment of the private sector dropped by 4.0% but that of the public sector rose by 55.9%.

Number of new incorporations increased by 51.9%, and the value of registered capital also rose by 87.8%. For the whole year of 2013, overall investment increased by 4.7%; number of new incorporations and the value of registered capital rose 24.1% and 24.0% respectively.

5. Number and value of building units purchased and sold increased by 28.6% and 62.8%

respectively over the third quarter. The average transaction price of residential units went up by 28.4% quarter-to-quarter.

6. Total government revenue increased by 18.5% to MOP42.21 billion in the fourth quarter, with tax revenue from gaming rising by 24.9% to MOP36.07 billion. Total expenditure decreased by 3.4% to MOP23.56 billion, with current expenditure growing by 17.8% to MOP18.29 billion. Fiscal surplus for the fourth quarter stood at MOP18.65 billion. For the whole year of 2013, public revenue and expenditure expanded by 20.1% and 4.4% respectively, resulting in a fiscal surplus of MOP96.26 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

External merchandise trade maintained growth, with total value of merchandise imports and exports rising by 20.1% to MOP25.02 billion in the fourth quarter of 2013. Merchandise imports increased by 20.4% to MOP22.66 billion, and merchandise exports rose by 17.6% to MOP2.36 billion. The exports-imports ratio dropped by 0.3 percentage points year-on-year to 10.4%.

Merchandise trade deficit widened from MOP16.81 billion in the fourth quarter of 2012 to MOP20.29 billion.

For the whole year of 2013, total value of merchandise imports and exports increased by 13.9% to MOP90.11 billion, of which merchandise imports rose by 14.2% to MOP81.01 billion and merchandise exports went up by 11.4% to MOP9.09 billion. Merchandise trade deficit widened

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further to MOP71.92 billion.

Total Exports

In the fourth quarter of 2013, value of merchandise exports increased by 17.6% year-on-year to MOP2.36 billion on account of smaller decrease in domestic exports and robust growth in re-exports.

Analysed by destination, value of merchandise exports to Vietnam (MOP50.51 million), Hong Kong (MOP1.27 billion), the EU (MOP72.36 million) and Mainland China (MOP388.4 million) increased by 56.7%, 34.0%, 3.1% and 1.0% respectively; meanwhile, exports to the USA (MOP95.39 million) and Japan (MOP36.95 million) decreased by 22.1% and 14.5% respectively.

As the major merchandise of exports, value of machines, apparatus & parts (MOP596.3 million) soared by 81.4% to take up 25.2% of the total exports. Besides, exports of clocks &

watches, diamond & diamond jewellery, copper & articles thereof and other products increased by 368.6%, 170.6%, 18.9% and 7.0% respectively; on the contrary, exports of garment & textile products, tobacco & wine and electronic components dropped by 17.8%, 13.0% and 4.4%

respectively.

Merchandise exports (Year-on-year change)

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

Q4 Q1 Q2 Q3 Q4

2012 2013

%

Total exports USA EU

Domestic Exports

In the fourth quarter of 2013, domestic exports amounted to MOP510.3 million (21.6% of total exports), down by 4.1% year-on-year but up by 4.3% quarter-to-quarter. Hong Kong continued to

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be the largest market of Macao’s domestic exports (24.1% of total domestic exports), but the value of exports decreased substantially by 32.8% year-on-year; besides, domestic exports to the USA declined by 24.5% but domestic exports to the EU increased by 2.3%. Analysed by principal commodity, exports of garment (20.7% of total domestic exports) declined further by 25.4%, of which exports to the USA (32.9% of total exports of garment) fell sharply by 47.7% and exports to the EU (43.4%) dropped by 13.5%; meanwhile, exports of tobacco & wine (22.4%) decreased by 7.8% but that of other products (56.8%) increased by 8.9%.

Domestic exports to Mainland China increased by 8.9% to MOP75.73 million (14.8% of total), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) rose notably by 44.5% to MOP37.38 million, consisting mainly of garment and textile (48.3% of total), copper-clad boards (35.7%) and stamps (12.5%); the amount of tariff saved totalled MOP3.96 million.

In 2013, the share of domestic exports in total exports declined to 22.1%, with its value dropping by 12.1% year-on-year to MOP2.01 billion.

In addition, results of the Industrial Exports Survey for the fourth quarter of 2013 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 2.4 months, down by 6.6% from 2.6 months in the same quarter of 2012. Meanwhile, 14.5% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, down by 10.4 percentage points quarter-to-quarter and 22.2 percentage points year-on-year, with 3.2% anticipating a substantial increase and 11.3% expecting a modest rise. However, 19.4%

expected less promising prospects of exports, down by 16.3 percentage points quarter-to-quarter and 10.5 percentage points year-on-year; moreover, 66.1% expected the outlook of exports remained stagnant, up by 26.7 percentage points quarter-to-quarter and 32.7 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 rose by 25.4% to MOP1.85 billion (78.4% of total exports) in the fourth quarter of 2013. Hong Kong was the largest market of Macao’s re-exports (61.9% of total), which was followed by Mainland China (16.9%). Value of re-exports to Hong Kong soared by 49.9%, while that to Mainland China edged down by 0.7%. In terms of the types of merchandise, re-exports of consumer goods (27.9% of total) and other products (64.7%) increased by 27.5% and 28.8% respectively, whereas re-exports of raw materials & semi-manufactures (7.4%) decreased by 2.2%.

In 2013, the share of re-exports in total exports reached 77.9%, with its value rising by 20.6%

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to MOP7.08 billion.

Imports

Value of merchandise imports increased by 20.4% year-on-year to MOP22.66 billion in the fourth quarter of 2013, on account of a 25.0% increase in imports of consumer goods that took up 63.5% of the total imports. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 16.9% to MOP7.24 billion (31.9% of total). Value of imports from Switzerland (10.3%), Japan (6.3%), the USA (5.7%), Hong Kong (11.4%) and the EU (23.5%) expanded by 48.3%, 29.8%, 22.4%, 22.3% and 18.5% respectively; however, value of imports from Taiwan (1.5%) decreased by 14.3%.

Regarding the types of merchandise, imports of raw materials & semi-manufactures (9.8% of total), consumer goods (63.5%) and capital goods (18.5%) increased by 31.0%, 25.0% and 12.7%

respectively, while imports of fuels & lubricants (8.2%) decreased by 2.4%.

Imports of consumer goods grew faster in the fourth quarter of 2013, of which value of gold jewellery (12.6% of total imports), food & beverages (11.6%), watches (9.7%), clothing & footwear (6.0%), light passenger cars & motorcycles (4.9%) and handbags & wallets (4.5%) increased by 52.6%, 15.7%, 58.2%, 15.2%, 23.0% and 3.8% respectively.

In 2013, total value of imports increased by 14.2% to MOP81.01 billion.

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

-10 0 10 20 30 40

Q4 Q1 Q2 Q3 Q4

2012 2013

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

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B. Tourism, Gaming and MICE

In the fourth quarter of 2013, visitor arrivals increased by 2.7%; per-capita spending of visitors grew by 9.0%; exports of gaming services rose by 17.1% in real terms; guests of hotels and guesthouses went up by 6.0%; number of MICE events and number of participants and attendees increased by 17.7% and 58.8% year-on-year respectively. Exports of gaming services for the whole year of 2013 increased by 12.4% in real terms.

Gaming

Gross gaming revenue amounted to MOP100.40 billion in the fourth quarter, up by 23.8%

year-on-year. Gross revenue of game of chance increased by 23.9% to MOP100.12 billion (99.7%

of total), while that of pari-mutuels and lotteries dropped by 0.8% to MOP284.8 million. For the whole year of 2013, gross gaming revenue went up by 18.6% year-on-year to MOP361.87 billion.

Number of casinos remained at 35 in the fourth quarter, with 5,750 gaming tables (+4.8%) and 13,106 slot machines (-21.0%).

Gross gaming revenue

0 20 40 60 80 100

Q4 Q1 Q2 Q3 Q4

2012 2013 Billion M OP

0 5 10 15 20 25

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals increased by 2.7% to 7,413,999 in the fourth quarter, attributable to the 5.3%

rise in visitors from Mainland China to 4,681,448, with 2,075,250 travelling to Macao under the Individual Visit Scheme (IVS), up by 12.3%. Moreover, visitors from Taiwan, Japan, Malaysia, the Republic of Korea, Singapore, the United Kingdom and Australia registered year-on-year increase, whereas visitors from Hong Kong and the USA decreased by 4.2% and 0.5% respectively. Average

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length of stay of visitors stood at 1.0 day, same as the previous quarter and the same quarter of 2012.

Same-day visitors accounted for 52.0% of the total visitor arrivals. Meanwhile, visitor arrivals in package tour decreased by 7.4% to 2,362,102.

For the whole year of 2013, visitor arrivals increased by 4.4% year-on-year to 29,324,822;

visitor arrivals in package tours rose by 7.2% to 9,775,798.

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

Q4 Q1 Q2 Q3 Q4

2012 2013 M illion

M ainland China Hong Kong Taiwan Republic of Korea

Hotels

Hotels and guesthouses had 27,764 available guest rooms, an increase of 6.5%; guest rooms of five-star hotels accounted for 66.2% of the total. The hotels and guesthouses received 2,677,952 guests in the fourth quarter of 2013, up by 6.0%. Visitor-guests took up 70.2% 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 1.7 percentage points year-on-year to 86.8%. For the whole year of 2013, guests of hotels and guesthouses increased by 11.8% year-on-year to 10,670,599 and the average occupancy rate edged down by 0.5 percentage points to 83.1%.

Average length of stay of guests stood at 1.4 nights, held stable as the same quarter of 2012, with guests of the five-star hotels staying the longest, at 1.6 nights. For the whole year of 2013, average length of stay of guests stood at 1.4 nights, same as in 2012.

Visitor Spending

Total spending of visitors amounted to MOP16.32 billion in the fourth quarter of 2013, up by 12.0% year-on-year.

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Per-capita spending of visitors increased by 9.0% to MOP2,201, higher than the growth rate of 4.6% in the previous quarter. Mainland visitors had the highest per-capita spending of MOP2,801, and those travelling under IVS spent MOP2,909; per-capita spending of visitors from Japan, Singapore, Taiwan and Hong Kong amounted to MOP1,800, MOP1,795, MOP1,572 and MOP948 respectively. Per-capita spending of overnight visitors increased by 5.7% to MOP3,776, and that of same-day visitors rose by 39.8% to MOP746. Total spending of visitors for the whole year of 2013 increased by 13.7% year-on-year to MOP59.54 billion.

Analysed by expenditure structure, visitors spent mainly on Shopping (50%); Accommodation (26%) and Food & Beverage (18%). Shopping items included Jewellery & watches (21%), Local food products (21%), Clothing (17%) and Shoes, handbags & wallets (15%).

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

2012 2013 M OP

M ainland China Hong Kong Taiwan Singapore Japan

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 346 MICE events were held in the fourth quarter of 2013, up by 52 year-on-year;

number of participants and attendees increased significantly by 58.8% to 986,944. There were 24 exhibitions, up by 5 year-on-year; number of attendees rose notably by 58.8% to 931,096.

Meanwhile, 322 meetings and conferences were held, drawing 55,848 participants.

For the whole year of 2013, a total of 1,030 MICE events were held, up by 8 year-on-year;

total number of participants and attendees increased 26.1% to 2,033,908, of which 1,893,265 attendees were attracted to 66 exhibitions, up by 27.1% year-on-year.

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C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 6.5% in real terms, higher than the revised 6.4%

rise in the previous quarter. Household final consumption expenditure in the domestic market increased by 6.2% and that abroad went up by 8.4%. Private consumption expenditure for the whole year of 2013 registered an increase of 6.3% in real terms.

Retail Sales

Value of retail sales amounted to MOP18.25 billion in the fourth quarter, up by 25.2%

year-on-year and 13.7% quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (30.5% of total), Goods in department stores (16.5%), Leather goods (10.7%) and Adults’ clothing (10.1%) increased by 35.3%, 27.1%, 23.5% and 22.9% respectively year-on-year. Total value of retail sales for the whole year of 2013 rose by 23.4% year-on-year to MOP66.04 billion; value of retail sales of Watches, clocks & jewellery topped at MOP20.46 billion, while that of Communication equipment had the largest increase of 36.1%.

After removing the effect of prices, volume of retail sales increased by 28.4% year-on-year, with marked increase being observed in the sales volume of Communication equipment (+66.7%), Watches, clocks & jewellery (+56.1%), Goods in department stores (+26.6%) and Leather goods (+25.9%). Volume of retail sales rose by 13.0% quarter-to-quarter, of which sales volume of Adults’ clothing and Cosmetics & sanitary articles went up by 25.6% and 23.9% respectively, but that of Goods in pharmacies and Automotive fuels fell by 5.0% and 5.6% respectively. For the whole year of 2013, volume of retail sales increased by 24.5% year-on-year, with the sales volume of Communication equipment rising the most by 49.1%, and that of Watches, clocks & jewelery surging by 39.1%.

Value of selected retail sales

0 1000 2000 3000 4000 5000 6000

Q4 Q1 Q2 Q3 Q4

2012 2013 M OP million

Adults' clothing M otor vehicles Leather goods

Goods in dep artment stores Watches, clocks & jewellery

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Prices

The average Composite CPI for the fourth quarter rose by 5.9% year-on-year, slightly higher than the growth in the first three quarters, indicating that inflation may intensify. Notable increase was observed in the price indices of Housing & fuels (+11.6%), Food & non-alcoholic beverages (+6.5%) and Household goods and furnishing (+5.8%); meanwhile, index of Communication decreased further by 2.0%. In addition, implicit deflator of GDP that measures changes in overall prices rose by 8.1% year-on-year.

For the whole year of 2013, the average Composite CPI increased by 5.5% year-on-year, with notable increase in the price indices of Housing & fuels (+9.9%), Food & non-alcoholic beverages (+6.6%) and Health (+6.5%); however, price index of Communication decreased further by 2.3%.

Implicit deflator of GDP rose by 7.6% in 2013.

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

0 1 2 3 4 5 6 7 8 9

Q4 Q1 Q2 Q3 Q4

2012 2013

%

Composite CPI Implicit Deflator of GDP

D. Employment

Employment and employment earnings was promising. Economically active population (labour force) totalled 377,000 in the fourth quarter, with an employed population of 370,000, both up by 5.8% year-on-year. Employment in Recreational, Cultural, Gaming & Other Services reached 97,000, of which 87,000 were working in the Gaming Sector, accounting for 23.4% of the total;

employment in Construction and Financial Intermediation saw notable growth, at 24.9% and 21.9%

respectively. Non-resident workers totalled 137,838, with 28.3% working in Hotels & Restaurants and 19.0% in Construction.

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Unemployment rate was 1.8%, down by 0.1 percentage point year-on-year and quarter-to-quarter; total number of unemployed was 6,800, with 13.6% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 33.1% had worked in Recreational, Cultural, Gaming & Other Services, 15.1% in Wholesale and Retail Trade and 14.3% in Hotels & Restaurants. In terms of educational attainment, 30.0% had senior secondary education; 25.6% had junior secondary education and 22.7% had tertiary education.

Underemployment rate was 0.4%.

Median monthly employment earnings of the employed stood at MOP12,300 in the fourth quarter, up by 2.5% year-on-year and quarter-to-quarter. Median earnings of the employed residents held stable as the previous quarter, at MOP15,000. Analysed by industry, median employment earnings of Financial Intermediation logged the highest year-on-year increase of 21.0%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings rose by 6.7% year-on-year.

Employed population and unemployment rate

340 350 360 370 380

Q4 Q1 Q2 Q3 Q4

2012 2013 Thousand persons

1.7 1.8 1.9 2.0

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

In the fourth quarter of 2013, overall investment expanded by 9.5% year-on-year, with construction and equipment investment rising by 7.3% and 19.5% in real terms respectively.

Investment by the private sector grew by 58.1%, but that by the public sector went down by 43.8%.

For the whole year of 2013, overall investment increased by 4.7%, with construction investment rising by 7.0% but equipment investment falling by 4.5% in real terms. Investment by the private sector grew by 27.3% whereas that by the public sector went down by 48.1%.

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For the investment by the private sector, number of building completions, units and gross floor area increased by 30.0%, 5.5 times and 7.4 times respectively in the fourth quarter; meanwhile, number of construction of new buildings and units increased by 50.0% and 9.8% respectively. For the whole year of 2013, number of new buildings started, units and area increased by 41.5%, 40.8%

and 6.9 times respectively; however, total number of building completions, units and area went down by 37.1%, 48.6% and 64.2% 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 73.8% in real terms in the fourth quarter and 41.0%

for the whole year of 2013; meanwhile, equipment investment dropped by 4.0% and 14.0%

respectively in real terms.

As regards investment by the public sector, construction investment decreased substantially by 60.4% in the fourth quarter and 58.8% for the whole year of 2013 due to the completion of the Hengqin Campus of the University of Macau in the first half year of 2013; meanwhile, equipment investment went up by 55.9% and 53.8% respectively.

Gross floor area of buildings started and completed

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

Q4 Q1 Q2 Q3 Q4

2012 2013 Thousand m2

Buildings started Buildings completed

Transactions on Real Estate

Number of building units purchased and sold in the fourth quarter totalled 4,107, down by 43.1% year-on-year but up by 28.6% quarter-to-quarter; total value amounted to MOP22.53 billion, down by 27.9% year-on-year but up 62.8% quarter-to-quarter. For the whole year of 2013, a total of 19,237 building uints were purchased and sold, down by 24.3% year-on-year; total value decreased by 4.8% to MOP96.05 billion.

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Analysed by end-use, 2,494 residential units were purchased and sold at MOP14.52 billion, accounting for 60.7% and 64.5% of the respective total.

As regards status of the buyers, 3,950 units (96.2% of total) were purchased by Macao residents; value of transaction amounted to MOP21.29 billion, with its share in total value going down from 94.9% in the previous quarter to 94.5%. Meanwhile, 113 units were purchased by non-residents, with the total value amounting to MOP965.2 million. For the whole year of 2013, a total of 18,316 units at MOP90.78 billion were purchased by Macao residents, sharing 95.2% and 94.5% of the respective total.

The average transaction price of residential units increased by 28.4% quarter-to-quarter to MOP85,974 per square metre of usable area in the fourth quarter. The average price of those in the Macao Peninsula increased by 20.7% quarter-to-quarter to MOP79,022 per square metre, and the average price of those in Taipa went up by 36.8% to MOP96,061 per square metre. The average price of office units increased by 16.4% quarter-to-quarter to MOP92,644 per square metre. The average price of industrial units rose by 10.3% quarter-to-quarter to MOP38,191 per square metre.

For the whole year of 2013, the average price of residential units increased by 42.6% year-on-year to MOP81,811 per square metre. The average price of office units rose substantially by 60.9% to MOP74,525 per square metre; the average price of industrial units surged by 62.0% to MOP33,721 per square metre.

Total value of building units purchased and sold

0 5 10 15 20 25 30 35

Q4 Q1 Q2 Q3 Q4

2012 2013 M OP billion

Business Investment

Number of new incorporations increased by 51.9% to 1,200 in the fourth quarter of 2013; total value of registered capital increased by 87.8% to MOP298.7 million. Among the new

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incorporations, 36.8% were operating in Wholesale & Retail Trade, 22.2% in Business Services and 13.8% in Construction. In terms of registered capital, Wholesale & Retail Trade predominated with 16.5% of the total, while Construction and Real Estate accounted for 12.4% and 11.5% respectively.

As regards origin of capital, capital from Macao shared 64.1% of the total, and that from Mainland China and Hong Kong took up 25.1% and 7.5% respectively. For the whole year of 2013, total number of new incorporations increased by 24.1% to 4,481, and the registered capital went up by 24.0% to MOP755.6 million.

Number of companies in dissolution was 121 in the fourth quarter, up by 1.7% year-on-year, with 49 engaging in Wholesale & Retail Trade (40.5% of total), 23 in Business Services (19.0%), 20 in Real Estate (16.5%) and 14 in Construction (11.6%). Total number of companies in dissolution for the whole year of 2013 increased by 2.8% year-on-year to 515.

F. Public Accounts

In the fourth quarter of 2013, total government revenue expanded by 18.5% to MOP42.21 billion on account of an increase in direct taxes, of which tax revenue from gaming rose by 24.9%

to MOP36.07 billion.

Meanwhile, total government expenditure decreased by 3.4% to MOP23.56 billion, owing to a 39.9% decrease in investment. Fiscal surplus stood at MOP18.65 billion in the fourth quarter, higher than the MOP11.23 billion surplus in the same quarter of 2012.

For the whole year of 2013, total government revenue amounted to MOP155.51 billion, up by 20.1% year-on-year, with gaming tax revenue rising by 18.5% to MOP134.38 billion; total government expenditure increased by 4.4% to MOP59.25 billion; fiscal surplus amounted to MOP96.26 billion.

Total government revenue and expenditure

0 5 10 15 20 25 30 35 40 45

Q4 Q1 Q2 Q3 Q4

2012 2013 M OP billion

Total revenue Total expenditure Fiscal surplus

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G. Money and Finance

At the end of December 2013, narrow money supply M1 went up by 23.7% year-on-year, of which currency in circulation increased by 20.0% and demand deposits rose by 24.4%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 17.7%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 increased by 0.7 percentage points to 44.3%, and its share in M2 dropped by 0.1 percentage point to 24.1%. The share of the Hong Kong dollar was 54.1% in M1 and 53.3% in M2.

Resident deposits rose by 17.7% year-on-year to MOP432.40 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 16.8%, 12.4% and 34.0%

respectively to MOP97.45 billion, MOP235.44 billion and MOP99.51 billion. Meanwhile, public sector deposits in banks increased by 61.0% to MOP73.60 billion.

Domestic loans extended to the private sector rose by 29.6% year-on-year to MOP257.27 billion, of which outstanding value of mortgage loans extended to residents went up by 25.6%

year-on-year to MOP191.57 billion. Within the domestic loans to the private sector, the MOP accounted for 30.9%, valued at MOP79.58 billion, and the Hong Kong dollar took up 60.9%, valued at MOP156.59 billion.

Resident deposits and loans

0 50 100 150 200 250 300 350 400 450

Q4 Q1 Q2 Q3 Q4

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 December was 50.8%, up by 2.8 percentage points from a year earlier, while that for both the resident and non-resident sectors increased by 3.4 percentage points to 78.6%.

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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 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 Swiss franc and the Korean won decreased by 5.1%, 3.2% and 2.7% respectively year-on-year, whereas the respective rates against the Japanese yen, the Australian dollar and the Canadian dollar increased by 19.1%, 10.4% and 5.4%. 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 0.36 points to 96.72.

H. Other Economic Indicators

Transport and Communications

In the fourth quarter of 2013, containerized cargo by land (7,415 tonnes) and seaborne containerized cargo (55,876 tonnes) increased by 11.3% and 4.7% respectively, but air cargo (7,571 tonnes) decreased by 1.0%. For the whole year of 2013, containerized cargo by land (28,827 tonnes), seaborne containerized cargo (194,638 tonnes) and air cargo (26,421 tonnes) decreased by 6.0%, 6.1% and 4.9% respectively.

As regards local transport, new registration of motor vehicles totalled 5,198, up by 15.7%; new registration of cars increased by 13.8% to 2,721, and that of motorcycles also rose by 17.8% to 2,477. For the whole year of 2013, new registration of motor vehicles increased 8.6% to 19,143, with the number of cars (10,489) and motorcycles (8,654) rising by 12.7% and 4.1% respectively.

At the end of 2013, number of licensed motor vehicles totalled 227,937, comprising 108,484 cars and 119,453 motorcycles.

At the end of 2013, number of Internet subscribers went up by 13.5% to 262,863; mobile phone users increased by 6.7% to 1,722,245; fixed-line telephone users dropped by 2.5% to 158,414.

Water and Energy Consumption

Consumption of electricity decreased by 1.5% to 971.0 million kWh in the fourth quarter of 2013, but that of water rose by 4.6% to 20.85 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) increased by 1.0% to 85.39 million litres due to an increase in consumption of gasoline; consumption of liquefied petroleum gas (LPG) went up by

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3.2% to 11,814 tonnes. For the whole year of 2013, consumption of electricity increased by 2.1% to 4.29 billion kWh and that of water rose by 4.2% to 78.45 million cubic meters; consumption of liquid fuel decreased by 3.0% to 343.71 million litres while that of LPG went up by 2.7% to 44,805 tonnes.

III. Concluding Remarks

In the fourth quarter of 2013, the economy of Macao grew beyond expectations by 14.3%

year-on-year in real terms, higher than the 11.9%, 9.8% and 11.2% growth in the first three quarters of 2013. Economic growth was spurred by the increase in exports of gaming and tourism services.

For the whole year of 2013, the economy expanded by 11.9% in real terms.

Looking ahead for the first quarter of 2014, domestic demand is forecast to grow further and total investment is likely to increase upon rising private investment; private consumption expenditure is expected to see steady rise on account of the increase in total employment and employment earnings. As regards external demand, merchandise export is likely to maintain growth;

meanwhile, exports of services are expected to have satisfactory rise as visitor arrivals and gross gaming revenue for the first two months increased by 8.0% and 23.6% respectively. Taking into consideration these factors and the Lunar New Year shopping season in the first quarter, the economy of Macao is forecast to see satisfactory growth in the first quarter of 2014.

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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)

%

2012 2013 2013 2013 2013

Q4 Q1 Q2 Q3 Q4

USA

 Gross Domestic Product 1.8 2.8 1.9 2.0 1.3 1.6 2.0r 2.5

 Exports of goods 15.8 4.4 2.1 2.8 0.5 1.6 2.8 3.7

 Imports of goods 15.4 3.0 -0.3 0.6 -2.8 -1.3 1.7r 1.0

 Consumer Price Index 3.1 2.1 1.5 1.9 1.7 1.4 1.6 1.2

 Unemployment rate 8.9 8.1 7.4 7.5 8.1 7.4 7.3 6.7

Euro area a

 Gross Domestic Product 1.6 -0.7 -0.5 -1.0 -1.2 -0.6 -0.3r 0.5

 Exports of goods 13.0 7.5r 0.8 5.7r 0.7r 1.6r 0.1r 0.8

 Imports of goods 13.3 1.9 -3.2 1.1r -5.2 -3.0r -2.1r -2.6

 Consumer Price Index 2.7 2.5 1.4 2.3 1.9 1.4 1.3 0.8

 Unemployment rate 10.1 11.4 12.1 11.8 12.6 11.9r 11.7r 12.0

Germany

 Gross Domestic Product 3.3 0.7 0.4 - -1.6 0.9 1.1 1.3

 Exports of goods 11.5 3.3 -0.2 1.0 -1.9 0.2 -0.8 1.9

 Imports of goods 13.2 0.4 -1.1 -1.1 -3.7 -0.1 -0.5 -

 Consumer Price Index 2.1 2.0 1.5 2.0 1.5 1.5 1.6 1.3

 Unemployment rate 7.1 6.8 6.9 6.6 7.4 6.8 6.7 6.6

French

 Gross Domestic Product 2.0 - 0.3 -0.3 -0.4 0.5 0.3r 0.8

 Exports of goods 9.0 3.9r -1.6 1.6 -1.7r -0.4r -2.4 -1.8

 Imports of goods 12.9r 1.9r -2.4 0.7r -3.2r -2.7r -1.9r -1.5

 Consumer Price Index 2.1 2.0 0.9 1.5 1.1 0.8 0.9 0.6

 Unemployment rate 9.6 10.2 10.8 10.8 11.2 10.4r 10.6r 11.0

United Kingdom

 Gross Domestic Product 1.1 0.3r 1.8 0.2r 0.6r 1.8r 1.9r 2.7

 Exports of goods 12.5 0.7 1.3 -2.9r -0.4 6.4r -0.5r -0.3

 Imports of goods 9.5 2.7 0.8 1.0r -0.3r 2.0r 2.9r -1.2

 Consumer Price Index 4.5 2.8 2.5 2.6 2.8 2.7 2.8 2.1

 Unemployment rate 8.1 7.9 7.6 7.8 7.8 7.8 7.6 7.2

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

2011 2012 2013

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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)

%

2012 2013 2013 2013 2013

Q4 Q1 Q2 Q3 Q4

Mainland China

 Gross Domestic Product 9.2 7.8 7.7 7.9 7.7 7.5 7.8 7.7

 Exports of goods 20.3 7.9 7.9 9.4 18.3 3.8 3.9 7.4

 Imports of goods 25.0 4.3 7.3 2.7 8.6 4.8r 8.5r 7.2

 Consumer Price Index a 5.4 2.6 2.6 2.6 2.4 2.4 2.5 2.6

Hong Kong

 Gross Domestic Product 4.9 1.5 2.9 2.9r 2.9 3.1r 2.8r 3.0

 Exports of goods 10.1 2.9 3.6 7.0 4.0 2.4 3.3 4.8

 Imports of goods 11.9 3.9 3.8 8.1 4.9 3.5 2.6 4.3

 Consumer Price Index 5.3 4.1 4.3 3.8 3.7 4.0 5.3 4.3

 Unemployment rate 3.4 3.3 3.3 3.1 3.4 3.4 3.5 3.1

Taiwan

 Gross Domestic Product 4.2r 1.5r 2.1 3.9r 1.4r 2.7r 1.3r 3.0

 Exports of goods 12.3 -2.3 1.4 2.4 2.4 2.4 -0.8 1.8

 Imports of goods 12.0 -3.9 -0.1 -0.1 4.4 -3.5 -3.3 2.2

 Consumer Price Index 1.4 1.9 0.8 1.8 1.8 0.8 - 0.6

 Unemployment rate 4.4 4.2 4.2 4.3 4.2 4.1 4.3 4.2

Japan

 Gross Domestic Product -0.5r 1.4r 1.6 -0.3r -r 1.2r 2.3r 2.7

 Exports of goods -2.7 -2.7 9.5 -5.5 1.2 7.1 12.7 17.4

 Imports of goods 12.1 3.8 15.0 0.5 8.1 10.4 17.5r 24.0

 Consumer Price Index -0.3 - 0.3 -0.2 -0.6 -0.3 0.9 1.4

 Unemployment rate 4.6 4.3 4.0 4.0 4.2 4.2 4.0 3.7

Republic of Korea

 Gross Domestic Product 3.7 2.0 2.8 1.5 1.5 2.3 3.3 3.9

 Exports of goods 19.0 -1.3 2.1 -0.4 0.4 0.7 2.7r 4.7

 Imports of goods 23.3 -0.9 -0.8 -1.1 -3.0 -2.8 0.3r 2.5

 Consumer Price Index 4.0 2.2 1.3 1.7 1.6r 1.2r 1.4r 1.1

 Unemployment rate 3.4 3.2 3.1 2.8 3.6 3.1 3.0 2.8

Singapore

 Gross Domestic Product 6.0r 1.9r 4.1 2.2r 0.6r 4.2r 5.8 5.5

 Exports of goods 7.5 -0.9 0.6 -5.1 -8.7 -0.2 5.8r 6.0

 Imports of goods 8.6 3.2 -1.6 -0.4 -9.3 -4.0 5.9 1.4

 Consumer Price Index 5.2 4.6 2.4 4.0 4.0 1.6 1.8 2.0

 Unemployment rate 2.0 2.0 1.9 1.6 1.8 2.6 1.6r 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; Ministry of Economic Affairs, Taiwan Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan

National Statistics Office of Republic of Korea; Bank of Korea

2011 2012 2013

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