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.

MACAO ECONOMIC BULLETIN

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

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

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

 ʳ ʳ



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

3 ^{r d} Quarter

2 0 11

Editor: DSEC Macao, January 2012

Typesetting and design: DSEC

Printing: DSEC

CONTENTS

THE WORLD ECONOMY... 9

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

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

B. GAMING, TOURISM AND MICE... 19

C. CONSUMPTION AND PRICES ... 22

D. EMPLOYMENT ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 27

G. MONEY AND FINANCE... 28

H. OTHER ECONOMIC INDICATORS... 29

III. CONCLUDING REMARKS ... 30

STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ....33-34 2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD) ... 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. GAMING, TOURISM AND MICE 1. INDICATORS OF THE GAMING SECTOR... 43

2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONSTRIBUTION TO

THE ECONOMY... 44

4. HOTEL GUESTS... 46

5. PER CAPITA SPENDING AND AVERAGE LENGTH OF STAY OF VISITORS ... 47

6. MICE STATISTICS ... 48

IV. PRICES AND CONSUMPTION 1. PRICE INDICES ... 49

2. RETAIL SALES... 49

V. POPULATION, LABOUR AND EMPLOYMENT 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 50

2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 50

3. EMPLOYED POPULATION BY AGE GROUP AND INDUSTRY... 51

4. JOB VACANCIES ... 51

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 52

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 53

7. NON-RESIDENT WORKERS ... 53

VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR... 54

2. PURCHASE AND SALE OF BUILDING UNITS PER STAMP DUTY RECORD... 55

3. PURCHASE AND SALE OF NEW BUILDING UNITS PER STAMP DUTY RECORD... 56

4. PURCHASE AND SALE OF OLD BUILDING UNITS PER STAMP DUTY RECORD ... 57

5. NUMBER OF BUYERS AND VALUE OF BUILDING UNITS PURCHASED AND SOLD BY END-USE OF UNIT AND BUYER’S STATUS PER STAMP DUTY RECORD... 58

6. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS AND OFFICES PURCHASED AND SOLD PER STAMP DUTY REOCRD ... 59

7. 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

4. MORTGAGE LOANS ... 65

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 COMPANIES INCORPORATED AND COMPANIES IN DISSOLUTION ... 68

2. TRANSPORT ... 69

3. COMMUNICATIONS ... 69

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 world economy tended to slow down in the third quarter of 2011. The U.S. sovereign credit rating downgrade, the Euro zone financial turbulence triggered by exacerbating sovereign debt crisis, and accelerating inflation across the continents overcasted the world recovery with greater uncertainty. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in September 2011 indicated that the global economy is in a dangerous new phase; the advance economies face intractable structural problems, with the process of devising and implementing reforms becoming even more complicated; the outlook for these economies is thus for a continuing, but weak and bumpy, expansion. Prospects for emerging economies become more uncertain, although growth is expected to remain fairly robust. The world economy is projected to grow by 4.0% in 2011, down by 0.3 percentage point from the June WEO; growth forecast for 2012 is revised downward by 0.5 percentage point to 4.0%.

Despite sustained recovery of the US economy, rate of growth was lower than expected. Gross Domestic Product (GDP) for the third quarter of 2011 expanded by 1.5% year-on-year and 2.0%

quarter-to-quarter. The increment was still pushed forward by private consumption expenditure, non-residential fixed investment and exports, which contributed 1.6, 1.4 and 0.6 percentage point respectively to economic growth. However, decrease in inventory cutback in state and local government spending dragged down the rate of expansion by 1.6 and 0.2 percentage point respectively. Unemployment rate rose to 9.1%, up by 0.2 percentage point from the second quarter;

the seasonally adjusted unemployment rate held stable as the previous quarter, at 9.1%.

Weakening growth of the Euro zone continued on account of the deepening sovereign debt crisis of certain member states. GDP increased by 1.4% year-on-year and 0.2% quarter-to-quarter in the third quarter of 2011. The expansion was spurred by increase in exports, as well as consumption expenditure of households and non-profit institutions that contributed 0.6 and 0.2 percentage point respectively. Unemployment rate rose slightly from 9.8% in the previous quarter to 9.9% amid the sluggish performance.

The service sector provided impetus to the rather lacklustre growth of the UK economy. GDP expanded by 0.5% both year-on-year and quarter-to-quarter in the third quarter of 2011. Gross fixed capital formation and government final consumption expenditure contributed 0.7 and 0.2 percentage point to economic growth, yet trade balance dragged down the rate of increase by 0.4 percentage point. The economy saw little improvement and the unemployment rate soared further by 0.4 percentage point from the previous quarter to 8.3%.

Deceleration in growth of the Asian economies has started since the second quarter of 2011

due to shrinking external demand. The September WEO of IMF pointed out that the newly

industrialized Asian economies

are projected to expand by 4.7%, the ASEAN 5

by 5.3%, the

Middle East and the North African region by 4.0%, and the Chinese and Indian economies by 9.5%

and 7.8% respectively in 2011, lower than the June forecast.

In Japan, year-on-year GDP growth held stable in the third quarter of 2011 and increased by 1.5% quarter-to-quarter. Economic growth was attributable to the increase in private domestic demand and exports, an indication of gradual recovery after the earthquake. Private domestic demand and exports contributed 1.1 and 0.4 percentage point respectively to the rate of expansion.

Unemployment rate retreated by 0.3 percentage point over the previous quarter to 4.4%; the seasonally adjusted rate was also 4.4%, down by 0.2 percentage point quarter-to-quarter.

Implementation of a proactive fiscal policy and a sound monetary policy, the economy of Mainland China was moving towards the anticipated direction of macroeconomic control. GDP expanded by 9.1% year-on-year in the third quarter of 2011, down by 0.4 percentage point from the previous quarter; GDP growth for the first three quarters of 2011 was 9.4%, a decrease of 1.2 percentage points year-on-year. In the first three quarters of 2011, value added of the above-scale industries

rose by 14.2% year-on-year, down by 0.1 percentage point compared with the increment in the first half year; fixed asset investment increased by 24.9%, down by 0.7 percentage point;

retail sales of consumer goods rose by 17.0%, up by 0.2 percentage point, with sales of jewellery rising by 47.8%, petroleum and petroleum products by 39.3%, household furniture by 31.4% and automobile by 16.0%. Total value of external merchandise trade for the first three quarters registered an increase of 24.6% year-on-year, with a trade surplus of USD 107.1 billion. CPI for the third quarter increased further to 5.7% amid rising inflation, up by 0.3 percentage point from the previous quarter.

The economy of Hong Kong slowed to grow by 4.3% year-on-year in the third quarter of 2011;

the after seasonal adjustment GDP edged up slightly by 0.1% quarter-to-quarter due to slackened external trade. Economic expansion was driven by rising domestic demand, with fixed capital formation increasing further by 10.2%, private consumption expenditure surging by 8.8% and government final consumption expenditure rising modestly by 1.7%. Merchandise imports and exports continued to slow, up by 8.9% and 4.2% respectively year-on-year but down by 0.1% and 1.1% respectively after seasonal adjustment. Unemployment rate lowered by 0.2 percentage point to 3.4%, back to the same level in the first quarter.

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

GDP of the world's major economies (Year-on-year change)

-2.0 0.0 2.0 4.0 6.0 8.0 10.0

USA Euro Zone Japan M ainland

China

The United Kingdom

Hong Kong

%

2011 Q2 2011 Q3

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2011, the economy of Macao increased by 21.1% year-on-year in real terms. Economic growth was spurred by the impetus of exports of services, private consumption expenditure and investment, in which soaring gross gaming revenue (excluding gratuities) and rising total visitor spending (excluding gaming expenses) led to favourable increase in exports of services; on the contrary, merchandise exports declined further. As regards domestic demand, investment continued to grow, and private consumption expenditure increased further upon improving job market and rising employment earnings.

The following highlights year-on-year comparisons of major segments of the local economy in the third quarter of 2011:

1. Despite plummeting demand in Europe and the US, as well as weakening demand in Mainland China, demand in Hong Kong increased, bringing total value of merchandise exports up slightly by 0.1% in the third quarter, of which exports of garment dropped by 24.1% while that of tobacco and wine rose by 38.2%. Analysed by destination, decline in exports to the US accelerated sharply to 49.5%, and exports to Mainland China; and Taiwan, China fell by 9.9%

and 36.7% respectively; meanwhile, exports to Hong Kong went up by 19.6%. Total value of merchandise imports increased by 46.4%, of which imports of consumer goods and capital goods rose remarkably by 52.7% and 60.0% respectively. A visible trade deficit of MOP 15.06 billion was recorded in the third quarter.

2. Gross gaming revenue surged by 47.8%; visitor arrivals increased by 16.6%; hotel guests rose by 19.0%, and per-capita spending of visitors (excluding gaming expenses) went up by 6.8%, driving exports of services up by 33.5% in real terms; imports of services also increased by 35.7%.

3. Unemployment rate stood at 2.6%, down by 0.3 percentage point year-on-year and 0.1 percentage point quarter-to-quarter; median monthly employment earnings increased by 11.1%;

the Composite Consumer Price Index (Composite CPI) rose by 6.2%. Private consumption expenditure increased by 9.0% in real terms, and government final consumption expenditure expanded by 6.9%.

4. Overall investment increased by 5.7% in real terms. Total equipment investment grew by

43.9%, in which investment of the private sector increased by 30.8% and that of the public

sector soared by 234.4%. Total construction investment declined by 5.5%, with construction

by the private sector falling by 8.8% but that by the public sector rising by 4.2%. Furthermore,

respectively.

5. Total government revenue rose by 47.6% to MOP 29.98 billion, with tax revenue from gaming rising by 51.9% to MOP 26.37 billion. Total expenditure decreased by 31.6% to MOP 10.10 billion, with current expenditure amounting to MOP 8.06 billion. Fiscal surplus for the third quarter stood at MOP 19.88 billion.

II. Major Segments of the Economy

A. External Merchandise Trade

Overview

Macao’s external merchandise trade maintained rapid growth in the third quarter of 2011, with total value of merchandise imports and exports rising by 40.6% to MOP 18.37 billion. Value of merchandise imports increased by 46.4% to MOP 16.72 billion, and that of merchandise exports rose slightly by 0.1% to MOP 1.66 billion. The exports-imports ratio dropped further by 4.6 percentage points year-on-year to 9.9%. Trade deficit widened from MOP 9.76 billion in the third quarter of 2010 to MOP 15.06 billion.

Total Exports

In the third quarter of 2011, value of merchandise exports to Mainland China (MOP 232.2 million); the US (MOP 121.9 million); the EU (MOP 88.7 million); Vietnam (MOP 26.9 million) and Taiwan, China (MOP 22.5 million) decreased by 9.9%, 49.5%, 15.9%, 34.9% and 36.7%

respectively; exports to Hong Kong (MOP 742.1 million) and Japan (MOP 37.4 million) increased

by 19.6% and 22.6% respectively. Garment and textile products still predominated as the major

merchandise of exports, yet the value shrank by 26.8% to MOP 341.9 million, with its relative

importance to total exports accounting for 20.7%. Besides, exports of clocks & watches and

jewellery, each sharing 3.2% of the total exports, dropped by 23.3% and 28.0% respectively; on the

contrary, exports of copper & articles thereof; machines, apparatus & parts; tobacco & wine; and

other products, accounting for 6.2%, 7.6%, 9.5% and 49.7% of the total exports, increased by

14.7%, 17.0%, 38.2% and 12.1% respectively.

Merchandise exports (Year-on-year change)

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

Q3 Q4 Q1 Q2 Q3

2010 2011

%

Total exports USA EU

Domestic Exports

Domestic exports decreased by 5.8% year-on-year to MOP 592.1 million in the third quarter of 2011, sharing 35.8% of the total exports; meanwhile, value of domestic exports shrank slightly by 0.9% quarter-to-quarter. Hong Kong was the largest market of Macao’s domestic exports, with the value of exports soaring by 79.2% year-on-year; value of domestic exports to the US declined further by 46.8%, while that to the EU dropped by 17.5%. Analysed by principal commodity, value of exports of garment, accounting for 38.4% of the total domestic exports, declined further by 30.3%, of which value of exports to the US and the EU decreased by 46.9% and 11.0% respectively to share 41.8% and 34.7% of the total. Value of exports of tobacco & wine, sharing 18.9% of the total domestic exports, rose substantially by 62.4%, and that of other products increased 8.2% to take up 42.7% of the total.

Value of domestic exports to Mainland China increased by 26.3% to MOP 79.03 million, accounting for 13.3% of the total; in particular, value of tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Agreement (CEPA) surged by 157.4% to MOP 25.45 million, consisting mainly of copper-clad board (48.8% of total) and garment (44.3%); the amount of tariff saved totalled MOP 2.45 million.

In addition, results of the Industrial Exports Survey for the third quarter of 2011 indicated that

the average length of time of orders on hand of the interviewed manufacturers stood at 2.62 months,

down slightly by 0.4% from 2.63 months in the same quarter of 2010. Meanwhile, 24.0% of the

enterprises expressed optimism about the domestic industrial exports in the coming six months,

down by 13.0 percentage points quarter-to-quarter and 18.5 percentage points year-on-year, with

expected less promising prospects of exports, up slightly by 3.2 percentage points quarter-to-quarter and 8.7 percentage points year-on-year; moreover, 45.8% expected the outlook of exports remained stagnant, up by 9.9 percentage points quarter-to-quarter and 10.8 percentage points year-on-year.

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

Re-exports

Value of re-exports increased by 3.8% year-on-year to MOP 1.06 billion in the third quarter of 2011, accounting for 64.2% of the total exports. Hong Kong was the largest market of Macao’s re-exports, constituting 52.0% of the total, which was followed by Mainland China, at 14.4%.

Value of re-exports to Hong Kong rose by 7.3% while that to Mainland China went down by 21.5%.

In terms of the types of merchandise, value of re-exports of consumer goods and raw materials

& semi-manufactures, accounting for 34.2% and 15.7% of the total, decreased by 6.9% and 24.0%

respectively, while that of other products rose by 28.4% to take up 50.1% of the total.

Imports

Value of merchandise imports increased by 46.4% year-on-year to MOP 16.72 billion in the third quarter of 2011 on account of soaring imports of consumer goods. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 40.1% to MOP 5.07 billion (30.3% of total). Value of imports from the EU (25.2% of total), Hong Kong (12.2%), Japan (6.2%), the US (5.7%) and Taiwan, China (2.1%) expanded by 66.0%, 72.9%, 5.5%, 36.7% and 31.8% respectively.

Regarding the types of merchandise, value of imports of consumer goods (61.2% of total) and capital goods (17.9%) rose significantly by 52.7% and 60.0% respectively; meanwhile, imports of raw materials & semi-manufactures (9.6%) and fuels & lubricants (11.4%) went up by 11.9% and 33.9% respectively.

Analyzed by imports of consumer goods, attributable to the increase in private consumption

expenditure and visitor spending, value of food & beverages (13.3% of total imports) expanded by

39.6% year-on-year, and that of gold jewellery (10.7%), watches (6.9%), and handbags & wallets

(5.6%) rose remarkably by 114.5%, 54.6% and 118.5% respectively.

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

-10 0 10 20 30 40 50 60 70 80

Q3 Q4 Q1 Q2 Q3

2010 2011

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

B. Gaming, Tourism and MICE

Gaming and tourism sector saw satisfactory performance, of which exports of gaming services rose by 39.8% in real terms; visitor arrivals increased by 16.6%; per-capita spending of visitors rose by 6.8%, and hotel guests went up by 19.0%.

Gaming

Gross gaming revenue (excluding gratuities) amounted to MOP 70.52 billion, up by 47.8%

year-on-year and 7.0% quarter-to-quarter. Revenue of game of chance rose by 48.2% year-on-year to MOP 70.22 billion (99.6% of total) on account of a 52.0% increase of revenue from VIP Baccarat (73.7% of total revenue of game of chance). Gross revenue of pari-mutuels and lotteries amounted to MOP 297 million, a year-on-year decrease of 12.2%.

Number of casinos held stable from the previous quarter at 34 in the third quarter, an increase

of 3.0% year-on-year, with 5,379 gaming tables (+11.2%) and 15,900 slot machines (+11.1%).

Gross gaming revenue (excluding gratuities)

0 10 20 30 40 50 60 70 80

Q3 Q4 Q1 Q2 Q3

2010 2011 Billion M OP

0 10 20 30 40 50 60

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals increased by 16.6% year-on-year to 7,415,497. Visitors from Mainland China rose by 29.6% to 4,277,744, with 1,765,314 (41.3%) travelling to Macao under the Individual Visit Scheme (IVS), up by 25.3%; visitors from Hong Kong and Taiwan, China both went up by 1.4%.

Moreover, visitors from the Republic of Korea increased by 13.8% to 107,146 to become the principal visitor market after Mainland China; Hong Kong; and Taiwan, China; however, those from Japan dropped by 6.2%. Same-day visitors, sharing 52.3% of the total, increased by 17.0%

year-on-year to 3,881,043.

In the third quarter of 2011, visitor arrivals by sea (39.6% of total), by land (54.4%) and by air

(6.0%) increased by 12.2%, 20.5% and 12.5% year-on-year to 2,938,671, 4,034,252 and 442,574

respectively. In addition, visitor arrivals in package tours increased by 51.4% year-on-year to

1,981,950.

Visitor arrivals

1 2 3 4 5 6 7 8

Q3 Q4 Q1 Q2 Q3

2010 2011 M illion

Visitor arrivals

Principal visitor markets

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Q3 Q4 Q1 Q2 Q3

2010 2011 M illion

M ainland China Hong Kong Taiwan, China Japan

Hotels

Hotels and guest-houses had 22,407 available guest rooms, an increase of 12.9%; the majority were from five-star hotels, accounting for 63.8% of the total. Hotel guests increased by 19.0% to 2,308,341; the average occupancy rate of the hotel sector stood at 85.5%, up by 6.6 percentage points, with four-star hotels leading at 90.5%.

Average length of stay of guests stood at 1.5 nights, down by 0.06 night from the third quarter

of 2010, with guests of the five-star hotels staying longer, at 1.8 nights.

Visitor Spending

Total spending (excluding gaming expenses) of visitors amounted to MOP 12.11 billion, up by 24.6% in comparison with MOP 9.72 billion a year earlier.

Per-capita spending of visitors (excluding gaming expenses) increased by 6.8% to MOP 1,633.

Mainland visitors had the highest per-capita spending of MOP 2,026, and that of visitors from Japan;

Southeast Asia; Taiwan, China; and Hong Kong amounted to MOP 1,492, MOP 1,420, MOP 1,199 and MOP 962 respectively. Per-capita spending of tourists (overnight visitors) increased by 6.2%

year-on-year to MOP 2,716, and that of same-day visitors rose by 10.6% to MOP 647. Per-capita shopping spending dropped slightly by 0.1% to MOP 810, while per-capita non-shopping spending went up by 14.7% to MOP 823.

Per-diem spending of visitors amounted to MOP 1,633, an increase of 6.8%; per-diem spending of tourists was MOP 1,458, up by 1.6% year-on-year, and that of same-day visitors rose by 10.6% to MOP 647.

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 236 MICE events were held in the third quarter of 2011, with 507,661 participants and attendees and an average duration of 2.1 days.

There were 221 meetings & conferences attracting 23,727 participants, down by 27.5% and 45.0% respectively year-on-year; the average duration was 2.0 days. Analysed by type, the majority were Corporate Meetings (146), Government Meetings (29), and Association Meetings (27).

Meanwhile, a total of 15 exhibitions were held, down by 16.7%, with number of attendees rising by 50.3% to 483,934; average duration of exhibitions was 3.3 days. MICE events held in hotels accounted for 77.1% of the total and the others were held in convention & exhibition centres and other venues.

C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 9.0% in real terms, higher than the 8.4% rise in

the previous quarter, which was spurred by the increase in expenditure on durable goods (e.g. motor

vehicles and mobile phones). Household final consumption expenditure in the domestic market

increased by 9.4% and that abroad went up by 7.8%.

Retail Sales

Value of retail sales amounted to MOP 10.59 billion, up by 37.6% year-on-year and 7.9%

quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (25.5% of total), Goods in department stores (15.5%) and Leather goods (11.1%) amounted to MOP 2.70 billion, MOP 1.64 billion and MOP 1.17 billion, up by 28.4%, 54.4% and 56.5% respectively.

After removing the effect of price changes, volume of retail sales for the third quarter rose by 24.7% year-on-year, with marked increase being observed in the sales volume of Communication equipment (+76.6%), Leather goods (+46.5%), Goods in department stores (+42.7%), and Cosmetics & sanitary articles (+41.1%). Volume of retail sales in the third quarter registered an increase of 6.8% quarter-to-quarter.

Value of Major Retail Sales

0 500 1000 1500 2000 2500 3000

Q3 Q4 Q1 Q2 Q3

2010 2011 M OP million

Adults' clothing M otor vehicles Leather goods

Goods in department stores Watches, clocks & jewellery

Prices

The Composite CPI (111.0) for the third quarter of 2011 rose by 6.2% year-on-year, with notable increase being observed in the price indices of Transport (+10.3%); Miscellaneous goods &

services (+10.1%); Food & non-alcoholic beverages (+8.8%); Clothing & footwear (+7.6%); and Health (+5.5%); meanwhile, index of Communication decreased further by 12.1%. The Composite CPI registered an increase of 1.4% quarter-to-quarter.

In addition, implicit deflator of GDP that measures changes in prices rose by 7.9%

year-on-year in the third quarter. The two indicators reflect that the local and the overall prices

moved in an upward trend.

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

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

Q3 Q4 Q1 Q2 Q3

2010 2011

%

Composite CPI Implicit Deflator of GDP

D. Employment

Employment and employment earnings showed continuous improvement. Total labour force was 344,000 in the third quarter, up by 4.5% year-on-year and 1.8% quarter-to-quarter; the employed population was 335,000, up by 4.7% year-on-year and 1.9% quarter-to-quarter;

non-resident workers totalled 89,896 at the end of the third quarter, up by 20.6% year-on-year and 5.4% quarter-to-quarter. Employment in Other Community, Social & Personal Services topped at 83,000, of which 69,000 were working in the Gaming Sector, up by 8.0% year-on-year and 1.3%

quarter-to-quarter.

Unemployment rate stood at 2.6%, down by 0.3 percentage point year-on-year and 0.1 percentage point quarter-to-quarter; total number of unemployed was 8,900, with 16.6% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 20.7%

had worked in Other Community, Social & Personal Services, 17.8% in Construction, and 15.7% in Hotels & Restaurants. In terms of educational attainment, 32.6% had junior secondary education, 23.6% had senior secondary education, and 20.2% had tertiary education. Underemployment rate was 1.0%, down by 0.6 percentage point year-on-year and 0.2 percentage point quarter-to-quarter.

Median monthly employment earnings of the employed stood at MOP 10,000, up by 11.1%

year-on-year. Median employment earnings of Transport, Storage & Communications logged the

highest year-on-year increase of 17.6%. 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

3.8% year-on-year.

Employed population and unemployment rate

310 320 330 340

Q3 Q4 Q1 Q2 Q3

2010 2011 Thousand persons

2.5 2.6 2.7 2.8 2.9 3.0

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

Equipment investment increased by 43.9% while construction investment declined by 5.5% in real terms, causing overall investment to expand by 5.7%. Investment by the private and public sectors grew by 1.8% and 19.8% respectively.

For the investment by the private sector, number of building completions decreased by 35.3%, with number of units and gross floor area falling by 73.8% and 92.5% respectively; meanwhile, construction of new buildings increased by 133.3%, and the number of units and gross floor area surged by 1,030.3% and 928.2% respectively. Moreover, private investment on major construction projects declined compared with the same quarter of 2010.

Construction investment by the private sector dropped by 8.8%, while equipment investment

rose by 30.8% in real terms. At the same time, construction investment of the government increased

by 4.2% and equipment investment soared by 234.4%.

Gross floor areas of buildings started and completed

0 50 100 150 200 250 300 350 400 450 500

Q3 Q4 Q1 Q2 Q3

2010 2011 Thousand m

Buildings started Buildings completed

Transactions on Real Estate

A total of 3,738 building units were purchased and sold at MOP 9.62 billion, down by 36.0%

and 9.0% year-on-year and by 71.1% and 75.2% quarter-to-quarter.

Analysed by end-use, transaction of residential units totalled 2,194 and the total value amounted to MOP 5.92 billion, accounting for 58.7% and 61.5% of the respective total.

As regards status of the buyers, 4,866 buyers (91.8% of total) were Macao residents; total value of transaction amounted to MOP 8.37 billion, with its relative importance rebounding from 71.6% in the previous quarter to 87.1%. Meanwhile, 435 buyers were non-residents, with the total value amounting to MOP 1.24 billion.

The average transaction price of residential units decreased by 17.9% quarter-to-quarter to

MOP 36,345 per square metre of usable area in the third quarter, with the average price of those in

the Macao Peninsula dropping by 16.3% to MOP 35,416 per square metre, and the average price of

those in Taipa shrinking by 10.1% to MOP 38,162 per square metre. The average price of offices

went down by 7.1% quarter-to-quarter to MOP 34,011 per square metre.

Values of building units transacted

0 5 10 15 20 25 30 35 40

Q3 Q4 Q1 Q2 Q3

2010 2011 M OP billion

Value of building unit s transacted

Business Investment

Number of new incorporations increased by 8.7% to 850 and the total value of registered capital surged by 132.0% to MOP 478.82 million in the third quarter of 2011. Among the new incorporations, 40.1% were operating in Wholesale & Retail, 16.9% in Business Services and 11.3% in Construction. In terms of registered capital, Business Services predominated with 85.6%

of the total, while Wholesale & Retail and Financial Services accounted for 5.7% and 1.4%

respectively. As regards origin of capital, capital from Macao shared 94.2% of the total and that from Mainland China and Hong Kong took up 3.1% and 1.9% respectively.

Number of companies in dissolution increased by 4.2% to 125, with 37 engaging in Wholesale

& Retail (29.6% of total), 25 in Business Services (20.0%), 21 in Real Estate (16.8%) and 16 in Construction (12.8%).

F. Public Accounts

Total government revenue rose by 47.6% to MOP 29.98 billion on account of a 47.4% surge of direct taxes, of which tax revenue from gaming increased by 51.9% to MOP 26.37 billion.

Total government expenditure shrank by 31.6% to MOP 10.10 billion, mainly due to a

decrease in transfer payment to the private sector that brought current transfer down by 51.0%.

Fiscal surplus stood at MOP 19.88 billion in the third quarter, higher than the MOP 5.54 billion surplus in the same quarter of 2010.

Total government revenue and expenditure

0 5 10 15 20 25 30 35

Q3 Q4 Q1 Q2 Q3

2010 2011 M OP billion

Total revenue Total expenditure Balance

G. Money and Finance

At the end of September 2011, narrow money supply M1 went up by 6.2% year-on-year, of which currency in circulation increased by 9.9% and demand deposits rose by 5.5%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 17.6%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 2.6 percentage points to 45.3%, and the respective share in M2 dropped by 3.0 percentage points to 25.5%. The share of the Hong Kong dollar was 52.2% in M1 and 53.0% in M2.

Resident deposits rose by 17.7% to MOP 272.37 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 4.8%, 14.2% and 48.8% respectively to MOP 65.25 billion, MOP 147.66 billion and MOP 59.47 billion.

Domestic loans extended to the private sector rose by 37.9% to MOP 164.93 billion, of which

outstanding real estate mortgage loans of residents went up by 37.2% year-on-year to MOP 121.26

billion. For domestic loans to the private sector, the MOP accounted for 25.1%, valued at MOP

41.34 billion, and the Hong Kong dollar took up 65.6%, valued at MOP 108.23 billion.

Resident deposits and loans

0 40 80 120 160 200 240 280

Q3 Q4 Q1 Q2 Q3

2010 2011 MOP billion (value at

the end of t he period)

Resident deposits M ortgage loans to residents Other loans to the private sector

The loan-to-deposit ratio for the resident sector at the end of September was 55.6%, up by 8.1 percentage points from a year earlier, and that for both the resident and non-resident sectors rose by 8.2 percentage points to 79.9%.

As the MOP is indirectly pegged to the US dollar, interest rates in Macao are normally adjusted to be in line with those in the US. In the third quarter, the US Federal Reserve maintained the range for the Fed funds rate at 0% to 0.25%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.

In the third quarter, the exchange rates of the US dollar against major currencies were generally weak, causing the MOP to depreciate. The average exchange rates of the MOP against the Swiss franc, the Australian dollar, the New Zealand dollar and the Singapore dollar decreased by 26.4%, 16.9%, 16.5% and 11.3% respectively year-on-year. 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 4.07 points to 86.80.

H. Other Economic Indicators

Transport and Communications

In the third quarter of 2011, containerized cargo by land (8,442 tonnes), seaborne containerized

cargo (44,543 tonnes) and air cargo (9,862 tonnes) decreased by 37.0%, 4.5% and 9.3%

As regards local transport, new registration of vehicles totalled 4,868, up by 9.2% year-on-year, of which new registration of cars and motorcycles increased by 17.8% and 2.5% respectively. At the end of September 2011, number of licensed vehicles totalled 203,443, comprising 93,507 cars and 109,936 motorcycles.

At the end of September, number of Internet users went up by 24.9% to 204,548; mobile phone users increased by 16.7% to 1,291,617. Fixed-line telephone dropped by 1.4% to 166,725.

Fixed-line telephone density for the third quarter was 29.8 per 100 population.

Water and Energy Consumption

Consumption of electricity increased by 6.9% year-on-year to 1.20 billion kWh, and that of water rose by 6.6% to 18.73 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) went up by 29.8% to 110.61 million litres due to an increase in consumption of fuel oil; consumption of liquefied petroleum gas (LPG) increased by 3.9% to 8,731 tonnes.

III. Concluding Remarks

The economy of Macao expanded by 21.1% in real terms in the third quarter of 2011, attributable to the increase in exports of services, private consumption expenditure and investment.

GDP for the first three quarters of 2011 registered a year-on-year increase of 21.8% in real terms.

Looking ahead to the fourth quarter of 2011, in terms of domestic demand, even though public investment keep expanding, growth in total investment is expected to narrow upon decelerating private investment; nevertheless, rising total employment and income is likely to sustain the upsurge in private consumption expenditure and retain the unemployment rate below the 3.0% level.

As regards external demand, merchandise exports will see continuous decline upon the turbulent

world economy and the still sluggish weakening demand in Europe and the US. However,

satisfactory increase is expected in exports of tourism and gaming services, with visitor arrivals in

October and November increasing by 16.8% year-on-year when gross gaming revenue soaring by

37.5%. In sum, the economy of Macao is projected to have double-digit growth in the fourth quarter

and the whole year of 2011, yet the pace of increase is likely to decelerate.

STATISTICAL TABLES

SYMBOLS AND ABBREVIATIONS

.. Not applicable r Revised figures - Absolute value equals zero

# Confidential data

~ No figure provided

0 ^# Magnitude less than half of the unit employed p Provisional figures

@ Figures are subject to revision later on

TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)

Notes: Due to rounding, the totals may not correspond to the sums of the partial figures.

The figures presented are subject to regular revisions as and when required.

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

Year-on-year rate of change (%) 1/2

2010 2010 2011 2011 2011

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product -0.3 -3.5 3.0 3.5 3.1 2.2 1.6

1.5

ΓExports of goods 12.1 -18.0 21.0 20.5 18.2 18.2 17.7 17.5

ΓImports of goods 7.5 -25.9 22.7 23.0 15.8 18.8 17.0

14.1

ΓConsumer Price Index 3.8 -0.4 1.7 1.2 1.3 2.1 3.4 3.8

ΓUnemployment rate 5.8 9.3 9.6 9.5 9.1 9.5 8.9 9.1

Euro area

ΓGross Domestic Product 0.4 -4.2

1.9

2.1

2.0 2.4 1.7

1.4

ΓExports of goods 3.9

-18.0

20.0

22.7

22.2

21.7

13.0

9.4

ΓImports of goods 8.1 -21.8 22.5 27.1

25.6

24.2

12.8

8.9

ΓConsumer Price Index 3.3 0.3 1.6 1.7 2.0 2.5 2.8 2.7

ΓUnemployment rate 7.7 9.6 10.2 9.8 10.1 10.4 9.8 9.9

Germany

ΓGross Domestic Product 1.1 -5.1 3.7 4.0 3.8 5.0 3.0

2.5

ΓExports of goods 2.0 -18.4 18.5

19.9

20.0

19.2

11.8

10.1

ΓImports of goods 4.7 -17.5 19.9

22.6

24.7

21.5

13.5

11.7

ΓConsumer Price Index 2.6 0.3 1.1 1.2 1.5 2.1 2.3 2.5

ΓUnemployment rate 7.8 8.1 7.7 7.5 7.0 7.8 7.1 6.9

French

ΓGross Domestic Product -0.2 -2.6 1.4 1.6 1.4 2.2

1.6 1.6

ΓExports of goods 2.7

-17.3

12.8

14.4

15.3

12.9

8.5 7.1

ΓImports of goods 5.4 -17.7 13.1

19.0

13.1

18.7

12.6

9.2

ΓConsumer Price Index 2.8 0.1 1.5 1.5 1.6 1.8 2.1 2.1

ΓUnemployment rate 7.8 9.5 9.8 9.6 10.0 10.0 9.2 9.7

The United Kingdom

ΓGross Domestic Product -1.1

-4.4

1.8

2.6

1.3

1.6 0.6

0.5

ΓExports of goods 14.4

-9.5

16.5 16.9

15.4

19.4

11.1 11.4

ΓImports of goods 11.3

-10.2 17.1

20.5

18.2

13.6

10.2 10.3

ΓConsumer Price Index 3.6 2.1 3.3 3.1 3.4 4.1 4.4 4.7

ΓUnemployment rate 5.7 7.7 7.8 7.7 7.9 7.7 7.9 8.3

a The Euro area consists of 17 member states from 2011 onwards.

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

Federal Statistical Office of Germany

National Institute of Statistics and Economic Studies of France; French Customs

2008 2009 2010

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

Year-on-year rate of change (%) 2/2

2010 2010 2011 2011 2011

Q3 Q4 Q1 Q2 Q3

Mainland China

ΓGross Domestic Product 9.0 8.7 10.3 9.6 9.8 9.7 9.5 9.1

ΓExports of goods 17.3 -15.9 31.3 32.2 24.9 26.4 22.1 20.6

ΓImports of goods 18.5 -11.3 38.7 27.3 29.6 32.9

23.1 25.0

ΓConsumer Price Index

5.9 -0.7 3.3 2.9 3.3 5.0 5.4 5.7

Hong Kong

ΓGross Domestic Product 2.3 -2.7 7.0 6.9 6.4 7.5 5.3

4.3

ΓExports of goods 5.1 -12.6 22.8 27.8 14.4 24.6 7.7 4.2

ΓImports of goods 5.5 -11.0 25.0 24.1 15.1 20.6 10.3 8.9

ΓConsumer Price Index 4.3 0.5 2.4 2.3 2.7 3.8 5.2 6.4

ΓUnemployment rate 3.6 5.4 4.3 4.4 3.7 3.4 3.6 3.4

Taiwan, China

ΓGross Domestic Product 0.7 -1.8

10.7

11.2

6.5

6.6 4.5

3.4

ΓExports of goods 3.6 -20.3 34.8 27.1 20.9 19.4 14.6 11.6

ΓImports of goods 9.7 -27.5 44.1 31.5 27.6 21.8 19.0 10.3

ΓConsumer Price Index 3.5 -0.9 1.0 0.4 1.1 1.3 1.6 1.3

ΓUnemployment rate 4.1 5.9 5.2 5.1 4.8 4.6 4.3 4.4

Japan

ΓGross Domestic Product -1.2 -6.3 4.1

5.2

2.3

-1.0 -1.1

-

ΓExports of goods -3.5 -33.1 24.4 17.8 10.0 2.4 -8.0 0.5

ΓImports of goods 8.0 -34.8 18.0 14.9 11.3 11.4 10.4 13.8

ΓConsumer Price Index 1.4 -1.4 -0.7 -1.0

-0.3

-0.5

-0.4

0.1

ΓUnemployment rate 4.0 5.1 5.1 5.1 4.8 4.8

4.7 4.4

Republic of Korea

ΓGross Domestic Product 2.3 0.3 6.2 4.4 4.7 4.2 3.4 3.4

ΓExports of goods 13.6 -13.9 28.3 22.7 23.8 29.6 18.7

22.3

ΓImports of goods 22.0 -25.8 31.6 24.6 24.6 26.0

27.2 28.1

ΓConsumer Price Index 4.6 2.8 2.9 2.9 3.6 4.5 4.2 4.8

ΓUnemployment rate 3.2 3.6 3.8

3.5 3.3 4.2 3.4 3.1

Singapore

ΓGross Domestic Product 1.5 -0.8 14.5 10.5 12.0 9.4

1.0

6.1

ΓExports of goods 5.8 -18.0 22.4 20.0 14.5 13.4 6.7

4.8

ΓImports of goods 13.9 -21.0 18.8 15.6 9.7 10.2 8.4 6.2

ΓConsumer Price Index 6.6 0.6 2.8 3.4 4.0 5.2 4.7 5.5

ΓUnemployment rate 2.2 3.0 2.2 1.8 2.0 1.8 2.7 1.7

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

2008 2009 2010

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)

Change from preceding period (seasonally adjusted) (%)

2010 2010 2011 2011 2011

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product -0.3 -3.5 3.0 2.5 2.3 0.4 1.3

2.0

ΓExports of goods 12.1 -18.0 21.0 3.2 5.2 4.9 3.3 2.7

ΓImports of goods 7.5 -25.9 22.7 2.4 1.7 8.3 3.5

0.1

ΓConsumer Price Index 3.8 -0.4 1.7 0.4 0.7 1.3 1.0 0.8

ΓUnemployment rate

5.8 9.3 9.6 9.6 9.6 8.9 9.1 9.1

Japan

ΓGross Domestic Product -1.2 -6.3 4.1

0.7

-0.7

-0.7

-0.3 1.5

ΓExports of goods -3.5

-33.3 24.7 -3.2 -1.0

2.1

-6.1

5.8

ΓImports of goods 7.6

-34.6 18.0 -1.3

1.3

6.0

4.1

1.6

ΓConsumer Price Index 1.4 -1.4 -0.7 -0.7

0.3

0.1 -0.2

-0.1

ΓUnemployment rate

4.0 5.1 5.1 5.0

5.0 4.7 4.6 4.4

Hong Kong

ΓGross Domestic Product 2.3 -2.7 7.0 0.9 1.5 3.1 -0.4

0.1

ΓExports of goods 5.1 -12.6 22.8 1.9 -4.1 16.3 -12.6 -1.1

ΓImports of goods 5.5 -11.0 25.0 1.0 -2.7 12.1 -6.1 -0.1

ΓConsumer Price Index 4.3 0.5 2.4 -2.2 3.7 1.8 1.8 -0.9

ΓUnemployment rate

3.6 5.4 4.3 4.2 4.0 3.4 3.5 3.2

a Unemployment rate after seasonal adjustment.

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

Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan Hong Kong SAR Census and Statistics Department

3. GROSS DOMESTIC PRODUCT OF MACAO

2010 2010 2011 2011 2011

Q3

Q4

Q1

Q2

Q3

At current prices:

GDP (MOP billion) 166.0 170.1 226.3 57.7 66.5 61.7 70.5 75.4

GDP per capita (MOP thousand) 302.4 312.5 414.4 .. .. .. .. ..

Chain volume measures in chained (2009) dollars:

GDP (MOP billion) 167.4 170.1 216.2 55.1 62.1 57.0 64.0 66.8

% growth in real terms

GDP 3.4 1.6 27.1 28.3 27.9 20.9 23.4 21.1

Private consumption expenditure 5.8 2.7 7.6 10.3 5.2 11.1 8.4 9.0

In the domestic market 4.3 0.6 5.4 6.5 5.7 10.9 7.9 9.4

Abroad 7.9 12.7 20.1 34.9 4.5 10.1 8.5 7.8

Government final consumption expenditure 2.3 11.5 5.4 7.3 12.0 -2.0 6.4 6.9

Gross fixed capital formation -14.8 -32.3 -16.8 -1.7 11.7 16.0 20.6 5.7

Private sector -14.2 -36.8 -22.4 -11.8 8.9 11.7 19.1 1.8

Government -23.7 34.4 24.1 70.6 19.0 289.3 39.8 19.8

Exports of goods -22.0 -48.2 -7.3 -9.5 -2.8 -7.1 -8.3 -4.4

Exports of services 14.6 3.9 47.4 41.1 41.6 30.0 33.0 33.5

Imports of goods -8.4 -24.0 14.9 13.9 18.9 20.7 24.3 29.5

Imports of services 18.5 -12.3 46.1 39.0 44.0 35.7 35.8 35.7

2010

2009

2008

2008 2009

2010

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2011 2010 2010 2011 2011 2011

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. External Merchandise trade (MOP million)

Total exports 16 025.4 7 672.5 6 960.0 5 056.0 1 653.6 1 673.9 1 618.4^r 1 782.2 1 655.4 0.1

Textiles and garments 9 145.2 2 469.9 1 627.3 1 050.7 467.1 384.0 337.1 371.7 341.9 -26.8

Other products 6 880.2 5 202.6 5 332.7 4 005.3 1 186.5 1 289.9 1 281.3^r 1 410.5 1 313.5 10.7

Total imports 43 034.2 36 902.0 44 118.4 44 487.9 11 415.7 12 357.1 13 134.6^r 14 635.3^r 16 718.0 46.4

Trade balance -27 008.8 -29 229.4 -37 158.4 -39 431.9 -9 762.1 -10 683.2 -11 516.2^r -12 853.1^r -15 062.6 -54.3 B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(MOP million) 109 826 120 383 189 588 195 256 47 723 55 398 58 835 65 900 70 521 47.8

y-on-y % change 31.0 9.6 57.5 45.5 49.0 51.9 42.6 45.7 47.8

No. of visitor arrivals(thousand) 22 933.2 21 752.8 24 965.4 20 662.2 6 359.1 6 376.8 6 431.2 6 815.5 7 415.5 16.6

Average length of stay of visitors (days) 1.1 1.1 0.9^c .. 1.0^cr 0.9 0.9^c 0.9^c 1.0 ^c -

Visitor spending per capita ^b(MOP) 1 729 1 616 1 518^c .. 1 529^cr 1 812 1 516^c 1 482^c 1 633 ^c 6.8

Hotel occupancy rate (%) 74.3 71.4 79.8 83.2 78.9 83.0 81.0 82.9 85.5 6.6^a

C. Construction and real estate

Expenditure on public works (MOP million) 2 419.7 3 021.2 4 274.9 1 644.1 1 430.6 2 257.8 36.8 305.4 1 301.9 -9.0 Private sector construction

ΓΓ Buildings started - no. of units 2 046 1 547 870 1 646 132 189 93 61 1 492 1 030.3

ΓΓ Buildings started - gross floor area (thousand m²) 533 229 184 267 22 31 9 28 229 928.2

ΓΓ Buildings completed - no. of units 1 177 3 251 4 527 1 078 466 2 043 567 389 122 -73.8

ΓΓ Buildings completed - gross floor area (thousand m²) 584 1 406 1 272 658 241 356 164 476 18 -92.5

No. of building units transacted ^d 21 516 17 310 29 617 24 081 5 838 8 818 7 422 12 921 3 738 -36.0

Value of building units transacted ^d(MOP million) 35 024.9 26 298.7 56 753.6 66 139.9 10 567.1 19 367.1 17 670.2 38 853.3 9 616.4 -9.0 D. Transport

Γ Seaborne containerised cargo (tonne) 328 196 180 413 178 380 128 802 46 655 44 895 38 382 45 878 44 543 -4.5 Γ Containerised land cargo (tonne) 104 312 51 694 45 718 26 044 13 393 11 017 9 357 8 245 8 442 -37.0

Γ Air cargo (tonne) 100 767 52 464 52 166 29 083 10 868 13 397 8 520 10 701 9 862 -9.3

E. Prices and consumption

Inflation rate (%) 8.6 1.2 2.8 5.5 3.1 3.9 5.0 5.2 6.2 ..

Composite Consumer Price Index (4/2008-3/2009=100) 100.2 101.4 104.2 109.5 104.6 105.6 108.0 109.5 111.0 6.2 Retail sales turnover (MOP million) 19 391 22 354 30 588^r 30 433 7 697^r 8 699^r 10 030^r 9 815^r 10 588 37.6 F. Employment

Unemployment rate (%) 3.0 3.6 2.8 .. 2.9 2.7 2.7 2.7 2.6 -0.3^a

Median monthly employment earnings (MOP thousand) 8.0 8.5 9.0 .. 9.0 9.0 9.6 9.6 10.0 11.1

Non-resident workers in Macao (end-period) 92 161 74 905 75 813 .. 74 525 75 813 81 416 85 273 89 896 20.6 G. Public accounts (MOP million)

Total revenue 62 259.3 69 870.9 88 488.1 81 426.3 20 302.8 23 815.2 24 355.7 27 093.9 29 976.6 47.6

Tax revenue from gaming 43 207.5 45 697.5 68 776.1 72 754.7 17 362.4 19 517.1 21 864.5 24 519.2 26 371.1 51.9

Total expenditure 30 443.4 35 459.9 38 393.9 25 336.3 14 767.0 13 568.4 7 100.4 8 139.9 10 096.0 -31.6

Balance 31 815.9 34 411.0 50 094.1 56 090.0 5 535.8 10 246.8 17 255.3 18 954.0 19 880.6 ..

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

Γ Narrow money supply (M1) 24 729.6 30 606.8 34 729.7 36 254.0 34 132.3 34 729.7 33 832.6 36 667.4 36 254.0 6.2 Γ Broad money supply (M2) 189 790.3 212 233.3 243 259.8 278 639.2 236 970.2 243 259.8 258 976.4 271 289.2 278 639.2 17.6 Γ Resident deposits 185 389.8 207 327.4 237 639.4 272 371.4 231 505.6 237 639.4 252 711.2 265 067.9 272 371.4 17.7 Γ Domestic credit to the private sector 91 801.6 101 125.2 130 676.9 165 150.5 119 789.9 130 676.9 140 070.6 156 962.4 165 150.5 37.9 Γ Net foreign assets 233 256.6 275 171.7 333 837.7 390 699.9 320 377.8 333 837.7 354 061.4 371 174.8^r390 699.9 21.9 Foreign exchange reserves 127 160.6 146 578.7 190 186.8 246 839.5 169 670.1 190 186.8 204 084.4 225 691.9^r246 839.5 45.5 I. Others

ΓNo. of new companies incorporated 2 738 2 529 2 991 2 529 782 737 768 911 850 8.7

ΓNo. of companies in dissolution 447 469 492 374 120 119 137 112 125 4.2

ΓConsumption of electricity (million kWh) 3 311.7 3 463.3 3 655.5 2 948.6 1 120.3 838.0 736.2 1 014.8 1 197.6 6.9 a Percentage points.

b Visitor spending does not include gaming expenses.

c Results from statistical extrapolation.

d Including residential units exempt from payment of Stamp Duty.

2008

2011 Q3 year-on-year

% change

2009 2010

II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2011 2010 2010 2011 2011 2011

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Imports and exports MOP million 59 059.6 44 574.5 51 078.4 49 543.9 13 069.3 14 031.0 14 753.0^r 16 417.5^r 18 373.4

y-on-y % change -7.1 -24.5 14.6 33.7 12.9 15.4 26.6^r 33.2^r 40.6

B. Total exports MOP million 16 025.4 7 672.5 6 960.0 5 056.0 1 653.6 1 673.9 1 618.4^r 1 782.2 1 655.4

y-on-y % change -21.6 -52.1 -9.3 -4.4 -11.7 -11.9 -11.2^r -1.6 0.1

Γ1. Domestic exports MOP million 9 582.3 2 971.1 2 389.8 1 755.3 628.8 627.9 565.7 597.4 592.1

y-on-y % change -29.1 -69.0 -19.6 -0.4 -11.4 9.1 0.6 4.7 -5.8

Γ2. Re-exports MOP million 6 443.1 4 701.4 4 570.2 3 300.7 1 024.8 1 046.0 1 052.7^r 1 184.8^r 1 063.3

y-on-y % change -6.8 -27.0 -2.8 -6.3 -11.9 -21.1 -16.4^r -4.4 3.8

C. Total imports MOP million 43 034.2 36 902.0 44 118.4 44 487.9 11 415.7 12 357.1 13 134.6^r 14 635.3^r 16 718.0

y-on-y % change -0.2 -14.2 19.6 40.1 17.7 20.4 33.6^r 39.2^r 46.4

D. Trade balance ^a MOP million -27 008.8 -29 229.4 -37 158.4 -39 431.9 -9 762.1 -10 683.2 -11 516.2^r-12 853.1^r -15 062.6

E. Exports/Imports ratio ^b 37.2 20.8 15.8 11.4 14.5 13.5 12.3 12.2^r 9.9

F. External merchandise trade index (2006=100) Γ1. Exports

ΓΓValue index index 78.3 37.5 34.0 33.0 32.3 32.7 31.8 34.9 32.4

y-on-y % change -21.5 -52.1 -9.3 -4.1 -11.7 -12.1 -10.7 -1.4 0.3

ΓΓUnit value index index 104.4 104.1 107.5 117.0 106.4 111.1 114.7 118.1 118.1

y-on-y % change 5.1 -0.3 3.3 10.0 1.8 3.8 6.8 12.0 11.0

ΓΓQuantum index index 75.0 36.0 31.6 28.2 30.4 29.5 27.7 29.5 27.4

y-on-y % change -25.4 -52.0 -12.2 -13.0 -13.1 -15.0 -16.6 -12.2 -9.9

Γ2. Imports

ΓΓValue index index 117.8 101.0 120.8 163.6 125.0 135.3 144.5 161.9 184.4

y-on-y % change -0.2 -14.3 19.6 41.2 17.6 20.4 34.2 40.7 47.5

ΓΓUnit value index index 111.7 111.1 115.5 124.1 115.5 116.9 121.7 124.8 125.5

y-on-y % change 8.1 -0.5 4.0 8.0 4.3 4.2 6.6 8.5 8.7

ΓΓQuantum index index 105.5 90.9 104.6 131.8 108.2 115.7 118.7 129.8 146.9

y-on-y % change -7.6 -13.8 15.1 30.6 12.7 15.5 26.0 29.7 35.8

Γ3. Terms of trade index ^c index 93.5 93.7 93.1 94.2 92.1 95.0 94.2 94.7 94.1

y-on-y % change -2.8 0.2 -0.6 1.8 -2.4 -0.4 0.2 3.4 2.2

a Trade balance = Total exports - Total imports.

b Exports / Imports ratio = Total exports / Total imports × 100.

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

2008 2009 2010

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2011 2010 2010 2011 2011 2011 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Total exports MOP million 16 025.4 7 672.5 6 960.0 5 056.0 1 653.6 1 673.9 1 618.4^r 1 782.2 1 655.4 100.0

y-on-y % change -21.6 -52.1 -9.3 -4.4 -11.7 -11.9 -11.2^r -1.6 0.1

1. Destination

USA MOP million 6 399.2 1 308.3 782.1 425.0 241.5 155.9 152.6 150.5 121.9 7.4

y-on-y % change -22.8 -79.6 -40.2 -32.1 -18.5 -22.3 -26.5 -15.0 -49.5

European Union MOP million 1 591.1 631.3 409.4 294.7 105.5 103.1 98.1 107.9 88.7 5.4

y-on-y % change -57.3 -60.3 -35.2 -3.8 -22.9 -10.5 2.7 2.5 -15.9

Mainland China MOP million 1 968.2 1 117.5 1 102.4 814.5 257.6 260.3 232.2 350.0 232.2 14.0

y-on-y % change -35.1 -43.2 -1.4 -3.3 -1.9 -4.6 -13.5 10.8 -9.9

Hong Kong MOP million 3 162.7 3 014.6 3 002.6 2 170.9 620.6 741.5 726.2^r 702.6 742.1 44.8

y-on-y % change 18.3 -4.7 -0.4 -4.0 -20.2 -13.7 -13.2^r -12.6 19.6

Taiwan, China MOP million 217.6 160.7 175.9 85.1 35.5 28.8 30.2 32.3 22.5 1.4

y-on-y % change -14.6 -26.2 9.5 -42.2 5.5 -42.4 -44.3 -43.5 -36.7

Japan MOP million 212.9 105.7 109.5 98.7 30.5 29.7 26.0 35.4 37.4 2.3

y-on-y % change -8.6 -50.3 3.5 23.7 0^# -9.4 5.4 43.6 22.6

Vietnam MOP million 170.0 178.3 188.2 101.4 41.4 54.4 37.2 37.3 26.9 1.6

y-on-y % change 26.8 4.8 5.6 -24.2 -9.2 11.4 -16.5 -22.2 -34.9

2. Type of goods

Garment and textile MOP million 9 145.2 2 469.9 1 627.3 1 050.7 467.1 384.0 337.1 371.7 341.9 20.7

products y-on-y % change -31.7 -73.0 -34.1 -15.5 -15.3 -6.8 -11.6 -5.9 -26.8

Garment MOP million 8 419.7 2 101.9 1 314.3 836.1 366.8 310.1 272.1 285.5 278.5 16.8

y-on-y % change -29.6 -75.0 -37.5 -16.7 -20.3 -10.5 -17.1 -7.6 -24.1

Knitted or MOP million 4 974.3 1 282.6 755.1 400.2 208.3 169.8 141.4 136.1 122.8 7.4

crocheted y-on-y % change -35.4 -74.2 -41.1 -31.6 -24.1 -21.0 -28.9 -23.7 -41.1

Not knitted or MOP million 3 445.5 819.3 559.1 436.0 158.5 140.3 130.8 149.4 155.8 9.4

crocheted y-on-y % change -19.2 -76.2 -31.8 4.1 -14.7 6.8 0.9 14.4 -1.7

Textile products MOP million 725.4 368.0 313.0 214.6 100.2 73.9 65.0 86.2 63.4 3.8

y-on-y % change -49.3 -49.3 -14.9 -10.2 10.2 12.8 23.2 0.1 -36.8

Machines and apparatus, parts MOP million 1 203.5 626.2 449.0 417.6 107.5 114.0 116.3 175.5 125.9 7.6 and accessories thereof y-on-y % change -45.2 -48.0 -28.3 24.7 2.6 -37.1 -4.9 66.9 17.0

Tobacco and wine MOP million 361.4 318.6 470.3 471.7 113.3 180.0 138.7 176.4 156.6 9.5

y-on-y % change 33.3 -11.8 47.6 62.5 28.9 118.0 62.8 92.1 38.2

Clocks and watches MOP million 91.2 312.2 352.3 197.3 68.3 51.4 98.4 46.5 52.4 3.2

y-on-y % change 80.8 242.3 12.8 -34.4 -17.7 -54.7 45.6 -71.8 -23.3

Jewellery MOP million 679.8 753.7 736.8 220.9 74.0 127.2 113.6 54.0 53.3 3.2

y-on-y % change 74.9 10.9 -2.2 -63.8 -68.2 -35.0 -61.4 -77.6 -28.0

Copper and articles thereof MOP million 375.1 266.2 374.1 297.4 89.1 90.1 103.2 92.1 102.2 6.2

y-on-y % change -15.9 -29.0 40.5 4.7 10.5 0.4 5.2 -4.9 14.7

Others MOP million 4 169.3 2 925.8 2 950.2 2 400.4 734.3 727.1 711.1^r 866.1^r 823.2 49.7

y-on-y % change 13.1 -29.8 0.8 8.0 0.3 -11.9 -8.0^r 21.0 12.1

2008 2009 2010

II. EXTERNAL MERCHANDISE TRADE

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS

2011 2010 2010 2011 2011 2011 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Domestic exports MOP million 9 582.3 2 971.1 2 389.8 1 755.3 628.8 627.9 565.7 597.4 592.1 100.0

y-on-y % change -29.1 -69.0 -19.6 -0.4 -11.4 9.1 0.6 4.7 -5.8

1. Destination

USA MOP million 6 334.4 1 265.3 713.7 385.3 209.3 146.1 134.0 139.8 111.4 18.8

y-on-y % change -22.8 -80.0 -43.6 -32.1 -26.6 -24.1 -31.1 -14.6 -46.8

European Union MOP million 1 528.6 609.5 398.4 285.4 103.1 101.0 95.7 104.7 85.1 14.4

y-on-y % change -56.2 -60.1 -34.6 -4.0 -21.4 -5.4 4.6 1.8 -17.5

Mainland China MOP million 222.7 189.6 251.3 208.0 62.6 66.5 63.2 65.7 79.0 13.3

y-on-y % change -15.9 -14.9 32.5 12.5 15.7 37.6 26.0 -8.8 26.3

Hong Kong MOP million 524.4 348.0 485.1 486.0 105.7 190.2 142.8 153.7 189.5 32.0

y-on-y % change -12.4 -33.6 39.4 64.8 6.6 79.4 36.6 81.5 79.2

Taiwan, China MOP million 124.4 46.8 53.7 44.8 14.4 10.3 19.9 13.3 11.6 2.0

y-on-y % change -0.4 -62.4 14.8 3.1 7.8 23.7 78.2 -25.4 -19.6

ΓΓ Japan MOP million 141.0 87.3 94.9 88.0 25.2 25.8 23.7 29.0 35.4 6.0

y-on-y % change -11.0 -38.1 8.8 27.2 -6.5 -6.5 6.7 32.7 40.5

Vietnam MOP million 141.3 155.9 144.3 92.4 37.6 27.2 36.3 33.8 22.3 3.8

y-on-y % change 6.8 10.4 -7.4 -21.1 -10.1 -35.1 -5.5 -17.8 -40.7

2. Type of goods

Garment MOP million 8 187.4 1 971.1 1 169.0 702.9 326.2 267.7 229.4 246.2 227.3 38.4

y-on-y % change -30.3 -75.9 -40.7 -22.0 -23.7 -13.8 -21.6 -12.9 -30.3

Knitted or MOP million 4 810.1 1 219.6 694.5 349.1 192.0 152.9 124.3 120.8 104.1 17.6 crocheted y-on-y % change -36.5 -74.6 -43.1 -35.5 -25.8 -23.4 -32.5 -27.0 -45.8

Not knitted or MOP million 3 377.3 751.4 474.5 353.8 134.2 114.8 105.1 125.4 123.3 20.8

crocheted y-on-y % change -19.3 -77.8 -36.9 -1.7 -20.3 3.6 -3.0 7.0 -8.1

Tobacco and wine MOP million 236.3 252.2 277.7 315.9 68.9 81.6 87.2 116.8 111.9 18.9

y-on-y % change 8.6 6.7 10.1 61.1 1.6 29.8 41.3 78.3 62.4

Others MOP million 1 158.7 747.8 943.1 736.4 233.8 278.7 249.1 234.4 252.9 42.7

y-on-y % change -24.9 -35.5 26.1 10.8 9.0 37.7 19.6 5.4 8.2

2008 2009 2010