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MACAO ECONOMIC BULLETIN

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

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

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

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t h

Quarter

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Editor: DSEC Macao, April 2015

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 ... 24

D. EMPLOYMENT ... 26

E. INVESTMENT ... 27

F. PUBLIC ACCOUNTS ... 30

G. MONEY AND FINANCE ... 30

H. OTHER ECONOMIC INDICATORS ... 32

III. CONCLUDING REMARKS ... 33

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

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

3. GROSS DOMESTIC PRODUCT OF MACAO ... 37

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 38

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

2. PRINCIPAL STATISTICS ON EXPORTS ... 40

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS ... 41

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

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

6. PRINCIPAL STATISTICS OF IMPORTS…... 43

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

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

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

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

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3. VISITOR ARRIVALS ... 47

4. HOTEL GUESTS ... 48

5. SPENDING OF VISITORS ... 49

6. AVERAGE LENGTH OF STAY OF VISITORS ... 50

7. MICE STATISTICS ... 51

IV. CONSUMPTION AND PRICES 1. PRICE INDICES ... 52

2. RETAIL SALES ... 53

3. SALES VOLUME INDEX ... 53

V. POPULATION AND LABOUR FORCE 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 54

2. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED POPULATION ... 54

3. EMPLOYED POPULATION BY GENDER, AGE GROUP AND INDUSTRY ... 55

4. JOB VACANCIES ... 55

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 56

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT... 57

7. NON-RESIDENT WORKERS... 57

VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION ... 58

2. PURCHASE AND SALE OF BUILDING UNITS ... 59

3. PURCHASE AND SALE OF BUILDING UNITS BY END-USE OF UNIT AND BUYER’S STATUS ... 60

4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS, OFFICES AND INDUSTRIAL UNITS PURCHASED AND SOLD ... 61

5. PUBLIC WORKS ... ..61

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 62

2. PUBLIC REVENUE ... 63

3. PUBLIC EXPENDITURE ... 64

4. PUBLIC INVESTMENT ... 64

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 65

2. RESIDENT DEPOSITS ... 66

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3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 67

4. MORTGAGE LOANS ... 67

5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 68

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ... 69

7. INTEREST RATES OF THE MACAO PATACA ... 69

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 70

2. TRANSPORT... 71

3. COMMUNICATIONS ... 72

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT ... 72

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 73

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THE WORLD ECONOMY

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The global economy continued to stage a moderate recovery in the fourth quarter of 2014. The US economy maintained steady growth and ended the quantitative easing monetary policy implemented since 2008; nevertheless, the Euro area and Japan saw subdued economic performance and continued to pursue a loose monetary policy. On the other hand, oil prices have fallen by about 55% since September last year; despite lower oil prices being conducive to economic growth, considerable fluctuations of oil prices in the short-term added uncertainty to global economic recovery. The World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) in January 2015 indicated that global growth will receive a boost from lower oil prices, but this boost is projected to be more than offset by negative factors, including investment weakness as adjustment to diminished expectations about medium-term growth continues in many advanced and emerging market economies. The world economy grew by 3.3% in 2014, same as the October forecast; the growth projection for 2015 is lowered by 0.3 percentage points to 3.5%.

The US economy maintained steady growth in the fourth quarter, with Gross Domestic Product (GDP) rising by 2.4% year-on-year and 2.2% quarter-to-quarter. The expansion was mainly spurred by the increase in private consumption expenditure, contributing 2.8 percentage points to economic growth; fixed investment and exports also added 0.7 and 0.4 percentage points respectively to the increase. However, rising imports offset 1.6 percentage points in the economic growth; government expenditure also dragged down the economic growth by 0.3 percentage points. The unemployment rate showed significant change amid sustained economic growth, down by 0.7 percentage points quarter-to-quarter to 5.5%; the seasonally adjusted unemployment rate stood at 5.7%.

Economic growth in the Euro area remained low as the German economy turned stable while France remained weak; the fourth quarter GDP increased by 0.9%

year-on-year and 0.3% quarter-to-quarter. Exports and consumption expenditure of households and non-profit institutions contributed 0.4 and 0.2 percentage points respectively to economic growth while fixed capital formation also added 0.1 percentage point to the increase; however, inventory and imports dragged down the economic growth by 0.2 percentage points each. The unemployment rate went up amid the sluggish economy, up by 0.4 percentage points quarter-to-quarter to 11.5%.

The UK economy saw steady growth, with GDP for the fourth quarter rising by 2.7%

year-on-year and 0.5% quarter-to-quarter. Service sector was the main driver of economic growth, up by 0.8% quarter-to-quarter. Net exports contributed 0.6 percentage points to economic growth while household final consumption expenditure also added 0.3 percentage points to the increase; however, gross capital formation dragged down the

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increase by 0.2 percentage points. With steady economic growth, the unemployment rate declined further by 0.3 percentage points quarter-to-quarter to 5.7%.

The Asian region continued to contribute to global economic growth; yet, growth in individual economies in the region slowed broadly. The January 2015 WEO Update of IMF indicated that the ASEAN 5a economies expanded by 4.5% in 2014, down by 0.2 percentage points from the October 2014 forecast; the Middle East, North Africa, Afghanistan and Pakistan grew by 2.8%, up by 0.1 percentage point; China expanded at the projected growth rate, at 7.4%, while India grew by 5.8%, up by 0.2 percentage points.

The economy of Japan improved slightly, with the fourth quarter GDP declining by 0.5% year-on-year but rising by 0.6% quarter-to-quarter. With the impact of yen depreciation and the consumption tax hike gradually fading, exports and domestic demand contributed 0.5 and 0.3 percentage points respectively to the economic growth. The economy showed signs of recovery; the unemployment rate edged down by 0.3 percentage points to 3.3%; the seasonally adjusted rate was 3.5%.

Economic growth in the Republic of Korea continued to slow upon sluggish domestic demand and exports. GDP for the fourth quarter increased by 2.7% year-on-year and 0.4% quarter-to-quarter. Final consumption expenditure contributed 0.3 percentage points to economic growth; meanwhile, gross capital formation and exports dragged down the increase by 0.1 percentage point each. Despite a slowdown in economic growth, the unemployment rate dropped marginally by 0.1 percentage point quarter-to-quarter to 3.2%.

In Mainland China, GDP for the fourth quarter expanded by 7.3% year-on-year, same as the previous quarter. In 2014, value added of the above-scale industries rose by 8.3%

year-on-year, down by 1.4 percentage points compared with the previous year; fixed asset investment increased by 15.7% year-on-year, down by 3.9 percentage points. Retail sales of consumer goods rose by 12.0% year-on-year, down by 1.1 percentage points, of which sales of communication equipment increased by 32.7%, Chinese and Western medicine by 15.0% and furniture by 13.9%. Total value of external trade for 2014 increased by 3.5%

year-on-year and the trade surplus amounted to USD382.6 billion. Inflation continued to slow; the Consumer Price Index (CPI) grew by 2.0% in the fourth quarter, with the CPI for December rising by 1.5% year-on-year.

The Hong Kong economy grew modestly in the fourth quarter of 2014, expanding by 2.2% year-on-year and only 0.4% quarter-to-quarter, mainly underpinned by domestic demand. Private consumption expenditure and government consumption expenditure

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increased by 3.8% and 3.3% year-on-year; gross fixed capital formation rose by 4.0%

year-on-year upon a rebound in machinery and equipment acquisition. Merchandise exports slowed further due to sluggish external demand, rising by only 0.6% year-on-year;

exports of services fell again by 0.7% year-on-year. The unemployment rate edged down by 0.3 percentage points quarter-to-quarter to 3.1%, and the seasonally adjusted rate stayed at 3.3%.

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

-2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

USA Euro Area Japan Mainland

China

United Kingdom

Hong Kong

%

Q3/2014 Q4/2014

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the fourth quarter of 2014, the economy of Macao contracted by 17.2%

year-on-year in real terms, mainly due to significant decrease in exports of services. In terms of external demand, exports of services was greatly dragged down by a larger decline in exports of gaming services and a drop in exports of other tourism services. As regards domestic demand, gross fixed capital formation increased further, slightly reducing the magnitude of economic contraction; private consumption expenditure grew amid stable employment conditions. The economy contracted by 0.4% for the whole year of 2014, resulting from a 10.5% growth in the first half of the year and a 10.2% drop in the second half of the year.

The following highlights year-on-year comparisons of major segments of the local economy in the fourth quarter and the whole year of 2014:

1. Merchandise exports and imports maintained growth momentum. Total value of merchandise exports increased by 11.3% in the fourth quarter, of which exports of clocks and watches surged by 173.4%. Total value of merchandise imports increased by 10.8%, with imports of consumer goods, which took up a significant share of the total, rising by 2.2%; imports of raw materials & semi-manufactures and capital goods rose by 18.9% and 38.2% respectively, reflecting strong domestic demand. A visible trade deficit of MOP22.47 billion was recorded. For the whole year of 2014, total external trade increased by 10.8%; merchandise exports and imports grew by 9.0%

and 11.0% respectively, with the visible trade deficit amounting to MOP80.04 billion.

2. Visitor arrivals increased but total spending of visitors decreased, accelerating the decline in exports of gaming and tourism services. Visitor arrivals increased by 7.9%

in the fourth quarter; however, the gaming sector has been undergoing significant adjustment, with gross gaming revenue decreasing by 24.5%. In addition to the effect of inflation, exports of gaming services declined more sharply by 28.9% while exports of other tourism services dropped by 15.7%, together lowering exports of services by 26.0% in the fourth quarter; meanwhile, imports of services declined by 26.6%. For the whole year of 2014, gross gaming revenue decreased by 2.5%, causing exports of services to drop by 6.3% in real terms; imports of services also decreased by 13.8%

in real term.

3. Full employment was coupled with high inflation. The unemployment rate stayed extremely low at 1.7% for a long time amid stable employment conditions; median monthly employment earnings increased by 13.8%. Strong demand for manpower

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drove non-resident workers up by 23.6% year-on-year to 170,346 at the end of the fourth quarter. Prices kept rising, with the Composite Consumer Price Index (Composite CPI) increasing by 6.0%; inflationary pressures remained high. Private consumption expenditure increased by 4.6% and government final consumption expenditure expanded by 5.9%. For the whole year of 2014, the Composite CPI grew by 6.0%; private consumption expenditure and government final consumption expenditure increased by 5.9% and 7.1% respectively.

4. Private investment maintained robust growth. With construction of large-scale tourism and entertainment facilities underway, private investment surged by 33.7% in the fourth quarter, of which construction investment and equipment investment rose by 32.7% and 42.7% respectively. Public investment showed average performance, rising modestly by 7.3%. Number of new incorporations increased by 21.2%, and the value of registered capital went up by 4.3%. For the whole year of 2014, overall investment increased by 35.2%; number of new incorporations rose by 20.7% and the value of registered capital rose by 1.4 times.

5. Property transactions declined with prices falling broadly. Number and value of building units purchased and sold tumbled by 29.8% and 24.9% quarter-to-quarter.

The average transaction price of residential units went down by 5.2%

quarter-to-quarter.

6. With the decline in gaming revenue, total government revenue dropped but the fiscal balance remained in surplus. Total government revenue shrank by 16.9% to MOP35.08 billion in the fourth quarter, with tax revenue from gaming (83.9% of total) falling by 18.4%. Total expenditure rose by 6.1% to MOP24.99 billion. Fiscal surplus for the fourth quarter stood at MOP10.09 billion, down by 45.9% year-on-year and 48.9% quarter-to-quarter. For the whole year of 2014, total government revenue and expenditure rose by 0.4% and 11.1% respectively, resulting in a fiscal surplus of MOP90.30 billion.

II. Major Segments of the Economy

A. External Merchandise Trade

Overview

External merchandise trade sustained growth, with the total trade value rising by

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10.8% to MOP27.73 billion in the fourth quarter of 2014. Merchandise imports increased by 10.8% to MOP25.10 billion, and merchandise exports rose by 11.3% to MOP2.63 billion.

The exports-imports ratio increased by 0.1 percentage point year-on-year to 10.5%.

Merchandise trade deficit widened from MOP20.29 billion in the fourth quarter of 2013 to MOP22.47 billion.

For the whole year of 2014, total trade value rose by 10.8% to MOP99.87 billion, of which merchandise imports increased by 11.0% to MOP89.95 billion, and merchandise exports rose by 9.0% to MOP9.91 billion. Merchandise trade deficit widened further to MOP80.04 billion.

Total Exports

In the fourth quarter of 2014, value of merchandise exports increased by 11.3%

year-on-year to MOP2.63 billion on account of increase in domestic exports and re-exports.

Analysed by destination, value of merchandise exports to the EU (MOP91.7 million), Taiwan (MOP9.7 million), Hong Kong (MOP1.52 billion), Japan (MOP43.4 million) and Mainland China (MOP434.4 million) increased by 26.7%, 20.7%, 19.4%, 17.5% and 11.8%

respectively; meanwhile, exports to Vietnam (MOP4.5 million) and the USA (MOP52.6 million) decreased by 91.0% and 44.8% respectively.

As regards types of commodities, exports of diamond & diamond jewellery, clocks &

watches, tobacco & wine, garment & textile products, copper & articles thereof and other products increased by 209.9%, 173.4%, 21.8%, 4.8%, 0.5% and 12.5%. Meanwhile, exports of machines, apparatus & parts (MOP536.8 million) decreased by 10.0%, with its relative importance in total exports falling to 20.4%; exports of electronic components also dropped by 22.9%.

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Merchandise exports (Year-on-year change)

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

Q4 Q1 Q2 Q3 Q4

2013 2014

%

Total exports USA EU

Domestic Exports

Domestic exports amounted to MOP534.5 million (20.3% of total exports) in the fourth quarter, up by 4.7% year-on-year and 3.5% quarter-to-quarter. Hong Kong continued to be the largest market of Macao’s domestic exports (39.8% of total domestic exports), and the value of exports rose notably by 73.0% year-on-year; besides, domestic exports to the EU increased by 12.3% while exports to the USA declined by 48.5%. Analysed by principal commodity, exports of garment (8.4% of total domestic exports) decreased further by 57.6%, of which exports to the USA (20.7% of total domestic exports of garment) plunged by 73.4% and exports to the EU (62.7%) dropped by 38.9%; meanwhile, exports of tobacco & wine (29.7% of total domestic exports) increased by 38.8% and exports of other products (61.9%) rose by 14.1%.

Domestic exports to Mainland China increased by 8.3% to MOP82.0 million (15.3% of total), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) decreased by 40.7% to MOP22.2 million, consisting mainly of copper-clad boards (50.9% of total) and stamps (40.6%); the amount of tariff saved totalled MOP1.4 million.

In 2014, the share of domestic exports in total exports declined to 20.4%, with its value rising by 0.7% year-on-year to MOP2.02 billion.

In addition, results of the Industrial Exports Survey for the fourth quarter of 2014 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 3.5 months, up by 45.8% from 2.4 months in the same quarter of

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2013. Meanwhile, 18.2% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, down by 11.1 percentage points quarter-to-quarter but up by 3.7 percentage points year-on-year, with 0.8% anticipating a substantial increase and 17.4% expecting a modest rise. However, 14.9% expected less promising prospects of exports, down by 6.1 percentage points quarter-to-quarter and 4.5 percentage points year-on-year; moreover, 67.0% expected the outlook of exports remained stagnant, up by 17.2 percentage points quarter-to-quarter and 0.9 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 13.1% to MOP2.10 billion (79.7% of total exports) in the fourth quarter of 2014. Hong Kong was the largest market of Macao’s re-exports (62.2% of total), which was followed by Mainland China (16.8%). Value of re-exports to Hong Kong increased by 13.6%, and that to Mainland China rose by 12.7%. In terms of the types of commodities, re-exports of consumer goods (40.7% of total) increased by 65.2%, whereas re-exports of raw materials & semi-manufactures (6.4%) and other products (52.9%) declined by 2.6% and 7.5% respectively.

In 2014, the share of re-exports in total exports reached 79.6%, with its value rising by 11.4% to MOP7.89 billion.

Imports

Value of merchandise imports increased by 10.8% year-on-year to MOP25.10 billion in the fourth quarter. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 20.1% to MOP8.69 billion (34.6% of total).

Value of imports from the USA (9.4%), Taiwan (1.5%) and the EU (21.8%) expanded by 81.0%, 9.8% and 2.9% respectively; however, value of imports from Japan (5.3%), Switzerland (8.7%) and Hong Kong (10.2%) decreased by 7.2%, 6.1% and 1.0%

respectively.

Regarding the types of commodities, imports of capital goods (23.1% of total), raw materials & semi-manufactures (10.5%), fuels & lubricants (7.8%) and consumer goods (58.6%) increased by 38.2%, 18.9%, 5.4% and 2.2% respectively.

Growth rate of consumer goods eased further from 7.8% in the second quarter and 5.4% in the third quarter to 2.2% in the fourth quarter. Imports of food & beverages (12.5%), clothing & footwear (5.9%) and gold jewellery (11.7%) increased by 19.6%, 8.5%

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and 2.4% respectively, while imports of handbags & wallets (3.1%), light passenger cars &

motorcycles (3.4%) and watches (8.2%) decreased by 22.7%, 21.7% and 6.6%

respectively, indicating a downward trend in private consumption and visitor spending.

In 2014, total value of imports increased by 11.0% to MOP89.95 billion.

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

0 10 20 30 40

Q4 Q1 Q2 Q3 Q4

2013 2014

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

B. Tourism, Gaming and MICE

The gaming sector continued to undergo adjustment, with exports of gaming services decreasing by 28.9% in real terms. Despite a sustained growth in visitor arrivals, total spending of visitors declined by 13.9%; after adjusting for tourist price increase, exports of other tourism services shrank by 15.7% in real terms. With the simultaneous decline in exports of gaming services and other tourism services, total exports of services dropped by 26.0%. Meanwhile, number of MICE events decreased by 9.8% year-on-year, whereas the number of participants and attendees rose by 7.7%.

Gaming

Gross gaming revenue amounted to MOP75.84 billion in the fourth quarter of 2014, down by 24.5% year-on-year. Gross revenue of game of chance decreased by 24.5% to MOP75.58 billion (99.7% of total). VIP Baccarat revenue declined by 29.0% to account for 61% of the gross revenue of game of chance. Gross revenue of pari-mutuels and lotteries dropped by 7.1% to MOP264.5 million. For the whole year of 2014, gross gaming revenue went down by 2.5% year-on-year to MOP352.71 billion.

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Number of casinos remained unchanged at 35 in the fourth quarter, with 5,711 gaming tables, down by 0.7%; number of slot machines decreased by 0.7% to 13,018.

Gross gaming revenue

0 30 60 90 120

Q4 Q1 Q2 Q3 Q4

2013 2014 Billion MOP

-30 -20 -10 0 10 20 30

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals increased by 7.9% to 7,966,623 in the fourth quarter, attributable to the rise in visitors from Mainland China at 5,439,524, with 2,479,072 travelling to Macao under the Individual Visit Scheme (IVS), up by 19.5%; visitors from Hong Kong, Taiwan, Japan, Malaysia, Singapore, the United Kingdom, Australia and the USA registered year-on-year decrease. Average length of stay of visitors was 0.9 day, down by 0.1 day year-on-year.

Same-day visitors accounted for 55.1% of the total, up by 2.3 percentage points quarter-to-quarter. Package tour visitors increased by 46.8% to 3,467,506.

For the whole year of 2014, visitor arrivals increased by 7.5% year-on-year to 31,525,632; package tour visitors rose by 26.2% to 12,334,084.

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Principal visitor markets

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Q4 Q1 Q2 Q3 Q4

2013 2014 Million

Mainland China Hong Kong Taiwan Republic of Korea

Hotels

Hotels and guesthouses had 27,904 available guest rooms in the fourth quarter, an increase of 0.5%; five-star hotels accounted for 65.9% of the total supply. Number of guests checking into hotels and guesthouses dropped by 1.2% to 2,646,868, constituting 68.6% of the total overnight visitors. Despite a slight decrease in number of guests, the average occupancy rate of hotels and guesthouses rose modestly by 0.2 percentage points year-on-year to 87.0%. The average length of stay of guests held stable at 1.5 nights, with those of the five-star hotels staying the longest at 1.6 nights.

For the whole year of 2014, guests of hotels and guesthouses edged up by 0.4%

year-on-year to 10,712,999, accounting for 68.8% of the total overnight visitors; the average occupancy rate rose by 3.4 percentage points to 86.5%. Average length of stay of guests stayed at 1.4 nights.

Visitor Spending

Total spending of visitors amounted to MOP14.05 billion in the fourth quarter, down by 13.9% from MOP16.32 billion in the same quarter of 2013. Per-capita spending of overnight visitors decreased by 18.4% to MOP3,082, and that of same-day visitors dropped by 8.9% to MOP679. For the whole year of 2014, total spending of visitors increased by 3.7% year-on-year to MOP61.75 billion.

Per-capita spending of visitors decreased by 20.2% to MOP1,757 in the fourth quarter, a larger decline compared with the previous quarter. Mainland visitors spent an average of

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MOP2,038, down substantially by 27.3%, with those travelling under IVS spending MOP2,618; per-capita spending of visitors from Singapore increased by 10.2% to MOP1,977, while that of visitors from Japan (MOP1,716), Taiwan (MOP1,510) and Hong Kong (MOP912) decreased by 4.7%, 3.9% and 3.8% respectively. Visitors from the United Kingdom had relatively high per-capita spending among the long-haul visitors, at MOP1,518.

Analysed by expenditure structure, visitors spent mainly on Shopping (45%), Accommodation (27%) and Food & Beverage (20%). Structure of shopping spending showed significant changes, in which the share of Jewellery & Watches decreased from 26% in the third quarter to 19% in the fourth quarter, while that of Clothing, Local Food Products and Cosmetics & Perfume increased from 14%, 22% and 12% to 15%, 26% and 17% respectively.

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

2013 2014 MOP

Mainland China Hong Kong Taiwan Singapore Japan

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 312 MICE events were held in the fourth quarter, down by 34 year-on-year;

number of participants and attendees increased by 7.7% to 1,063,356 due to a 10.4% rise in exhibition attendees (1,028,047). Meanwhile, 282 meetings and conferences were held, drawing 35,309 participants.

For the whole year of 2014, a total of 1,055 MICE events were held, up by 25 year-on-year; total number of participants and attendees increased by 28.6% to 2,614,713.

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C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 4.6% in real terms in the fourth quarter, lower than the 7.7% rise in the third quarter. Household final consumption expenditure in the domestic market increased by 4.3% and that abroad went up by 6.6%. Private consumption expenditure for the whole year of 2014 registered an increase of 5.9% in real terms.

Retail Sales

Value of retail sales amounted to MOP17.04 billion in the fourth quarter, down by 7.7% year-on-year but up by 7.7% quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (25.8% of total), Goods in department stores (12.4%), Leather goods (10.9%) and Motor vehicles (6.1%) decreased by 21.0%, 23.4%, 15.7% and 12.2%

respectively year-on-year, while that of Communication equipment increased by 14.3%.

For the whole year of 2014, total value of retail sales rose by 1.3% year-on-year to MOP67.66 billion, of which retail sales of Watches, clocks & jewellery topped at MOP18.14 billion.

After removing the effect of prices, volume of retail sales decreased by 10.5%

year-on-year in the fourth quarter, with marked decrease being observed in the sales volume of Goods in department stores (-37.3%), Adults’ clothing (-22.0%), Watches, clocks & jewellery (-18.6%), Leather goods (-14.5%) and Motor vehicles (-12.5%). Volume of retail sales increased by 4.0% quarter-to-quarter, of which sales volume of Cosmetics &

sanitary articles (+31.4%) and Communication equipment (+22.0%) rose notably, but that of Goods in department stores and Goods in supermarkets went down by 31.3% and 6.6%

respectively. For the whole year of 2014, volume of retail sales grew by 1.2% year-on-year, with notable increase in the sales volume of Household appliances, Motorcycles, parts &

accessories and Chinese food products but decline in that of Watches, clocks & jewellery and Leather goods.

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Value of selected retail sales

0 1000 2000 3000 4000 5000 6000

Q4 Q1 Q2 Q3 Q4

2013 2014 MOP million

Adults' clothing Motor vehicles

Leather goods Goods in department stores

Watches, clocks & jewellery

Prices

The average Composite CPI rose by 6.0% year-on-year in the fourth quarter, slightly higher than the 5.9% growth in the third quarter; inflationary pressures remained. Notable increase was observed in the price indices of Housing & fuels (+12.0%), Food &

non-alcoholic beverages (+6.0%) and Health (+4.9%). In addition, implicit deflator of GDP that measures changes in overall prices rose by 7.9% year-on-year.

For the whole year of 2014, the average Composite CPI increased by 6.0%

year-on-year, with notable increase in the price indices of Housing & fuels (+11.9%) and Food & non-alcoholic beverages (+6.1%); however, price index of Communication decreased by 0.3%. Implicit deflator of GDP rose by 8.5% in 2014.

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

0 1 2 3 4 5 6 7 8 9 10

Q4 Q1 Q2 Q3 Q4

2013 2014

%

Composite CPI Implicit Deflator of GDP

D. Employment

Strong demand for manpower drove up employment, non-resident workers and employment earnings. Economically active population (labour force) totalled 406,000 in the fourth quarter, with an employed population of 399,000, up by 7.5% and 7.6% respectively year-on-year. Employment in Recreational, Cultural, Gaming & Other Services reached 98,000, of which 87,000 were working in the Gaming Sector, accounting for 21.8% of the total; employment in Construction and Transport, Storage and Communications saw notable growth, at 45.5% and 14.9% respectively. Non-resident workers rose by 23.6%

year-on-year to 170,346 at the end of the fourth quarter, with 26.9% working in Construction and 25.0% in Hotels & Restaurants.

Job market remained stable. The unemployment rate stayed at 1.7% in the fourth quarter, down by 0.1 percentage point year-on-year and held stable as the previous quarter; the underemployment rate was 0.4%. Total number of unemployed was about 7,000, with 15.2% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 30.0% had worked in Recreational, Cultural, Gaming &

Other Services and 19.7% in Wholesale and Retail Trade. In terms of educational attainment, 35.9% had tertiary education; 24.5% had senior secondary education and 20.0% had junior secondary education.

Median monthly employment earnings of the employed stood at MOP14,000 in the fourth quarter, up by 13.8% year-on-year and 7.7% quarter-to-quarter. Median earnings of the employed residents increased by 2.6% quarter-to-quarter, at MOP16,000. Analysed by industry, median employment earnings in the Manufacturing Sector logged the highest

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year-on-year increase of 18.8%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings increased by 9.4% year-on-year.

Employed population and unemployment rate

360 370 380 390 400

Q4 Q1 Q2 Q3 Q4

2013 2014 Thousand persons

1.6 1.7 1.8 1.9

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

In the fourth quarter of 2014, construction and equipment investment increased by 29.9% and 17.0% year-on-year in real terms, causing overall investment to expand by 27.7%. Investment by the private sector and the public sector grew by 33.7% and 7.3%

respectively. For the whole year of 2014, overall investment increased by 35.2%, with construction and equipment investment rising by 37.3% and 23.7% in real terms.

Investment by the private sector grew by 41.6% whereas that by the public sector went down by 6.0%.

For the investment by the private sector, number of construction of new buildings, units and gross floor area increased significantly by 14.3%, 69.9% and 244.5%

respectively in the fourth quarter; meanwhile, number of building completions, units and area also increased by 30.8%, 225.1% and 107.2% respectively. With the construction of large-scale tourism and entertainment facilities underway, coupled with increase in building construction investment and real estate developers’ margin, construction investment by the private sector expanded by 32.7% in real terms in the fourth quarter;

meanwhile, equipment investment also increased by 42.7% in real terms. For the whole year of 2014, number of construction of new buildings units and area decreased by 15.2%

and 6.6% respectively; however, total number of building completions and units went up by

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25.6% and 128.0% respectively. Construction and equipment investment by the private sector expanded by 42.9% and 33.5% respectively.

As regards investment by the public sector, construction investment increased by 15.9% but equipment investment decreased by 6.2% in the fourth quarter. For the whole year of 2014, construction and equipment investment went down by 5.0% and 8.6%

respectively.

Gross floor area of buildings started and completed

0 200 400 600 800 1 000 1 200 1 400

Q4 Q1 Q2 Q3 Q4

2013 2014 Thousand m2

Buildings started Buildings completed

Transactions on Real Estate

Transactions of building units dropped substantially compared with the third quarter of 2014, with 2,156 units purchased and sold in the fourth quarter, down by 29.8%

quarter-to-quarter; total value decreased by 24.9% to MOP13.81 billion. For the whole year of 2014, a total of 13,230 building units were purchased and sold at MOP83.69 billion, down by 31.2% and 12.9% respectively year-on-year.

A total of 1,414 residential units (comprising 197 pre-sale units and 1,217 existing units) were purchased and sold at MOP8.57 billion in the fourth quarter, accounting for 65.6% and 62.1% of the respective total. For the whole year of 2014, 7,625 residential units were purchased and sold at MOP49.80 billion.

As regards status of the buyers, 2,074 units (96.2% of total) were purchased by Macao residents; value of transaction amounted to MOP11.93 billion, with its share in total value going down from 91.4% in the previous quarter to 86.4%. Meanwhile, 68 units were purchased by non-residents, and the value amounted to MOP1.80 billion. For the whole

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year of 2014, a total of 12,357 units were purchased by Macao residents and the value amounted to MOP76.25 billion, sharing 93.4% and 91.1% of the respective total; moreover, 769 units were purchased by non-residents at MOP6.57 billion.

The average transaction price of residential units decreased by 5.2%

quarter-to-quarter to MOP94,788 per square metre of usable area in the fourth quarter.

The average price of those in the Macao Peninsula dropped by 9.0% quarter-to-quarter to MOP85,276 per square metre, while the average price of those in Taipa rose by 4.4% to MOP114,970 per square metre. The average price of office units decreased by 6.6%

quarter-to-quarter to MOP123,601 per square metre. The average price of industrial units declined by 8.8% quarter-to-quarter to MOP55,075 per square metre.

Total number and value of building units purchased and sold

0 5 10 15 20 25 30

Q4 Q1 Q2 Q3 Q4

2013 2014 MOP billion

0 500 1000 1500 2000 2500 3000 3500 4000 4500 Number

Number of building units transacted Value of building units transacted

Business Investment

Number of new incorporations increased by 21.2% to 1,454 in the fourth quarter of 2014; total value of registered capital rose by 4.3% to MOP311.4 million. Among the new incorporations, 30.3% were operating in Wholesale & Retail Trade, 26.2% in Business Services and 14.0% in Real Estate. In terms of registered capital, Business Services predominated with 67.1% of the total, while Wholesale & Retail Trade and Hotels &

Restaurants accounted for 11.1% and 4.8% respectively. As regards origin of capital, capital from Macao shared 57.7% of the total at MOP179.7 million, and that from Mainland China and Hong Kong took up 31.4% and 7.4% respectively. For the whole year of 2014, total number of new incorporations increased by 20.7% to 5,409, and the registered capital went up by 1.4 times to MOP1.84 billion.

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Number of companies in dissolution was 144 in the fourth quarter, up by 19.0%

year-on-year, with 56 engaging in Wholesale & Retail Trade (38.9% of total), 35 in Business Services (24.3%), 18 in Real Estate (12.5%) and 17 in Construction (11.8%). For the whole year of 2014, total number of companies in dissolution increased by 4.1%

year-on-year to 536.

F. Public Accounts

In the fourth quarter of 2014, total government revenue decreased by 16.9% to MOP35.08 billion owing to a decrease in direct taxes, of which tax revenue from gaming declined by 18.4% to MOP29.43 billion.

Meanwhile, total government expenditure increased by 6.1% to MOP24.99 billion, on account of a 5.7% increase in current transfer. Fiscal surplus stood at MOP10.09 billion in the fourth quarter, lower than the MOP18.65 billion surplus in the same quarter of 2013.

For the whole year of 2014, total government revenue amounted to MOP156.07 billion, up slightly by 0.4% year-on-year, with gaming tax revenue rising by 1.7% to MOP136.71 billion; total government expenditure increased by 11.1% to MOP65.78 billion; fiscal surplus amounted to MOP90.30 billion.

Total government revenue and expenditure

0 5 10 15 20 25 30 35 40 45

Q4 Q1 Q2 Q3 Q4

2013 2014 MOP billion

Total revenue Total expenditure Fiscal surplus

G. Money and Finance

At the end of December 2014, narrow money supply M1 went up by 5.0%

year-on-year, of which currency in circulation increased by 20.9% and demand deposits rose by 2.1%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary

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liabilities) swelled by 10.5%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 increased by 4.3 percentage points to 48.6%, and its share in M2 rose by 1.4 percentage points to 25.5%. The share of the Hong Kong dollar was 49.0% in M1 and 50.7% in M2.

Resident deposits rose by 10.2% year-on-year to MOP476.73 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 16.7%, 5.1% and 16.2% respectively to MOP113.69 billion, MOP247.34 billion and MOP115.71 billion. Meanwhile, public sector deposits with the banking sector increased by 29.0% to MOP94.96 billion.

Domestic loans extended to the private sector rose by 31.8% year-on-year to MOP339.08 billion, of which outstanding value of mortgage loans extended to residents went up by 32.6% year-on-year to MOP253.99 billion. Within domestic loans to the private sector, the MOP accounted for 27.7%, valued at MOP94.01 billion, and the Hong Kong dollar took up 64.5%, valued at MOP218.66 billion.

Resident deposits and loans

0 100 200 300 400 500

Q4 Q1 Q2 Q3 Q4

2013 2014 MOP billion (value at

the end of the period)

Resident deposits Mortgage loans to residents Other loans to the private sector

The loan-to-deposit ratio for the resident sector was 59.3%, up by 8.5 percentage points from a year earlier, while that for both the resident and non-resident sectors increased by 8.6 percentage points to 87.2%.

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%.

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As the exchange rates of the US dollar exhibited strong performance in the fourth quarter of 2014, the exchange rates of the MOP against major currencies increased. The average exchange rates of the MOP against the Japanese yen, the euro and the Australian dollar increased by 12.1%, 8.1% and 7.8%. The effective exchange rate index for the MOP, a gauge of exchange rates of the MOP against currencies of Macao’s major trading partners, rose by 3.82 points year-on-year to 100.54.

H. Other Economic Indicators

Transport and Communications

In the fourth quarter of 2014, gross weight of seaborne containerized cargo (66,936 tonnes) and gross weight of air cargo (9,160 tonnes) increased by 19.8% and 21.0%

respectively, while gross weight of containerized cargo by land (7,219 tonnes) decreased by 2.6%. For the whole year of 2014, gross weight of seaborne containerized cargo (246,424 tonnes) and gross weight of air cargo (28,770 tonnes) increased by 26.6% and 8.9% respectively, while gross weight of containerized cargo by land (28,719 tonnes) dropped slightly by 0.4%.

As regards local transport, new registration of motor vehicles rose by 1.0% in the fourth quarter; new registration of motorcycles increased by 8.1% but that of cars decreased by 5.4%. For the whole year of 2014, new registration of motor vehicles increased by 6.4%, with that of motorcycles rising by 18.0% but that of cars falling by 3.1%.

At the end of 2014, number of licensed motor vehicles increased by 5.3% to 240,107, comprising 115,201 cars and 124,906 motorcycles.

At the end of 2014, number of Internet subscribers went up by 16.2% to 305,394;

mobile phone subscribers increased by 7.8% to 1,856,453; meanwhile, number of fixed telephone lines dropped by 3.0% to 153,587.

Water and Energy Consumption

Consumption of electricity increased by 6.9% to 1.04 billion kWh in the fourth quarter of 2014, and that of water rose by 5.3% to 22.0 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) totalled 66.1 million litres;

consumption of liquefied petroleum gas (LPG) dropped by 1.7% to 11,618 tonnes, consumption of natural gas totalled 379 thousand cubic meters. For the whole year of 2014, consumption of electricity increased by 5.6% to 4.53 billion kWh, and that of water rose by 6.4% to 83.5 million cubic meters. Consumption of liquid fuel totalled 284.0 million

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litres; consumption of LPG dropped by 0.3% to 44,686 tonnes; consumption of natural gas totalled 57.9 million cubic meters.

III. Concluding Remarks

In the fourth quarter of 2014, the economy of Macao contracted by 17.2%

year-on-year in real terms, owing to the significant decline in gross gaming revenue and shrinking visitor spending. In spite of the adjustment of the gaming and tourism sector underway, domestic demand was barely affected for the time being, where private investment saw no slowdown, employment situation stayed favourable and the public accounts remained sound. GDP for the whole year of 2014 contracted by 0.4% in real terms.

Looking ahead to the first quarter of 2015, domestic demand is expected to remain stable; rising total employment and working income is conducive to a steady growth in private consumption; private investment is likely to maintain continuous growth, albeit at a slower pace, upon the construction of major tourism and entertainment facilities; public investment is expected to remain stable. As regards external demand, despite a slight increase in visitor arrivals in January and February, merchandise exports decreased modestly and gross gaming revenue tumbled by 35.1% year-on-year, thus exports of services is likely to see a substantial decline in the first quarter. Taking into consideration these factors, as the economy of Macao is mainly driven by the tourism and gaming industries, the growth in domestic demand can only offset some of the impact of declining exports of services on the economy; therefore, economic contraction is expected to further intensify in the first quarter.

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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)

%

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

USA

 Gross Domestic Product 2.3 2.2 2.4 3.1 1.9 2.6 2.7r 2.4

 Exports of goods 4.4 2.2 2.8 4.0 2.5 3.3 4.2 1.1

 Imports of goods 3.1 -0.4 3.4 1.0 1.9 4.5 3.6 3.5

 Consumer Price Index 2.1 1.5 1.6 1.2 1.4 2.1 1.8 1.2

 Unemployment rate 8.1 7.4 6.2 6.7 6.9 6.1 6.2 5.5

Euro area a

 Gross Domestic Product -0.8r -0.5r 0.9 0.4 1.1 0.8 0.8 0.9

 Exports of goods 7.6 1.0 2.3 1.0 1.3r 0.8r 3.0r 4.3

 Imports of goods 1.8 -2.9 0.1 -2.1 0.2r 0.3r 0.4r -0.5

 Consumer Price Index 2.5 1.3 0.4 0.8 0.6 0.6 0.4 0.2

 Unemployment rate 11.3 12.0 11.6 11.9 12.3 11.4 11.1 11.5

Germany

 Gross Domestic Product 0.4 0.1 1.6 1.0 2.6 1.0 1.2 1.6

 Exports of goods 3.3 -0.2 3.7 1.7 2.6r 1.5r 5.4r 5.3

 Imports of goods 0.4 -0.9 2.1 0.1 3.5r 0.5r 2.1r 2.2

 Consumer Price Index 2.0 1.5 0.9 1.3 1.2 1.1 0.8 0.5

 Unemployment rate 6.8 6.9 6.7 6.6 7.2 6.6 6.6 6.3

French

 Gross Domestic Product 0.4 0.4 0.4 0.8 0.8 - 0.4 0.2

 Exports of goods 3.9 -1.4r 0.3 -1.9 0.5r -1.6r -0.8 3.1

 Imports of goods 1.8r -2.3 -1.4 -1.4r -1.1r -1.8r -1.2r -1.4

 Consumer Price Index 2.0 0.9 0.5 0.6 0.7 0.6 0.4 0.3

 Unemployment rate 9.8 10.3 10.2 10.5r 10.6 9.8r 9.8r 10.5

United Kingdom

 Gross Domestic Product 0.7 1.7 2.6 2.4r 2.5r 2.6r 2.5r 2.7

 Exports of goods -1.3 0.5 -4.8 -1.2r -2.9r -8.4r -6.2r -1.3

 Imports of goods 2.1 1.3r -1.7 0.7r -0.2r -2.7r -3.6r -0.4

 Consumer Price Index 2.8 2.5 1.5 2.1 1.7 1.7 1.4 0.9

 Unemployment rate 8.0 7.6 6.2 7.2 6.8 6.3 6.0 5.7

a Consists 18 member states since 2014.

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

2012 2013 2014

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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)

%

2013 2014 2014 2014 2014

Q4 Q1 Q2 Q3 Q4

Mainland China

 Gross Domestic Product 7.8 7.7 7.4 7.7 7.4 7.5 7.3 7.3

 Exports of goods 7.9 7.8 6.0 7.3 -3.5 5.0 13.0 8.6

 Imports of goods 4.3 7.3 0.5 7.2 1.5r 1.4r 1.1 -1.8

 Consumer Price Index a 2.6 2.6 2.0 2.6 2.3 2.3 2.1 2.0

Hong Kong

 Gross Domestic Product 1.5 2.9 2.3 2.8r 2.6 1.8 2.7 2.2

 Exports of goods 2.9 3.6 3.2 4.8 0.7 4.8 5.8 1.2

 Imports of goods 3.9 3.8 3.9 4.3 2.1 4.5 5.7 3.2

 Consumer Price Index 4.1 4.3 4.4 4.3 4.2 3.6 4.8 5.1

 Unemployment rate 3.3 3.4 3.2 3.1 3.1 3.3 3.4 3.1

Taiwan

 Gross Domestic Product 2.1 2.2 3.7 3.4 3.4 3.9 4.3r 3.4

 Exports of goods -2.3 1.4 2.7 1.8 1.0 2.9 6.7 0.4

 Imports of goods -3.9 -0.2 1.6 2.1 -1.6 3.8 7.7 -3.2

 Consumer Price Index 1.9 0.8 1.2 0.6 0.8 1.6 1.5 0.9

 Unemployment rate 4.2 4.2 4.0 4.2 4.0 3.9 4.0 3.9

Japan

 Gross Domestic Product 1.8r 1.6r - 2.3r 2.4r -0.4r -1.4r -0.5

 Exports of goods -2.7 9.5 4.8 17.4 6.6 0.1 3.2 9.2

 Imports of goods 3.8 14.9 5.7 24.1 17.6 2.7 2.4 1.2

 Consumer Price Index - 0.3 2.8 1.4 1.5 3.6 3.3 2.5

 Unemployment rate 4.3 4.0 3.6 3.7 3.7 3.7 3.6 3.3

Republic of Korea

 Gross Domestic Product 2.3 3.0 3.3 3.7 3.9 3.5 3.2 2.7

 Exports of goods -1.3 2.1 2.4 4.7 1.6r 3.2 3.6r 1.2

 Imports of goods -0.9 -0.8 1.9 2.5 2.0 3.3r 5.4r -2.7

 Consumer Price Index 2.2 1.3 1.3 1.1 1.1 1.6 1.4 1.0

 Unemployment rate 3.2 3.1 3.5 2.8 4.0 3.7 3.3 3.2

Singapore

 Gross Domestic Product 3.4r 4.4r 2.9 5.4r 4.6r 2.3 2.8 2.1

 Exports of goods -0.9 0.6 1.1 6.0 7.4 2.7 -1.4 -3.8

 Imports of goods 3.2 -1.6 -0.6 1.4 6.8 3.0 -5.7 -6.0

 Consumer Price Index 4.6 2.4 1.0 2.0 1.0 2.4 0.9 -0.1

 Unemployment rate 2.0 1.9 2.0 1.6 1.9 2.6 1.7 1.6

a Accumulated year-on-year comparison.

Source : China National Bureau of Statistics

Hong Kong SAR Census and Statistics Department

Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan; 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

2012 2013 2014

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