MACAO ECONOMIC BULLETIN
This publication is jointly published by the Macao Economic Services, the Statistics and Census Service, and the Monetary Authority of Macao. The Macao Economic
Services prepares and provides the analysis on World Economy and External Trade and the data in tables I.1, I.2 and II.7 to II.10. The Monetary Authority of Macao prepares and provides the analysis on Money and Finance
and the data in tables VIII.1 to VIII.5. The Statistics and Census Service prepares and provides the remaining analysis and data.
For further information, please contact the Documentation and Information Centre of the Statistics and Census Service.
Reproduction of these data is allowed provided the source is quoted.
4 t h Quarter 2 0 07
English Version
Editor : DSEC April 2008, Macao
Typesetting and table design : DSEC
Printing : DSEC
INDEX
THE WORLD ECONOMY... 9
ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW... 15
II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE ... 17
B. GAMING AND TOURISM ... 20
C. CONSUMPTION AND PRICES ... 23
D. EMPLOYMENT ... 25
E. INVESTMENT ... 26
F. PUBLIC ACCOUNTS ... 29
G. MONEY AND FINANCE... 30
H. OTHER ECONOMIC INDICATORS... 31
III. CONCLUDING REMARKS ... 32
STATISTICAL 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 (COMPARISON WITH PRECEDING PERIOD) ... 36
3. GROSS DOMESTIC PRODUCT OF MACAO ... 36
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 37
II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS OF EXTERNAL MERCHANDISE TRADE ... 38
2. PRINCIPAL STATISTICS OF IMPORTS ... 39
3. PRINCIPAL STATISTICS OF EXPORTS... 40
4. PRINCIPAL STATISTICS OF DOMESTIC EXPORTS ... 41
5. PRINCIPAL STATISTICS OF RE-EXPORTS ... 42
6. STRUCTURE OF DOMESTIC EXPORTS AND RE-EXPORTS BY MARKET AND TYPE OF GOODS... 42
7. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE USA ...43-44 8. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE EUROPEAN UNION ... 45
9. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 46
10. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED
MANUFACTURING INDUSTRIES... 46
III. TOURISM
1. VISITOR ARRIVALS AND HOTEL GUESTS... 47
2. PER CAPITA SPENDING OF VISITOR ... 48
IV. PRICES AND CONSUMPTION 1. PRICE INDEXES ... 49
2. RETAIL SALES ... 49
V. POPULATION, LABOUR AND EMPLOYMENT 1. PRINCIPAL STATISTICS OF POPULATION AND EMPLOYMENT ... 50
2. MEDIAN OF TOTAL MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 50
3. EMPLOYED POPULATION BY INDUSTRY ... 51
4. JOB VACANCIES ... 51
5. UNEMPLOYED POPULATION BY INDUSTRY AND REASONS FOR UNEMPLOYMENT ... 52
6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS FOR UNDEREMPLOYMENT ... 53
7. NON-RESIDENT WORKERS ... 53
VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR ... 54
2. TRANSACTION OF BUILDING UNITS AS PER STAMP DUTY RECORD ... 55
3. TRANSACTION OF NEW BUILDING UNITS AS PER STAMP DUTY RECORD ... 56
4 TRANSACTION OF OLD BUILDING UNITS AS PER STAMP DUTY RECORD... 57
5 TRANSACTION OF BUILDING UNITS BY BUYERS' STATUS AS PER STAMP DUTY RECORD... 58
6 MORTAGE CREDITS INVOLVING ACTUAL PROPERTY TRANSACTIONS ... 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
3. CREDIT TO DOMESTIC PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 65
4. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ... 65
5. INTEREST RATES OF THE MACAO PATACA... 65
IX. OTHER ECONOMIC INDICATORS
1. NEW COMPANIES INCORPORATED AND COMPANIES IN DISSOLUTION... 66
2. TRANSPORT... 67
3. COMMUNICATIONS ... 67
4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT ... 68
5. DEPARTURE AND OUTBOUND TRAVEL OF MACAO RESIDENTS ... 68
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THE WORLD ECONOMY
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Confronting with the possible economic recession in the United States, the major economies were able to maintain steady growth in the fourth quarter of 2007. Economic growth in the United States appeared to slow in the face of the exacerbating sub-prime mortgage crisis and weakening consumer sentiment, putting pressure on the global economic growth. In the World Economic Outlook Update published in January 2008, the International Monetary Fund (IMF) indicated that the world economy experienced vibrant growth in the first third quarters of 2007, but the economic expansion has begun to moderate in response to continued volatility of the financial sector, facing the risk of an economic downturn. Global economic growth is projected to decelerate from 4.9% in 2007 to 4.1% in 2008, a markdown of 0.3 percentage point relative to the forecast stated in the World Economic Outlook in October 2007.
The US economy started to slow down in the fourth quarter on the back of tightening credit and sluggish housing market triggered by the sub-prime mortgage problem, as well as high oil prices. Gross Domestic Product (GDP) grew by 2.5%
ayear-on-year in the fourth quarter, with quarter-to-quarter growth
bplunging from 4.9% in the preceding quarter to only 0.6% in this quarter;
GDP growth for the whole year of 2007 was 2.2%, reflecting a slowdown of the economy. Private consumption expenditure in the fourth quarter rose by 1.9% over the preceding quarter; meanwhile, private domestic investment dropped significantly from a 5.0% growth in the third quarter to -12.5% in this quarter, of which the decline in residential fixed investment widened further from 11.8% and 20.5% in the second and third quarters to 25.2% in the fourth quarter. With respect to external merchandise trade, value of imports and exports of goods grew vigorously by 10.4% and 14.3% respectively. The Consumer Price Index (CPI) rose by 4.0%, while the unemployment rate fell slightly by 0.1 percentage point over the third quarter to 4.6%.
Growth has been moderate in the Euro area, with the fourth quarter GDP rising by 0.4%
quarter-to-quarter or 2.3% year-on-year, down by 0.4 percentage point from the 2.7% growth in the preceding quarter; the economic expansion for 2007 was 2.7%, slightly lower than the 2.8% gain in 2006. The condition of employment in the labour market continued to improve, with the unemployment rate dropping slightly to 7.2%. Value of imports of goods rose markedly to 9.1%, as against a 4.1% gain in the third quarter, whereas growth in the exports of goods slowed to 6.5%.
The inflation rate has soared beyond the critical level, at 2.9% in the fourth quarter, up by 1 percentage point from 1.9% in the first three quarters of 2007.
Slow economic growth prolonged in Germany where GDP rose by 1.6% in the fourth quarter, lower than the 3.4%, 2.5% and 2.4% growth in the past three quarters. Household consumption expenditure dropped notably that offset the contributions made by the robust increase in fixed capital investment and external trade surplus. The unemployment rate decreased further to 7.9%,
a
Unless otherwise specified, all rates of change mentioned in this analysis are comparisons of the fourth quarter of 2007 with the corresponding quarter of the previous year.
b
Quarter-to-quarter growth refers to the rate of change of the reference quarter over the previous quarter, i.e. the
comparison between two consecutive quarters.
down by 0.2 percentage point over the third quarter. The French economy grew moderately by 2.1%
year-on-year and 0.3% quarter-to-quarter; value of imports and exports registered increases of 2.2%
and 2.6% respectively, with CPI went up by 2.3%.
The slowing service sector began to decelerate the pace of expansion of the UK economy, although the fourth quarter GDP saw stable growth of 2.9% year-on-year or 0.6% quarter-to-quarter.
Industrial output rose steadily by just 0.1% over the third quarter, of which output in public utilities and quarrying registered increases of 1.7% and 0.3% respectively. Expansion of the service sector softened and rose by 0.6% as against a 0.9% gain in the third quarter. Imports and exports regained momentum in the fourth quarter to increase by 6.5% and 4.4% respectively over the corresponding quarter of 2006. The unemployment rate stood at a low level of 5.2%, down by 0.2 percentage point over the preceding quarter.
The export-driven Asian economies were dragged on by the weakening US economy, yet overall exports continued to hold up well. The IMF has estimated that every percentage point of decrease in the US economy would reduce the economic growth of Asia by 0.5 to 1 percentage point. Moreover, soaring oil prices and high inflation would add further pressure on the regional economic growth. The Japan economy seemed to pick up its pace of growth in the fourth quarter of 2007, expanding from 1.7% in the second and third quarters to 2.0%, which was underpinned by a 2.4% rise in business investment in equipment and a 10.9% increase in overall exports; nevertheless, increment of the other items of domestic demand was slower than the preceding quarters. Value of imports of goods rose by 5 percentage points from the third quarter to 11.3%, whereas exports of goods shrank mildly by 0.7 percentage point to log a 10.0% growth. The unemployment rate was held stable at 3.7%. Meanwhile, CPI rose by 0.5% in the fourth quarter after declining consecutively in the first three quarters of 2007. In the Republic of Korea, GDP grew by 5.5% in the fourth quarter that was fuelled by the strength in exports and business investment; imports and exports registered vigorous growth of 25.9% and 18.2% respectively; CPI rose by 3.4% and the unemployment rate remained at 3.0%.
The fourth quarter growth of the Singapore economy posted its first contraction since 2003, as
GDP fell by 4.8% quarter-to-quarter against a 5.1% gain in the preceding quarter; the respective
year-on-year growth was 5.4%, down from 9.5% in the third quarter. For 2007 as a whole, the
economy expanded by 7.7%. In the fourth quarter of 2007, the rates of expansion of the
construction sector and business services were higher than the third quarter, while all other sectors
showed lower growth. The manufacturing sector grew marginally by 0.2% due to a 28% plunge in
Biomedical manufacturing; meanwhile, the construction sector sustained robust expansion from
20.1% in the third quarter to 24.3%. Growth momentum of the service sector maintained at 7.7%,
with transport & storage, as well as business services recorded faster growth, that of all other
services softened. Value of imports and exports of goods rose by 4.5% and 7.1% respectively. The
unemployment rate edged down from 1.7% in September to 1.6% in December, whilst CPI grew to
4.1% from 2.7% in the third quarter. The economy of Taiwan, China expanded by 6.4% in the fourth quarter under the support of strong external trade; the rates of increase in the imports and exports of goods rose further from 8.8% and 9.6% in the third quarter to 13.2% and 15.3% in this quarter. The unemployment rate was held stable at 3.9%, but CPI rose to 4.5%, up significantly by 3 percentage points from 1.5% in the third quarter.
The Hong Kong economy stayed vibrant, with GDP rising by 6.3% in 2007, well above the average growth of the past decade. The fourth quarter GDP expanded by 6.7% from 6.3% in the preceding quarter, attributable to the robust growth of 10.4% in gross fixed capital formation, 10.0% in private consumption in the domestic market, 10.5% and 8.2% respectively in the imports and exports of goods. The condition of the labour market continued to improve, with the unemployment rate sliding from 4.3% in the third quarter to 3.2%. CPI went up by 1.9 percentage points from the third quarter to 3.5%, which was driven by the appreciation of Renminbi, as well as soaring oil and food prices.
Mainland China has sustained double-digit growth for five consecutive years. Despite GDP slowed to rise by 11.2% in the fourth quarter, the economy expanded by 11.4% for the whole year of 2007, the highest rate since 1994, which was boosted by rapid increase of fixed asset investment and exports. Fixed asset investment continued to grow strongly by 24.8% in 2007, up by 0.9 percentage point from 2006. Domestic consumption rose faster as value of retail sales of consumer goods expanded by 16.8%, up by 3.1 percentage points from 2006; nonetheless, price level went up on the back of higher oil and food prices that pushed consumer prices up by 4.8% in 2007, a significant increase of 3.3 percentage points over 2006. External merchandise trade saw vigorous growth in the fourth quarter, with value of imports and exports of goods rising by 25.4% and 22.2%
respectively, widening the trade surplus by 12.6% year-on-year to USD 76.28 billion. In annual terms, value of imports and exports of goods expanded by 20.8% and 25.7% respectively to bring about a trade surplus of USD 262.2 billion, up by 47.7% or USD 84.7 billion compared with 2006.
The actually utilized foreign investment grew by 13.6% to USD 74.8 billion in 2007. On account of rising trade surplus and continuing influx of foreign capital, the foreign exchange reserve of Mainland China reached USD 1,530 billion at the end of 2007, up by 43.3% from a year earlier.
GDP of major countries and territories (Year-on-year rate of change)
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
USA Euro Zone Japan Mainland China Hong Kong
%
2007 Q3 2007 Q4
ANALYSIS OF THE MACAO ECONOMY
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I. Overview
In the fourth quarter of 2007, the economy of Macao grew by 22.1% in real terms and 23.2%
in nominal terms year-on-year, which was mainly driven by the strength in exports of services. In terms of external demand, exports of services rose remarkably and exports of goods rebounded to rise again. Internally, private consumption expanded amid improving employment situation and rising median employment earnings.
For the whole year of 2007, Macao saw a 27.3% growth in real terms and a 33.2% growth in nominal terms. Externally, exports of goods grew slightly by 0.5% in real terms, but the exports of goods and services soared by 28.3% in real terms due to a substantial increase in the exports of gaming and tourism services. As regards domestic demand, residents’ income rose on account of the flourishing gaming and tourism sector, boosting private consumption spending up by 10.7% in real terms.
The following highlights the major segments of the local economy in the fourth quarter and the whole year of 2007, as well as comparison with the corresponding periods of 2006:
1. In terms of external merchandise trade, total value of exports rose by 18.1% in nominal terms in the fourth quarter of 2007, reversing the decline recorded in the first three quarters, with exports of garment, the major merchandise of exports, growing by 33.7%. Analysed by destinations, exports to the US and the EU rose by 30.9% and 19.7% respectively, while exports to Mainland China dropped by 29.6%. Meanwhile, total value of imports recorded a 20.8% growth in nominal terms, of which imports of capital goods, consumer goods and fuels
& lubricants increased by 39.7%, 38.8% and 30.6% respectively, but imports of raw materials and semi-manufactures decreased, bringing the visible trade deficit to grow further to MOP 6.13 billion in the fourth quarter. In annual terms, value of total exports fell slightly by 0.2% to MOP 20.43 billion, while value of total imports rose by 18.0% to MOP 43.11 billion, widening the visible trade deficit from MOP16.07 billion in 2006 to MOP 22.68 billion.
2. Gross gaming revenue increased by 45.7% in the fourth quarter of 2007. Number of visitor
arrivals continued to rise by 22.9%; hotel overnight guests went up by 13.9% and per-capita
spending of visitors (excluding gaming expenses) up by 2.6%. In sum, exports and imports of
services in the fourth quarter grew by 34.5% and 31.3% respectively in real terms. For 2007 as
a whole, gross gaming revenue surged by 45.8%; visitor arrivals rose by 22.7% to 26,992,995,
with per-capita spending of visitors (gaming expenses excluded) increasing in every quarter of
2007, total spending of visitors registered a 13.9% growth in real terms. Under the robust growth of the exports of services of the gaming and tourism sector, exports of services for 2007 went up by 35.3% in real terms. Moreover, imports of services grew by 30.9% in real terms.
3. Unemployment rate dropped by 0.6 percentage point year-on-year to 2.9% in the fourth quarter.
Median monthly employment earnings increased by 7.5% to MOP 7,926. The Composite Consumer Price Index (Composite CPI) rose by 6.7%. Private consumption expenditure and government final consumption expenditure went up by 9.7% and 19.5% respectively in real terms. In 2007, the Composite CPI rose by 5.6%; private consumption expenditure and government final consumption expenditure went up by 10.7% and 16.4% respectively.
4. For the investment in equipment, that of the private sector rose by 19.8% in real terms, while the public sector recorded a 5.3% decrease in the fourth quarter of 2007. For the investment in construction, both the private and public works decreased by 13.8% and 35.9% respectively in real terms. Consequently, total investment in equipment and construction in the fourth quarter declined by 11.9% in real terms. In addition, the number of new companies incorporated in this quarter reduced by 5.5%, but the amount of registered capital surged by 350.4% owing to a huge influx of capital in the financial sector. For 2007 as a whole, total investment in equipment and construction logged a 23.5% growth in real terms, with the total number of new companies incorporated and the amount registered capital rising by 9.5% and 78.5%
respectively.
5. In the public accounts, total revenue in the fourth quarter amounted to MOP 11.72 billion, of
which gaming tax revenue jumped by 53.6% to MOP 9.05 billion, taking up 77.2% of the total
revenue. Total expenditure was MOP 9.02 billion, with current expenditure accounting for
76.4%, at MOP 6.89 billion. Fiscal surplus stood at MOP 2.7 billion. In annual terms, total
revenue and expenditure amounted to MOP 40.69 billion and MOP 18.86 billion respectively,
resulting in a fiscal surplus of MOP 21.84 billion.
II. Major Segments of the Economy
a
A. External Merchandise Trade
Imports and Exports of Goods
In the fourth quarter of 2007, value of external trade of Macao increased by 19.9% to MOP 17.03 billion, up from MOP 14.21 billion in the same quarter of 2006. Both imports and exports registered double-digit growth, with imports rising by 20.8% to MOP 11.58 billion, far higher than the 5.2% growth in the fourth quarter of 2006. Exports expanded by 18.1% to MOP 5.45 billion, better than the 28.6% drop in the fourth quarter of 2006. The exports-imports ratio continued to fall from 48.1% in the fourth quarter of 2006 to 47.0% in this quarter, the lowest level recorded in 2007.
Trade deficit widened further by 23.3% year-on-year from MOP 4.98 billion to MOP 6.13 billion.
As regard the two major destinations of Macao’s merchandise exports, value of exports to the US and the EU amounted to MOP 2.22 billion and MOP 1.12 billion, up by 30.9% and 19.7%
respectively. Meanwhile, the value of exports to Mainland China plunged by 29.6% whereas that to Hong Kong rose by 15.7%. In terms of types of goods exported, clothing and other textile products remained the major merchandise of Macao’s exports, with value of exports rising by 22.4% after continued decrease in recent years, its relative importance in the total exports went up from 65.0%
in the fourth quarter of 2006 to 67.4% in this quarter. The value of other exports also logged an increase of 10.0%.
For 2007 as a whole, imports of goods rose by 18.0% to MOP 43.11 billion, while exports of goods edged down by 0.2% to MOP 20.43 billion, widening the trade deficit notably by 41.2% from MOP 16.07 billion in 2006 to MOP 22.68 in 2007.
a
Unless otherwise specified, all rates of change are in nominal terms and on the year-on-year basis, i.e. comparisons of
the fourth quarter of 2007 with the same quarter of 2006.
Exports (Year-on-year rate of change)
-50 -40 -30 -20 -10 0 10 20 30 40
Q4 Q1 Q2 Q3 Q4
2006 2007
%
Total exports USA EU
Domestic Exports
Domestic exports made up 69.2% of total value of exports in the fourth quarter, surging by 28.2% to MOP 3.77 billion. Value of clothing and other textile products, making up 88.9% of the total domestic exports, went up by 35.4%. Among them, exports to the US and the EU rose by 33.3% and 39.4% respectively, which was likely caused by the depreciation of the US dollar, thus enhancing the competitiveness of Macao’s domestic exports.
Domestic exports were still concentrated in the formerly restricted textile and garment products, with the value of exports expanding by 40.8% to occupy 90.4% of the total domestic exports, up from a 73.1% share in the fourth quarter of 2006. In particular, the value of exports to the US and the EU grew remarkably by 40.3% and 42.6% respectively.
However, value of domestic exports of the formerly unrestricted garment and textile products dropped slightly by 0.6% after a 16.8% growth in the preceding quarter, of which exports to the US and the EU went down by 13.4% and 6.4% respectively.
In terms of non-textile products, value of exports shrank by 9.9% to occupy 11.1% of total domestic exports. Exports of footwear, sharing 1.8% of total value of domestic exports, plunged by 38.8%, as against a robust growth of 44 times in the fourth quarter of 2006.
In addition, results of the Industrial Export Survey for the fourth quarter of 2007 indicated that
the average length of time of the orders on hand of the interviewed manufacturers was 3.3 months,
up by 13.8% compared with the 2.9 months recorded in the same quarter of 2006. Meanwhile,
27.8% of the enterprises were optimistic regarding the domestic industrial exports in the coming six
months, though higher than the 24.7% logged in the fourth quarter of 2006, still lower than the 35.1% in the preceding quarter. Among them, 21.9% anticipated a modest increase and 5.9%
expected a substantial raise, but 30.8% and 41.5% predicted a very slow and stagnant growth respectively, showing that manufacturers were generally cautious about the future prospect for the next half year.
In 2007, domestic exports dropped by 6.0% to MOP 13.52 billion to take up 66.2% of the total value of exports. Domestic exports to the US and the EU fell by 7.5% and 10.1% respectively. The average length of time of the orders on hand of the interviewed manufacturers went up by 10.0% to 3.3 months.
Re-exports
Re-exports edged up by 0.2% to occupy 30.7% of the total value of exports. Mainland China and Hong Kong continued to be the largest markets of Macao’s re-exports, constituting 28.9% and 35.4% of the total. The value of re-exports to Mainland China declined by 32.2% whereas that to Hong Kong grew by 16.4%, allowing Hong Kong to overtake the Mainland as the largest re-export market of Macao in the fourth quarter of 2007.
In terms of the types of goods, value of re-exports of raw materials & semi-manufactures and consumer goods decreased by 36.8% and 14.5% to account for 27.3% and 18.3% of the total respectively.
In 2007, re-exports rose by 13.6% to occupy 33.8% of the total value of exports.
Imports
Value of imports went up by 20.8% in the fourth quarter to MOP 11.58 billion, representing the largest increase of the year. Mainland China continued to be the largest supplier of goods imports to Macao, with the value of imports increasing by 16.0% to share 42.6% of the total value of imports. As regards other suppliers of goods imports, goods from the EU, Hong Kong, Japan, the US and Taiwan, China increased by 23.0%, 18.3%, 43.1%, 19.0% and 21.3% respectively.
Regarding types of goods imported, value of imports of consumer goods, the major
merchandise that made up 44.3% of the total value of imports, rose by 38.8%. This was followed by
imports of raw materials & semi-manufactures, which dropped by 14.0% to occupy 23.4% of the
total imports. Meanwhile, imports of capital goods (21.1% of the total) and fuels & lubricants
(11.2%) expanded by 39.7% and 30.6% respectively.
Imports and the main components (Year-on-year rate of change)
-20 -10 0 10 20 30 40 50
Q4 Q1 Q2 Q3 Q4
2006 2007
%
Total imports Consumer goods Raw materials and semi-manufactures
B. Gaming and Tourism
The gaming and tourism sector showed outstanding performance in the fourth quarter of 2007, of which the exports of gaming services leaped by 45.5% in real terms and total spending of visitors (excluding gaming expenses) rose by 5.9% in real terms.
Gaming
Gross gaming revenue (excluding gratuities) amounted to MOP 24.94 billion in the fourth
quarter of 2007, up by 45.7% year-on-year or by 21.5% over the preceding quarter. Gross gaming
revenue (excluding gratuities) for the whole year of 2007 amounted to MOP 83.85 billion, up
considerably by 45.8% over 2006.
Gross gaming revenue (excluding gratuities)
16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP billion
0 10 20 30 40 50 60
%
Gross gaming revenue Year-on-year rate of change
Visitor Arrivals
Visitor arrivals in the fourth quarter of 2007 increased by 22.9% year-on-year to 7,502,023, which was attributable to the 28.8% and 6.8% increase in the number of visitors from Mainland China and Hong Kong respectively. Visitors from Mainland China totalled 4,215,519, with 46.5%
(1,961,404) travelling under the Individual Visit Scheme (IVS). Meanwhile, the number of same-day visitors rose by 25.0% to 3,881,626 year-on-year, accounting for 51.7% of the total visitor arrivals.
For 2007 as a whole, total number of visitor arrivals rose by 22.7% over 2006 to 26,992,995.
Visitors from Mainland China made up 55.1% of the total, at 14,866,391; Hong Kong visitors totalled 8,174,064 (30.3% of the total). Same-day visitors accounted for 52.1% of the total number of visitor arrivals, at 14,050,859.
Analysed by mode of transport, arrivals by land (61.4% of total), by sea (33.1%) and by air (5.5%) in the fourth quarter of 2007 went up by 24.3%, 20.5% and 23.3% respectively year-on-year.
In addition, inbound visitors in package tours totalled 1,259,804 in the fourth quarter, up markedly by 52.0% year-on-year. In 2007, total inbound visitors in package tours went up by 44.7%
over 2006 to 4,233,714.
Total visitor arrivals and year-on-year rate of change
4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0
Q4 Q1 Q2 Q3 Q4
2006 2007 Million persons
0 5 10 15 20 25 30 35
%
Total visitor arrivals Year-on-year rate of change
Number of visitors by source markets
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
Q4 Q1 Q2 Q3 Q4
2006 2007 Million persons
Mainland China Hong Kong Taiwan, China
Hotels
The average hotel occupancy rate in the fourth quarter of 2007 went up by 6.3 percentage points to 82.7%, with four-star hotels leading at 87.1%. Hotel occupancy rate for the whole year of 2007 rose by 4.9 percentage points over 2006 to 77.2%.
The number of hotel guests in the fourth quarter of 2007 recorded a year-on-year growth of
13.9% to 1,523,916; a total of 5,739,734 hotel guests was recorded for the whole year of 2007, up
by 22.6% over 2006.
In the fourth quarter of 2007, the average length of stay of hotel guests extended by 0.4 night to 1.6 nights; the annual average was 1.4 nights, up by 0.2 night over 2006.
Visitor Spending
Per-capita spending of visitors (excluding gaming expenses) in the fourth quarter of 2007 rose by 2.6% year-on-year to MOP 1,714, higher than the MOP 1,584 in the preceding quarter.
Per-capita spending of Mainland visitors led with MOP 3,641 and per-capita spending of visitors from Taiwan, China; Hong Kong; and Americas amounted to MOP 1,587; MOP 1,145; and MOP 1,127 respectively. Compared with the fourth quarter of 2006, per-capita spending of visitors from Hong Kong; Taiwan, China; and Mainland China grew by 18.0%, 13.1% and 2.2% respectively.
Per-capita shopping spending dropped by 14.0% to MOP 641, which was spent mainly on “Local food products” (31.8% of total shopping spending) and “Clothing” (16.4%). Per-capita non-shopping spending rose by 16.0% to MOP 1,073, of which “Accommodation” and “Food and beverage” took up 45.2% and 35.1% respectively of the total non-shopping spending.
Per-capita spending of visitors by source markets
0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP
Mainland China Hong Kong Taiwan, China
C. Consumption and Prices
Private Consumption
Private consumption expenditure for the fourth quarter of 2007 continued rising year-on-year
by 9.7% in real terms, of which household final consumption expenditure in the domestic market
rose by 11.0% in real terms, while that abroad dropped slightly by 0.1%.
Retail Sales
Total retail sales for the fourth quarter of 2007 rose by 16.2% over the preceding quarter to MOP 4.2 billion, which surged significantly by 40.3% year-on-year. Retail sales of all the main types of goods, of which sales of “Watches and jewellery” leaped notably, by 77.4%; “Adult clothing” and “Motor vehicles” went up by 42.1% and 40.0% respectively. Analysed by value of retail sales, “Watches and jewellery”, “Motor vehicles” and goods in “Department stores” were the top three, with value of retail sales reaching MOP 723 million, MOP 546 million and MOP 486 million respectively, sharing 17.2%, 13.0% and 11.6% of the total. Attributable to the continued satisfactory growth of the economy and the tourism sector of Macao, total retail sales for 2007 expanded by 33.2% over 2006 to MOP 14.2 billion.
Sales value of major categories of retail sector
0 100 200 300 400 500 600 700 800
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP million
Motor vehicles Supermarkets Department stores Watches and jewellery
Prices
The Composite CPI rose by 6.7% year-on-year to 117.4 in the fourth quarter of 2007, higher than the 6.1% increase in the preceding quarter. Except the 5.8% and 4.5% decrease in the price indices of “Education” and “Communication”, indices of all other sections went up, of which the indices of Housing & fuel; Food & non-alcoholic beverages; and Transport rose by 11.8%, 11.6%
and 6.1% respectively. The average Composite CPI for 2007 was 114.5, up by 5.6% over 2006.
GDP deflator, the main gauge measuring the changes of the overall prices in Macao, rose by 0.9%
to 120.2 in the fourth quarter of 2007; in annual terms, GDP deflator grew by 4.7% over 2006 to
120.0.
Prices (Year-on-year rate of change)
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
Q4 Q1 Q2 Q3 Q4
2006 2007
%
Composite CPI GDP deflator
D. Employment
Total labour force grew by 12.3% year-on-year to 323,000 in the fourth quarter of 2007; the employed population expanded by 13.0% to 313,000, making up 97.1% of the total labour force.
Non-resident employees increased by 31.8% to 85,207 at the end of the fourth quarter. “Other community, social & personal services” had the largest share of the employed population that went up by 22.0% year-on-year to 73,000, with those engaged in “Gaming” rising by 24.3% to 63,000, sharing 20.0% of the total employed population.
Unemployment rate dropped by 0.6 percentage point year-on-year to 2.9% in the fourth quarter of 2007, down by 0.2 percentage point over the third quarter. The unemployed population shrank by 6.7% to 9,500. Analyzed by the industry previously engaged by the unemployed, the majority had worked in “Construction”, “Wholesale & retail” and “Hotels & restaurants”, accounting for 22.8%, 18.2% and 15.7% respectively of the total. Underemployment rate was 1.3%, up by 0.5 percentage point over the fourth quarter of 2006.
The overall median monthly employment earnings rose by 7.5% year-on-year to MOP 7,926 in the fourth quarter. Among the various economic activities, employment earnings of “Other community, social and personal services” logged the highest growth of 18.6%, of which the median earnings of the “Gaming” sector, with the largest share of the employed population, rose by 14.2%
to MOP 12,523. Meanwhile, employment earnings of “Transport, storage & communications”,
“Manufacturing” and “Construction” grew by 13.8%, 13.1% and 13.0% respectively.
For the whole year of 2007, the condition of employment has been improving substantially.
Unemployment rate dropped from 3.2% in the first quarter to 2.9% in the fourth quarter; the employed population expanded from 284,000 in the first quarter to 313,000; the overall median monthly employment earnings grew from MOP 7,588 in the first quarter to MOP 7,926 in the fourth quarter.
Employed population and unemployment rate
250 260 270 280 290 300 310 320
Q4 Q1 Q2 Q3 Q4
2006 2007 Thousand persons
2 3 4
%
Employed population Unemployment rate
E. Investment
Investment in Construction and Equipment
Overall investment registered a decrease of 11.9% in real terms in the fourth quarter of 2007, with investment in equipment rising by 15.2% in real terms, but investment in construction decreasing by 18.3%. Besides, investment by the private sector and the government shrank by 7.3%
and 30.5% in real terms.
As regard investment by the private sector, the number of buildings completed fell by 46.2%
over the fourth quarter of 2006, yet the total number of units and the total gross floor area surged by 861.5% and 177.9% respectively. Meanwhile, the number of buildings and units started diminished by 32.0% and 88.3% respectively, while the gross floor area rose by 15.7%.
Private investment in construction fell by 13.8% in real terms in the fourth quarter of 2007,
due to the completion of some large-scale private construction projects, but private investment in
equipment registered an increase of 19.8% in real terms. Meanwhile, investments in construction
and equipment by the government logged fell by of 35.9% and 5.3% respectively in real terms.
For 2007 as a whole, the gross floor area of the buildings started and completed in the private sector soared by 108.7% and 50.9% respectively over 2006. Despite a 23.1% drop in public investment in real terms, private investment grew by 28.9% that was spurred by the increase of large-scale constructions, pushing the overall investment to go up by 23.5% in real terms, of which investment in construction and equipment rose by 23.0% and 25.2% respectively in real terms.
Gross floor areas of buildings started and completed
0 200 400 600 800 1 000 1 200
Q4 Q1 Q2 Q3 Q4
2006 2007 Thousand m
2Buildings started Buildings completed
Transactions on Real Estate
The number of building units transacted in the fourth quarter of 2007 fell by 29.5%
year-on-year to 7,034, with total value rising by 12.7% to MOP 13.27 billion. Among them, old building units transacted decreased by 12.8% to 4,219 units, with the value growing by 30.5%.
Meanwhile, transaction of new building units declined by 45.2% to 2,815 units, with the value rising by 6.6%. In 2007, the total number of building units transacted increased by 22.2% over 2006 to 32,250 and the total value soared by 95.6% to MOP 49.08 billion, of which the number of old building units (19,789) and value (MOP 15.33 billion) rose by 8.6% and 34.4% respectively; the number of new building units (12,461) and value (MOP 33.75 billion) grew by 52.5% and 146.5%
respectively.
Analysed by end-use, residential units accounted for the largest share of the total transaction in the fourth quarter of 2007, at 4,830 units (68.7% of the total) and MOP 11.59 billion (87.4%).
As regard status of the buyers, the number of units purchased by Macao residents in the fourth
quarter was 7,097, with a total value of MOP 6.52 billion. Non-resident buyers purchased 2,455
units and the value of transactions totalled MOP 6.75 billion. For 2007 as a whole, the number of
units purchased by Macao residents rose by 33.8% over 2006 to 28,827 and the total value of
transactions amounted to MOP 22.93 billion, up by 87.6%; meanwhile, non-resident buyers bought 13,444 units at an amount of MOP 26.15 billion, up by 14.8% and 103.2% respectively.
The number of building units transacted under “intermediate transfer of title
b” in the fourth quarter of 2007 plunged by 55.3% to 2,130 (30.3% of the total number of transactions) and the value dropped slightly by 0.1% to MOP 7.95 billion. Among those transacted under intermediate transfer of title, number and value of the new building units occupied 97.2% and 98.7% of the total.
In the fourth quarter of 2007, the number of mortgage loans on real estate transactions escalated by 3.3% year-on-year to 1,557 and the amount of loans went up by 173.5% to MOP 3.07 billion. The amount for the majority of loans ranged between MOP 500,000 to MOP 1,000,000 (30.5% of the total), which was followed by combined mortgages (25.1%) and those ranged between MOP 1,000,000 to MOP 2,000,000 (19.3%). For the whole year of 2007, the number of mortgage loans on real estate transactions totalled 7,070 cases at an amount of MOP 8.05 billion, up by 30.5% and 84.3% respectively over 2006.
Values of building units transacted and mortgage loans
0 2 4 6 8 10 12 14 16
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP billion
Value of building units transacted Value of mortgage loans involving real estate transactions
Business Investment
The number of new companies incorporated in the fourth quarter of 2007 shrank by 5.5% to 753, while the registered capital surged by 350.4% to MOP 643 million. Among the new companies incorporated, 30.8% were engaged in “Wholesale & retail”, “Business services” and “Construction”
took up 19.3% each. In terms of registered capital, “Financial services” predominated with 85.1%
of the total, which was followed by “Wholesale & retail” (5.6%) and “Real estate” (2.8%). As
b
Intermediate transfer of title is a real estate transaction whose full transfer of ownership has not been completed. For
taxation purposes, payment of 0.5% of stamp duty gives legal effects to the respective transaction.
regard the origin of capital, capital from Mainland China shared 79.0% of the total in the fourth quarter of 2007, which was different from the past where Macao used to be the main origin. In annual terms, the number of new companies incorporated rose by 9.5% to 3,405 and the registered capital expanded by 78.5% to MOP 1.0 billion.
On the other hand, the number of companies in dissolution in the fourth quarter of 2007 went up by 24.2% to 82, of which 22 were engaged in “Wholesale and retail” (26.8% of the total), 19 in
“Business services” (23.2%) and 16 in “Construction” (19.5%). In 2007, total number of companies in dissolution rose by 33.5% over 2006 to 339.
F. Public Accounts
In the fourth quarter of 2007, total government revenue amount to MOP 11.72 billion, with current revenue accounting for nearly all of the total. Gaming tax revenue, contributing to 77.2% of the total revenue, expanded by 53.6% to MOP 9.05 billion. Total government revenue for the whole year of 2007 reached MOP 40.69 billion.
Total government expenditure in the fourth quarter was MOP 9.02 billion, of which current expenditure took up 76.4%, at MOP 6.89 billion. Total government expenditure for 2007 amounted to MOP 18.86 billion.
Public accounts registered a fiscal surplus of MOP 2.7 billion in the fourth quarter of 2007, up
considerably by 51.6 times year-on-year; the annual fiscal surplus went up by 122.0% over 2006 to
MOP 21.84 billion.
Total government revenue and expenditure
0 2 4 6 8 10 12 14 16 18 20
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP billion
Total government revenue Total government expenditure Balance
G. Money and Finance
At the end of December 2007, narrow money supply M1 (including currency in circulation and demand deposits) went up by 23.8%, of which currency in circulation increased by 15.3% and demand deposits rose by 25.8%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 10.0%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 dropped by 3.4 percentage points to 42.5%, while the respective share in M2 decreased by 0.7 percentage point to 27.6%. Moreover, the share of the Hong Kong dollar was 49.5% in M1 and 54.6% in M2.
On the counterpart of money supply, credit extended to the private sector rose by 42.2%
whereas net credit to the public sector dipped by 56.3%, leading to a plunge in overall domestic credit by 31.2% at the end of December. Net foreign assets held by the Monetary Authority of Macao (AMCM) grew by 40.3% while those by other monetary institutions fell by 9.0%.
Resident deposits rose by 9.8% to MOP 181.8 billion, of which deposits in the MOP, the Hong
Kong dollar and foreign currencies grew by 12.7%, 11.5% and 1.5% respectively.
Resident deposits and credit
0 20 40 60 80 100 120 140 160 180 200
Q4 Q1 Q2 Q3 Q4
2006 2007 MOP billion (value at the
end of the period)
Resident deposits Credit to the private sector
As the MOP is indirectly pegged to the US dollar, interest rates in the MOP are normally adjusted to be in line with those in the US. Yet, due to the different financial structure and capital flow position between the two places, the paces of interest rate adjustments of the MOP and the US dollar varied. In the fourth quarter, the US Federal Reserve cut the Federal funds rate by 0.5 percentage point; meanwhile, Macao’s savings deposits rate was reduced by 0.75 percentage point.
Exchange rate movements of the MOP essentially reflect those of the US dollar. On the whole, the US dollar weakened against major currencies in the fourth quarter, leading to a decline in MOP exchange rates. The exchange rates of the MOP against the Canadian dollar, the Australian dollar, the New Zealand dollar and the euro registered notable decline, by 16.0%, 15.7%, 13.5% and 12.4%
respectively. Consequently, the effective exchange rate index for the MOP, a gauge of exchange rates of the MOP against currencies of Macao’s major trading partners, declined by 3.86 points to 90.01.
H. Other Economic Indicators
Transport and Communications
In the fourth quarter of 2007, volume of containerised land and seaborne cargo rose by 45.7%
and 0.8% year-on-year to 22,000 tonnes and 85,000 tonnes respectively, whereas air cargo dropped
by 15.5% to 48,000 tonnes. For 2007 as a whole, volume of containerised land and seaborne cargo
increased by 0.6% and 1.3% respectively, but air cargo fell by 18.0%.
As regard local transport, the number of new registration of vehicles in the fourth quarter rose by 11.5% to 5,376, of which cars and motorcycles grew by 20.6% and 6.2% respectively. In annual terms, new registration of vehicles went up by 19.8% over 2006 to 21,977, of which number of motorcycles (61.6% of the total) went up by 17.8% to 13,544 and cars rose by 23.3% to 8,433. At the end of December 2007, the total number of licensed vehicles was 175,845, comprising 82,224 cars, 92,296 motorcycles and 1,325 bicycles.
At the end of December 2007, the number of Internet users went up by 13.9% to 120,000; the number of mobile phone users (794,000) and fixed-line telephone (178,013) grew by 24.8% and 0.8% respectively. Fixed-line telephone density was 33.1 per 100 residents.
Water and Energy Consumption
In the fourth quarter of 2007, consumption of electricity rose by 22.9% year-on-year to 738 million kWh, water by 8.2% to 17.58 million cubic meters and gas fuel (LPG) by 11.2% to 9,812 tonnes. However, consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oils) decreased by 8.6% to 112 million litres.
III. Concluding Remarks
Economic growth in the first three quarters of 2007 was fuelled by continued expansion of the gaming and tourism sector, as well as the surge in investment, with GDP of Macao growing by 25.2%, 30.8% and 32.2% respectively in real terms. In the fourth quarter, the gaming and tourism sector saw favourable growth and exports of goods rebounded, but investment registered its first quarterly decline since 2002 due to the completion of a number of gaming and tourism construction projects; therefore, the economy slowed down to rise by 22.1% in the fourth quarter. For 2007, the economy expanded by 27.3% in real terms, higher than the 17.0% in 2006. Underpinned by the robust growth of the gaming and tourism sector, strong demand for manpower, improved employment condition of residents and general upsurge of employment earnings, private consumption expenditure has been able to sustain steady increase in 2007.
Looking ahead to 2008, in terms of domestic demand, private consumption is envisaged to rise
steadily upon favourable employment situation, yet investment is set to slow down. As regard
external demand, number of visitor arrivals is expected to rise continuously, gaming and tourism
sector is anticipated to grow further. According to the latest statistics, visitor arrivals in the first two
months of 2008 rose by 13.9% over the same period of 2007 and gross gaming revenue surged
notably by 62.8%. Hence, keeping from the abrupt adverse factors, the economy of Macao is likely
to attain satisfactory growth in 2008.
STATISTICAL TABLES
SYMBOLS AND ABBREVIATIONS
.. Not applicable r Rectified data - Absolute value equals zero
… Not available
# Confidential data
~ No figure provided
o Less than half of the unit employed p Provisional
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
Notes: Owing to rounding, the totals may not correspond to the sum 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 (%)
2006 2007 2007 2007 2007
Q4 Q1 Q2 Q3 Q4
USA
Gross Domestic Product 3.1 2.9 2.2 2.6 1.5 1.9 2.8 2.5
Exports of goods 10.7 14.5 12.2 14.6 11.0 10.6 12.9 14.3
Imports of goods 13.9 10.9 5.4 4.4 4.1 3.6 3.2 10.4
Consumer Price Index 3.4 3.2 2.8 1.9 2.4 2.7 2.4 4.0
Unemployment rate 5.1 4.6 4.6 4.2 4.8 4.4 4.7 4.6
Japan
Gross Domestic Product 1.9 2.4
r2.1 2.3
r3.0
r1.7
r1.7
r2.0
Exports of goods 7.3
r14.6
r11.6 11.2 12.5 13.1 10.7 10.0
Imports of goods 15.7
r18.3
r8.6 10.8 6.6 9.9 6.3 11.3
Consumer Price Index -0.3 0.3 o 0.3 -0.1 -0.1 -0.1 0.5
Unemployment rate 4.4 4.1 3.8 3.9 4.1 3.8 3.7 3.7
Euro area
Gross Domestic Product 1.5 2.8 2.7 3.2 3.2
r2.5 2.7
r2.3
Exports of goods 7.8 12.1 8.3 12.8 9.3
r8.8
r8.8
r6.5
Imports of goods 13.5 14.5 5.6 8.6 5.5
r3.6
r4.1
r9.1
Consumer Price Index 2.2 2.2 2.2 1.8 1.9 1.9 1.9 2.9
Unemployment rate 8.9 8.3 7.5 8.0 7.7 7.5 7.4 7.2
Mainland China
Gross Domestic Product 10.4 10.7 11.4 10.4 11.1 11.9 11.5 11.2
Exports of goods 28.4 27.2 25.7 29.0 27.8 27.5
r26.2
r22.2
Imports of goods 17.6 20.0 20.8 15.5 18.2 18.3
r20.5
r25.4
Consumer Price Index ª 1.8 1.5 4.8 1.5 2.7 3.2 4.1 4.8
Hong Kong
Gross Domestic Product 7.1 7.0
r6.3 6.6
r5.5
r6.4
r6.3
r6.7
Exports of goods 11.4 9.4 9.2 11.9 9.0 11.7 8.2 8.2
Imports of goods 10.3 11.6 10.3 14.0 9.0 12.6 9.4 10.5
Consumer Price Index 1.0
r2.0 2.0 2.1 1.7 1.3 1.6 3.5
Unemployment rate 5.6 4.8 4.0 4.2 4.2 4.3 4.3 3.2
a Accumulated year-on-year comparison Source : U.S. Bureau of Economic Analysis U.S. Census Bureau
U.S. Bureau of Labor Statistics
Japan Economic and Social Research Institute Japan Ministry of Finance
Japan Bureau of Statistics Eurostat
China National Bureau of Statistics
Hong Kong SAR Census and Statistics Department
2005 2006 2007
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) (%)
2006 2007 2007 2007 2007
Q4 Q1 Q2 Q3 Q4
USA
Gross Domestic Product 3.1 2.9 2.2 2.1 0.6 3.8 4.9 0.6
Exports of goods 10.7 14.5 12.2 2.6 0.8
r3.4
r6.4 2.6
Imports of goods 13.9 10.9 5.4 -2.6 0.7
r2.6 2.9
r3.2
Consumer Price Index 3.4 3.2 2.9 -0.5 0.9 1.1
r0.7
r1.2
Unemployment rate 5.1 4.6 4.6 4.5 4.5 4.5 4.7
r4.8
Japan
Gross Domestic Product 1.9 2.4
r2.1 1.0
r1.0
r-0.4 0.3
r0.9
Exports of goods 7.5 14.9 11.7 3.0
r3.1
r2.5
r2.6
r1.3
Imports of goods 16.4 18.5
r8.2 1.2
r0.2
r3.3
r1.6
r4.3
Consumer Price Index -0.3 0.3 0.1 -0.3 -0.1
r0.1
r0.2 0.4
Unemployment rate 4.4 4.1 3.9 4.0 4.0 3.8 3.8 3.8
Hong Kong
Gross Domestic Product 7.1 7.0
r6.3 1.2
r1.7
r1.5
r1.8
r1.6
Exports of goods 11.4 9.4 9.2 2.9
r0.8
r2.7
r0.9
r1.8
Imports of goods 10.3 11.6 10.3 3.3
r0.5
r4.7
r1.2
r3.6
Consumer Price Index 1.0 2.0 2.0 0.2
r0.2
r-0.1
r0.2
r0.9
Unemployment rate 5.6 4.8 4.0 4.4 4.3 4.2 4.1 3.4
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics
Japan Economic and Social Research Institute, Japan Ministry of Finance, Japan Bureau of Statistics Hong Kong SAR Census and Statistics Department
3. GROSS DOMESTIC PRODUCT OF MACAO
2006 2007 2007 2007 2007
Q4 Q1r Q2r Q3r Q4p
At current prices:
GDP (MOP billion) 93.0 115.3
r153.6 35.2
r33.6 38.0 38.7 43.3
GDP per capita (MOP thousand) 195.2 230.9
r292.2 .. .. .. .. ..
At constant (2002) prices:
GDP (MOP billion) 85.9 100.5
r128.0 29.5
r28.6 31.6 31.8 36.0
% growth in real terms
GDP 6.9 17.0 27.3 20.5 25.2 30.8 32.2 22.1
Private consumption expenditure 7.2 7.8
r10.7 9.3
r10.1 10.5 12.6 9.7
In the domestic market 7.3 8.0 10.2 9.3 9.3 8.9 11.5 11.0
Abroad 5.7 -1.8 7.1 0.2 11.4 10.8 7.1 -0.1
Government final consumption expenditure 11.0 3.8 16.4 7.8 -0.5 10.8 33.3 19.5
Gross fixed capital formation 59.7 44.5
r23.5 31.2
r42.2 42.7 38.8 -11.9
Private sector 74.5 54.9
r28.9 48.2
r43.9 48.1 40.7 -7.3
Government 11.5 -8.9 -23.1 -10.4 -62.5 -20.2 12.0 -30.5
Exports of goods -11.5 2.8 0.5 -28.9 -8.6 -5.7 -1.3 19.7
Exports of services 6.0 19.7
r35.3 34.2 32.9 36.9 36.9 34.5
Imports of goods 9.1 19.3 14.6 11.5 17.6 13.1 18.0 10.6
Imports of services 15.1 16.9 30.9 19.9 28.0 32.8 31.2 31.3
2005 2006 2007p 2005 2006 2007
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2007
2007 2006 2007 2007 2007 2007 Q4
Q1 to Q4 Q4 Q1 Q2 Q3 Q4 year-on-year
% change A. External Merchandise trade (MOP million)
Total exports 22 561 19 823 20 461 20 431 4 616 4 314r 5 237r 5 430r 5 450 18.1
Textiles and garments 18 070 15 335 14 660 13 394 2 999 2 681r 3 385r 3 657r 3 671 22.4
Other products 4 491 4 488 5 801 7 037 1 617 1 633 1 852r 1 773r 1 779 10.0
Total imports 27 904 31 340 36 527 43 114 9 591 9 155 10 902r 11 473r 11 583 20.8
Trade balance -5 343 -11 517 -16 066 -22 683 -4 975 -4 841r -5 665r -6 043r -6 134 -23.3
B. Gaming and tourism
Gross gaming revenue (excluding gratuities) (MOP million) 43 511 47 134 57 521 83 847 17 121 18 598 19 772 20 535 24 942 45.7
y-on-y % change 43.5 8.3 22.0 45.8 43.1 43.5 48.9 45.0 45.7
No. of visitor arrivals (thousand) 16 672.6 18 711.2 21 998.1 26 993.0 6 102.3 6 368.9 6 268.9 6 853.1 7 502.0 22.9 Average length of stay of visitors (days) 1.1 1.1 1.1 .. 1.1 1.1 1.1 1.1 1.1 - a
Visitor spending per capita (MOP) 1 633 1 523 1 610 .. 1 670 1 649 1 480 1 584 1 714 2.6
Hotel occupancy rate (%) 75.6 70.9 72.3 77.2 76.4 74.0 73.4 77.4 82.7 6.3b
C. Construction and real estate
Expenditure on public works (MOP million) 2 814.2 3 652.1 3 682.5 2 821.7 2 363.0 1.9 543.6 658.6 1 617.5 -31.5 Private sector construction
Buildings started - no. of units 2 757 4 947 4 756 4 390 2 923 3 020 938 89 343 -88.3
Buildings started - gross floor area (thousand m²) 715 2 133 1 054 2 200 465 841 789 33 538 15.7
Buildings completed - no. of units 1 108 1 277 3 026 2 051 122 489 122 267 1 173 861.5
Buildings completed - gross floor area (thousand m²) 215 391 1 276 1 926 213 167 141 1 026 593 177.9
No. of building units transacted 27 823 33 644 26 400 32 250 9 979 10 324 9 017 5 875 7 034 -29.5
Value of building units transacted (MOP million) 16 286 23 799 25 096 49 080 11 779 13 998 12 891 8 921 13 271 12.7
D. Transport
Seaborne containerised cargo (tonne) 311 481 295 269 324 957 329 288 84 465 78 243 82 150 83 763 85 131 0.8
Containerised land cargo (tonne) 100 209 86 709 75 397 75 835 15 339 15 394 17 514 20 585 22 342 45.7
Air cargo (tonne) 220 828 227 229 220 573 180 935 57 098 42 935 43 921 45 803 48 276 -15.5
E. Prices and consumption
Inflation rate (%) 1.0 4.4 5.2 5.6 4.4 4.6 4.9 6.1 6.7 ..
Composite Consumer Price Index (7/2004-6/2005=100) 98.8 103.1 108.4 114.5 110.1 111.5 113.4 115.6 117.4 6.7
Retail sales turnover (MOP million) 7 518 8 778 10 659 14 195 2 993 3 107 3 276 3 614r 4 198 40.3
F. Employment
Unemployment rate (%) 4.9 4.1 3.8 .. 3.5 3.2 3.0 3.1 2.9 -0.6b
Median of total monthly employment earnings 5.2 5.8 6.7 .. 7.4 7.6 7.7 7.9 7.9 7.5
(MOP thousand)
Non-resident workers in Macao (end-period) 27 736 39 411 64 673 .. 64 673 71 182 75 391 79 753 85 207 31.8 G. Public accountsc (MOP million)
Total revenue 23 863.5 28 200.8 37 188.5 40 694.1 17 531.1r 9 266.3 8 915.0 10 791.3 11 721.6 … Revenue from gambling sector 15 236.6 17 318.6 20 747.6 30 948.0 5 889.3 7 022.7 7 654.9 7 222.5 9 047.9 53.6 Total expenditure 17 703.0 21 184.3 27 349.8 18 856.3 17 479.7r 2 200.0 3 193.5 4 442.8 9 020.0 …
Balance 6 160.5 7 016.6 9 838.8 21 837.9 51.4 7 066.2 5 721.5 6 348.5 2 701.6 …
H. Money and finance
(period-end values, MOP million)
Narrow money supply (M1) 13 440.7 12 788.9 18 255.2 22 605.6 18 255.2 17 170.4 17 743.4 18 550.1 22 605.6 23.8
Broad money supply (M2) 120 947.0 135 659.8 168 911.9 185 730.0 168 911.9 168 855.6 175 226.5 182 288.0 185 730.0 10.0
Resident deposits 118 174.3 132 685.5 165 508.3 181 804.8 165 508.3 165 242.8 171 632.1 178 591.4 181 804.8 9.8
Credit to domestic private sector 36 715.4 44 714.1 50 670.5 72 055.8 50 670.5 52 311.5 58 788.4 62 248.3 72 055.8 42.2 Net foreign assets 130 675.0 149 142.3 192 088.8 216 390.3 192 088.8 195 308.2 202 266.6 212 411.1 216 390.3 12.7 I. Others
No. of new companies incorporated 2 215 3 072 3 110 3 405 797 797 980 875 753 -5.5
No. of companies in dissolution 177 246 254 339 66 99 81 77 82 24.2
Consumption of electricity (million kwh) 1 903.1 2 159.0 2 423.7 2 984.3 600.1 531.7 759.1 955.9 737.5 22.9
a Days b Percentage points
are different from those for 2006; thus, the annual and quarterly revenue and expenditure for the two years are not comparable. In addition, starting from the first quarter of 2007, the computation of the balance of public accounts has been revised as the difference between total revenue and total expenditure, yet the corresponding figures for and prior to 2006 are computed using the old method, i.e., the balance equals the difference between revenue (autonomous agencies excluded) and expenditure (autonomous agencies excluded) .
2004 2005 2006
c In line with the changes in the compilation methods and concepts of public accounting of the Finance Services Bureau, the components of revenue and expenditure as well as the booking of the accounts for 2007 r r
r r r
II. EXTERNAL MERCHANDISE TRADE
1. PRINCIPAL STATISTICS OF EXTERNAL MERCHANDISE TRADE
2007 2006 2007 2007 2007 2007
Q1 to Q4 Q4 Q1 Q2 Q3 Q4
A. Total imports MOP million 27 904 31 340 36 527 43 114 9 591 9 155 10 902r 11 473r 11 583
y-on-y % change 26.3 12.3 16.6 18.0 5.2 19.1 12.6 20.0r 20.8
B. Total exports MOP million 22 561 19 823 20 461 20 431 4 616 4 314r 5 237r 5 430r 5 450
y-on-y % change 9.0 -12.1 3.2 -0.2 -28.6 -9.7 -6.0 -1.2r 18.1
1. Domestic exports MOP million 17 323 14 363 14 373 13 516 2 943 2 761r 3 295r 3 685r 3 774
y-on-y % change 6.5 -17.1 0.1 -6.0 -39.5 -22.6 -17.2 -5.2r 28.2
2. Re-exports MOP million 5 238 5 460 6 088 6 915 1 672 1 553 1 942r 1 745r 1 675
y-on-y % change 18.0 4.2 11.5 13.6 4.8 28.2 21.8r 8.3r 0.2
C. Trade balance a MOP million -5 343 -11 517 -16 066 -22 683 -4 975 -4 841r -5 665r -6 043r -6 134
D. Exports/Imports ratio b 80.9 63.3 56.0 47.4 48.1 47.1 48.0 47.3 47.0
E. External merchandise trade index (1996=100) 1. Imports
Value index index 175.2 196.7 229.3 270.7 240.8 229.9r 273.8r 288.1r 290.9
y-on-y % change 26.3 12.3 16.6 18.0 5.2 19.1r 12.6r 20.0r 20.8
Unit value index index 96.1 99.3 102.5 105.8 102.3 102.6 104.7 107.1 108.7
y-on-y % change 2.6 3.4 3.2 3.2 1.2 1.3 1.9 3.1 6.3
Quantum index index 182.3 198.1 223.7 255.9 235.4 224.1r 261.5r 269.0r 267.5
y-on-y % change 23.1 8.7 12.9 14.4 3.9 17.5r 10.4r 16.3r 13.6
2. Exports
Value index index 141.9 124.7 128.7 128.5 116.1 108.5r 131.8r 136.6r 137.1
y-on-y % change 9.0 -12.1 3.2 -0.2 -28.5 -9.7 -6.0r -1.2r 18.1
Unit value index index 95.1 94.4 94.7 94.1 95.1 92.6 94.1 95.7 93.8
y-on-y % change 0.5 -0.7 0.3 -0.7 0.4 -1.2 -0.3 o -1.3
Quantum index index 149.3 132.0 135.9 136.6 122.2 117.3 140.0r 142.8r 146.1
y-on-y % change 8.5 -11.5 2.9 0.6 -28.9 -8.6r -5.7r -1.2r 19.6
3. Terms of trade index c index 99.0 95.1 92.4 88.9 92.9 90.2 89.9 89.3 86.3
y-on-y % change -2.0 -3.9 -2.9 -3.8 -0.8 -2.5 -2.2 -3.0 -7.1
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
2004 2005 2006
