Summary of social and economic development of Macao

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Government of Macao Special Administrative Region Statistics and Census Service

Summary of social and economic development of Macao

APRIL / 2007 No. 4

OVERALL SOCIAL AND ECONOMIC SITUATION

Owing to the Ching Ming festival and Easter holidays occurred back-to-back this year, the number of visitor arrivals registered a significant increase and gross gaming receipts surged in April 2007. In terms of external trade, imports of goods sustained its growth whereas exports of goods fell only moderately, narrowing the trade deficit over the previous month. In regard to Public accounts, fiscal surplus rose constantly upon the surge in revenue. Benefited from the rapid development of the gaming and tourism sector, the employed population continued to expand and the unemployment rate remained at 3.2%. On the other hand, the number of transactions in the property market in April dropped over the preceding month, but recorded a rise of over 70% year-on-year. The Composite Consumer Price Index (CPI) in April recorded increases over the previous month and year-on-year.

GROSS DOMESTIC PROCUCT

In the first quarter of 2007, Macao’s economy grew by 25.6% in real terms that was attributable to the outstanding performance of the gaming and tourism sector and several large-scale construction projects in progress. GDP at current prices reached MOP 33.25 billion.

GAMING AND TOURISM

Gross gaming receipts in April 2007 rose by 39.2% to MOP 6.23 billion. For the first four months of 2007, the cumulative gross gaming receipts surged by 42.4% to MOP 24.30 billion.

Total number of visitor arrivals grew b y 19.1% to 2,226,968 in April 2007.

Visitors from Hong Kong; Mainland China; and Taiwan, China registered increases of 22.1%, 15.3% and 4.9% respectively. For the first four months of 2007, total visitor arrivals reached 8,596,632, up by 20.8%.

CONSTRUCTION AND REAL ESTATE

In the first quarter of 2007, the cumulative number of building units started was 3,020 and the respective gross floor area totalled 840,526 m², up by 120.1%

and 193.4% respectively. The cumulative number of building units completed was 489, up by 38.1%, while their gross floor area decreased by 7.8% to 166,603 m². Regarding the property market, 2,755 units were transacted in April 2007, a decrease of 644 units over the preceding month, but up by 73.3% year-on-year. For the first four months of 2007, the total number of units transacted jumped by 104.6% to 13,079.

E X T E R N A L T R A D E

Value of total exports dropped by 2.8% to MOP 1.60 billion in April 2007, while total imports grew by 14.9% to MOP 3.61 billion, resulting in a trade deficit of MOP 2.01 billion. For the first four months of 2007, the cumulative value of exports went down by 7.9% to MOP 5.92 billion that was caused by a 24.3%

decrease in the exports of Textile & garment, which accounted for 61.8% of the value of total exports. The cumulative value of imports reached MOP 12.76 billion, up by 17.8%, on account of the increases registered in Capital goods (+45.2%), Fuel & lubricants (+15.8%), Consumer goods (+14.6%) and Raw materials &

semi-manufactures (+6.6%). The cumulative trade deficit ended April was MOP 6.85 billion.

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Printed in June 2007

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CONSUMER PRICE INDEX

The Composite CPI for April 2007 was 112.58, a year-on-year increase of 4.67% and up by 0.59% over the previous month. The indices of Clothing &

footwear; Recreation & culture; and Housing & fuels recorded notable increases of 1.67%, 1.45% and 1.11% respectively, on account of dearer prices in new arrivals of Summer clothing, higher charges for outbound package tours in the Easter holidays, as well as higher rentals for housing. In addition, rising prices of gasoline and higher charges for meals bought away from home drove the indices of Transport and Food

& non-alcoholic beverages up by 0.69% and 0.38% respectively. On the other hand, the price index of Household goods and furnishings, the only section that recorded decrease in April, dropped by 0.02% as a result of lower prices of glassware and household utensils. For the 12 months ended April 2007, the average Composite CPI rose by 4.79% over the previous period.

PUBLIC ACCOUNTS

In April 2007, total government revenue increased by 22.5% to MOP 2.86 billion, among which gaming tax revenue accounted for 84.3% of the total, up by 36.6% to MOP 2.41 billion. Total government expenditure rose by 10.7% to MOP 883 million. At the end of April 2007, the fiscal surplus amounted to MOP 9.04 billion.

EMPLOYMENT

The employed population expanded by 13.0% to 287,000 for February to April 2007. The unemployment rate stood at 3.2%, same as that in the preceding period (January to March 2007), but down by 0.7 percentage point year-on-year. At the end of April 2007, the number of non-resident workers was 72,548, corresponding to an increase of 1,366 workers over the end of March 2007.

MONEY

At the end of March 2007, narrow money supply (M1) and broad money supply (M2) amounted to MOP 17.17 billion and MOP 168.86 billion respectively.

Moreover, domestic loans and advances to the private sector increased by 14.6% to MOP 50.44 billion. Foreign exchange reserves rose by 45.5% to MOP 82.10 billion.

* Unless otherwise specified, growth rates mentioned in this analysis are comparisons with the same period of the previous year

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SUMMARY OF SOCIAL AND ECONOMIC DEVELOPMENT OF MACAO April / 2007 No. 4

I - GROSS DOMESTIC PRODUCT

Current prices 10⁶ MOP Q1/2007 33 247.54 32.9 33 247.54 32.9

Real growth rate % Q1/2007 25.6 .. 25.6 ..

II - GAMING AND TOURISM

Gross gaming receipts 10⁶ MOP Apr/2007 6 228.62 39.2 24 295.56 42.4

Visitor arrivals ^no. Apr/2007 2 226 968 19.1 8 596 632 20.8

Mainland China ^no. Apr/2007 1 141 987 15.3 4 719 106 18.9

Hong Kong no. Apr/2007 761 185 22.1 2 711 252 22.2

Taiwan, China ^no. Apr/2007 132 715 4.9 466 630 2.4

III - CONSTRUCTION AND REAL ESTATE

Gross floor area of buildings started m² Mar/2007 490 320 134.7 840 526 193.4

Units of buildings started ^no. Mar/2007 2 192 86.7 3 020 120.1

Gross floor area of buildings completed m² Mar/2007 51 330 409.6 166 603 -7.8

Units of buildings completed ^no. Mar/2007 206 524.2 489 38.1

Building units transacted ^no. Apr/2007 2 755 73.3 13 079 104.6

IV - EXTERNAL TRADE

Exports 10⁶ MOP Apr/2007 1 600.77 -2.8 5 915.68 -7.9

Imports 10⁶ MOP Apr/2007 3 611.51 14.9 12 761.91 17.8

Trade balance 10⁶ MOP Apr/2007 - 2 010.74 .. - 6 846.24 ..

V - CONSUMER PRICE INDEX

(7/2004 to 6/2005 = 100) Apr/2007 112.58 4.7 .. 4.8^a

VI - PUBLIC ACCOUNTS

Total revenue 10⁶ MOP Apr/2007 2 856.34 22.5 12 122.60 49.9

Revenue from gaming tax 10⁶ MOP Apr/2007 2 409.06 36.6 9 431.73 47.9

Total expenditure 10⁶ MOP Apr/2007 882.56 10.7 3 082.61 -11.7

Balance 10⁶ MOP Apr/2007 1 973.78 .. 9 039.99 ..

VII - EMPLOYMENT

Employed population 10³ Feb/2006 - Apr/2007 287.0 13.0 284.0 12.2

Unemployment rate ^% Feb/2006 - Apr/2007 3.2 -0.7^b 3.2 -0.8^b

Non-resident workers in Macao no. Apr/2007 72 548 48.7 71 182 48.7

VIII - MONEY

Narrow money supply (M1) 10⁶ MOP Mar/2007 17 170.4 33.4 17 353.1 36.2

Broad money supply (M2) 10⁶ MOP Mar/2007 168 855.6 15.5 167 475.1 16.0

Domestic loans and advances to the private sector 10⁶ MOP Mar/2007 50 439.2 14.6 49 401.8 13.0

Foreign exchange reserves 10⁶ MOP Mar/2007 82 096.1 45.5 78 995.1 45.1

a Annual rate of change ended April 2007.

b Percentage difference from the same period of last year - positive value corresponds with increase and negative value corresponds with decrease.

.. Not applicable

3 Year-on-year % change

Value

Latest period

Value Year-on-year % change Previous period

Value

Statistics and Census Service

Cumulative

Year-on-year % change Principal statistical indicators of Macao Unit Latest period Latest period

Value Year-on-year % change

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APRIL / 2007 No. 4 Statistics and Census Service

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SUMMARY OF SOCIAL AND ECONOMIC DEVELOPMENT OF MACAO

3 - EXTERNAL TRADE

0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000

Apr/2006 May/2006 Jun/2006 Jul/2006 Aug/2006 Sept/2006 Oct/2006 Nov/2006 Dec/2006 Jan/2007 Feb/2007 Mar/2007 Apr/2007 10⁶ MOP

Exports Imports

5 - UNEMPLOYMENT RATE

3.2%

2 3 4 5

Feb/2006 - Apr/2006

Mar/2006 - May/2006

Apr/2006 - Jun/200

May/2006 - Jul/2006

Jun/2006 - Aug/2006

Jul/2006 - Sept/2006

Aug/2006 - Oct/2006

Sept/2006 - Nov/2006

Oct/2006 - Dec/2006

Nov/2006 - Jan/2007

Dec/2006 - Feb/2007

Jan/2007 - Mar/2007

Feb/2007 - Apr/2007

%

2 - GAMING AND TOURISM

0 500 1 000 1 500 2 000 2 500

Apr/2006 May/2006 Jun/2006 Jul/2006 Aug/2006 Sept/2006 Oct/2006 Nov/2006 Dec/2006 Jan/2007 Feb/2007 Mar/2007 Apr/2007 10³ visitor

0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 10⁶ MOP Visitor arrivals

Gross gaming receipts

1- GROSS DOMESTIC PRODUCT

0 10 20 30 40 50 60

Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Q1/2007

%

0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 10⁶ MOP

Gross Domestic Product, at current prices Real growth rate

4 - CONSUMER PRICE INDEX

4.8 %

0 1 2 3 4 5 6

Apr/2006 May/2006 Jun/2006 Jul/2006 Aug/2006 Sept/2006 Oct/2006 Nov/2006 Dec/2006 Jan/2007 Feb/2007 Mar/2007 Apr/2007

%

104 106 108 110 112 114 Index

Global index Annual Inflation rate