MACAO ECONOMIC BULLETIN

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.

1 ^st Quarter

Editor: DSEC Macao, July 2012

Typesetting and design: DSEC

Printing: DSEC

CONTENTS

THE WORLD ECONOMY... 9

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

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

B. TOURISM, GAMING AND MICE ... 19

C. CONSUMPTION AND PRICES ... 22

D. EMPLOYMENT ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 27

G. MONEY AND FINANCE... 28

H. OTHER ECONOMIC INDICATORS... 29

III. CONCLUDING REMARKS ... 30

STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ....33-34 2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON) ... 35

3. GROSS DOMESTIC PRODUCT OF MACAO ... 35

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 36

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

2. PRINCIPAL STATISTICS ON EXPORTS ... 38

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS... 39

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

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

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

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

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

III. GAMING, TOURISM AND MICE

4. HOTEL GUESTS... 46

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

6. MICE STATISTICS ... 48

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

2. RETAIL SALES... 50

3. SALES VOLUME INDEX ... 50

V. POPULATION AND EMPLOYMENT 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 51

2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 51

3. EMPLOYED POPULATION BY AGE GROUP AND INDUSTRY... 52

4. JOB VACANCIES ... 52

5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 53

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 54

7. NON-RESIDENT WORKERS ... 54

VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR... 55

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

3. PURCHASE AND SALE OF NEW BUILDING UNITS PER STAMP DUTY RECORD... 57

4. PURCHASE AND SALE OF OLD BUILDING UNITS PER STAMP DUTY RECORD ... 58

5. NUMBER OF BUYERS AND VALUE OF BUILDING UNITS PURCHASED AND SOLD BY END-USE OF UNIT AND BUYER’S STATUS PER STAMP DUTY RECORD... 59

6. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS AND OFFICES PURCHASED AND SOLD PER STAMP DUTY REOCRD ... 60

7. PUBLIC WORKS ... 60

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 61

2. PUBLIC REVENUE... 62

3. PUBLIC EXPENDITURE ... 63

4. PUBLIC INVESTMENT ... 63

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 64

2. RESIDENT DEPOSITS... 65

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 66

4. MORTGAGE LOANS ... 66

5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 67

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 68

7. INTEREST RATES OF THE MACAO PATACA ... 68

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 69

2. TRANSPORT ... 70

3. COMMUNICATIONS ... 71

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 71

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 72

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THE WORLD ECONOMY

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The world economy remained weak in the first quarter of 2012, yet recovery evolved better than expected. Revival of the U.S. economy was slow; the European sovereign debt crisis eased but the situation was yet to stabilize; meanwhile, the fragile financial system and shrinking demands added uncertainty to the recovery of the world economy. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in April 2012 indicated that economic growth is vulnerable;

weak recovery will likely resume in the major advanced economies, and activity is expected to remain relatively solid in most emerging economies. The world economy is projected to grow by 3.5% in 2012, up by 0.2 percentage point from the January WEO Update; growth forecast for 2013 is revised upward by 0.1 percentage point to 4.1%.

The US economy continued to recover slowly. Gross Domestic Product (GDP) for the first quarter of 2012 expanded by 2.0% year-on-year and 1.9% quarter-to-quarter; the increment was driven by private consumption expenditure, exports and fixed investment, contributing 1.9, 1.0 and 0.6 percentage point respectively to economic growth. However, cutback in government spending dragged down the rate of expansion by 0.8 percentage point. Unemployment rate stood at 8.6%, up by 0.3 percentage point; the seasonal adjusted unemployment rate was 8.3%.

Stagnant growth of the Euro zone economy was caused by protracted sovereign debt crisis.

The first quarter GDP contracted by 0.1% year-on-year but held stable from the previous quarter.

Exports contributed 0.5 percentage point to economic expansion; however, gross fixed capital formation and inventory lowered the rate of growth by 0.3 and 0.2 percentage point respectively, tapering off the growth momentum of exports. Unemployment rate rose further by 0.8 percentage point to 11.4% amid the lacklustre economy.

The sluggish construction sector in the UK brought the first quarter GDP down by 0.1%

year-on-year and 0.3% quarter-to-quarter. Government final consumption expenditure and household final consumption expenditure contributed 0.4 and 0.1 percentage point to economic growth; nevertheless, gross fixed capital formation dragged down the rate of increase by 0.7 percentage point. Unemployment rate lowered by 0.2 percentage point from the previous quarter to 8.2%.

The Asian economies saw weakening external demand while domestic demand remained

robust. The WEO of IMF pointed out that the newly industrialized Asian economies

expanded by

3.4%, the ASEAN 5

by 5.4%, the Middle East and the North African region by 4.2%, the Chinese

and the Indian economies by 8.2% and 6.9% respectively in 2012.

the better than expected recovery was attributable to rising domestic demand and improving exports, which contributed 0.9 and 0.1 percentage point to the rate of increase. Unemployment rate edged up by 0.2 percentage point to 4.5% under the mild recovery; the seasonal adjusted rate held stable as the previous quarter, at 4.5%.

Economy of the Mainland posted slow but steady growth. GDP expanded by 8.1%

year-on-year in the first quarter of 2012, down by 0.8 percentage point quarter-to-quarter. In the first quarter of 2012, value added of the above-scale industries

rose by 11.6% year-on-year, yet down by 2.3 percentage points compared with the increment in the whole year of 2011; fixed asset investment increased by 20.9%, down by 2.9 percentage points; retail sales of consumer goods rose by 14.8%, down by 2.3 percentage points, with sales of communication equipment rising by 43.4%, construction and decoration materials by 25.7% and household furniture by 25.4%. Total value of external merchandise trade for the first quarter of 2012 registered an increase of 7.2% year-on-year, with trade surplus amounting to USD 0.81 billion. Inflationary pressure tapered off further, with the first quarter CPI declining to 3.8%, of which CPI for March increased by 3.6% year-on-year.

Economic growth of Hong Kong decelerated noticeably to a year-on-year increase of 0.4% in the first quarter of 2012; GDP also rose by 0.4% quarter-to-quarter after seasonal adjustment.

Slowdown in merchandise exports continued but the domestic sector stayed resilient. Compared with the first quarter of 2011, gross fixed capital formation and private consumption expenditure registered notable growth of 12.2% and 5.6% respectively; government final consumption expenditure increased by 2.5%. Performance of external trade deteriorated, with merchandise imports rising by 0.7% but merchandise exports falling by 1.5%; the seasonal adjusted imports and exports went up by 1.6% and 2.3% respectively. Unemployment rate rose by 0.2 percentage point quarter-to-quarter to 3.3%.

c

According to the definition of the National Bureau of Statistics of China, it refers to industrial enterprises with annual

sales revenue of RMB 5 million or over.

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

-2.0 0.0 2.0 4.0 6.0 8.0 10.0

USA Euro Zone Japan M ainland

China

The United Kingdom

Hong Kong

%

2011 Q4 2012 Q1

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the first quarter of 2012, the economy of Macao increased by 18.4% year-on-year in real terms. Economic growth was spurred by the impetus of exports of services and investment, as well as the low comparison base in the first quarter of 2011; soaring gross gaming revenue (excluding gratuities) and rising total visitor spending (excluding gaming expenses) led to favourable increase in exports of services; meanwhile, merchandise exports continued to grow. As regards domestic demand, investment expanded robustly, and private consumption expenditure increased further upon rising employment and earnings.

The following highlights year-on-year comparisons of major segments of the local economy in the first quarter of 2012:

1. Total value of merchandise exports increased by 22.1% in the first quarter, of which exports of machines, apparatus & parts soared by 152.5%, while that of garment dropped by 8.6%.

Analysed by destination, exports to Mainland China and Hong Kong increased by 21.9% and 40.7% respectively; however, exports to the US and EU decreased by 18.5% and 12.9%

respectively, and that to Taiwan, China went down by 63.8%. Total value of merchandise imports increased by 32.0%, with imports of consumer goods and capital goods rising remarkably by 32.6% and 37.4% respectively. A visible trade deficit of MOP 15.36 billion was recorded in the first quarter.

2. Gross gaming revenue expanded by 26.8% in the first quarter; visitor arrivals increased by 7.9%; hotel guests rose by 13.6%, and per-capita spending of visitors went up by 25%, driving exports of services up by 19.2% in real terms; imports of services also increased by 11.9%.

3. Unemployment rate stood at 2.0% in the first quarter; median monthly employment earnings increased by 14.6%; the Composite Consumer Price Index (Composite CPI) rose by 6.3%.

Private consumption expenditure increased by 5.4% in real terms, and government final consumption expenditure expanded by 11.6%.

4. Overall investment increased by 43.8% in real terms in the first quarter. Total equipment

investment grew by 17.3%, in which investment of the private sector rose by 19.2% while that

of the public sector dropped by 83.0%. Total construction investment increased by 57.9%, with

construction by the private sector rising by 22.3% and that by the public sector surging by

tax revenue from gaming rising by 26.9% to MOP 27.75 billion. Total expenditure decreased by 14.1% to MOP 6.10 billion, with current expenditure amounting to MOP 5.24 billion.

Fiscal surplus for the first quarter stood at MOP 23.52 billion.

II. Major Segments of the Economy

Note: Unless otherwise specified, the rates of change refer to year-on-year change in nominal terms.

A. External Merchandise Trade

Overview

Macao’s external merchandise trade maintained sustained growth in the first quarter of 2012, with total value of merchandise imports and exports rising by 30.9% to MOP 19.31 billion. Value of merchandise imports increased by 32.0% to MOP 17.33 billion, and that of merchandise exports rose by 22.1% to MOP 1.98 billion. The exports-imports ratio dropped by 0.9 percentage point year-on-year to 11.4%. Trade deficit widened from MOP 11.51 billion in the first quarter of 2011 to MOP 15.36 billion.

Total Exports

In the first quarter of 2012, value of merchandise exports to Mainland China (MOP 283.1 million); Hong Kong (MOP 1.0 billion) and Japan (MOP 36.2 million) increased by 21.9%, 40.7%

and 39.2% respectively; exports to the US (MOP 124.4 million); the EU (MOP 85.4 million);

Taiwan, China (MOP 10.9 million) and Vietnam (MOP 33.7 million) decreased by 18.5%, 12.9%, 63.8% and 9.4% respectively. Machines, apparatus & parts predominated as the major merchandise of exports, with the value soaring by 152.5% to MOP 293.8 million, and its relative importance to total exports rising to 14.9%. Besides, exports of garment & textile products; copper & articles thereof; and clocks & watches, sharing 14.4%, 4.7% and 4.6% of the total exports, dropped by 15.5%, 10.1% and 7.3% respectively; on the contrary, exports of tobacco & wine; diamond &

diamond jewellery; and other products, accounting for 8.4%, 6.8% and 46.2% of the total exports,

increased by 19.8%, 37.1% and 25.6% respectively.

Merchandise exports (Year-on-year change)

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

Q1 Q2 Q3 Q4 Q1

2011 2012

%

Total exports USA EU

Domestic Exports

Domestic exports increased by 1.4% year-on-year to MOP 573.5 million in the first quarter of 2012, sharing 29.0% of the total exports; meanwhile, value of domestic exports decreased by 9.1%

quarter-to-quarter. Hong Kong continued to be the largest market of Macao’s domestic exports, with the value of exports rising by 15.6% year-on-year; however, value of domestic exports to the US and the EU declined by 12.3% and 14.7% respectively. Analysed by principal commodity, value of exports of garment, accounting for 32.3% of the total domestic exports, decreased further by 19.1% year-on-year, of which value of exports to the US and the EU dropped by 19.7% and 23.0% respectively to share 48.2% and 30.6% of the total. Value of exports of tobacco & wine, sharing 20.8% of the total domestic exports, rose by 36.7%, and that of other products increased by 7.9% to take up 46.9% of the total.

Value of domestic exports to Mainland China increased by 33.7% to MOP 84.56 million, accounting for 14.7% of the total; in particular, value of tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) rose by 36.6% to MOP 25.66 million, consisting mainly of garment (51.3% of total), copper-clad board (42.5%) and stationery (3.1%); the amount of tariff saved totalled MOP 2.69 million.

In addition, results of the Industrial Exports Survey for the first quarter of 2012 indicated that

the average length of time of orders on hand of the interviewed manufacturers stood at 3.0 months,

up by 26.3% from 2.4 months in the same quarter of 2011. Meanwhile, 28.5% of the enterprises

expected less promising prospects of exports, down by 5.0 percentage points quarter-to-quarter but up by 2.7 percentage points year-on-year; moreover, 41.8% expected the outlook of exports remained stagnant, down by 11.5 percentage points quarter-to-quarter but up by 16.1 percentage points year-on-year. The findings showed that the manufacturers remained cautious about the outlook of exports.

Re-exports

Value of re-exports rose substantially by 33.2% year-on-year to MOP 1.40 billion in the first quarter of 2012, accounting for 71.0% of the total exports. Hong Kong was the largest market of Macao’s re-exports, constituting 61.1% of the total, which was followed by Mainland China, at 14.2%. Value of re-exports to Hong Kong increased by 46.9% and that to Mainland China went up by 17.5%.

In terms of the types of merchandise, value of re-exports of consumer goods and other products, accounting for 36.1% and 53.3% of the total, increased by 14.4% and 68.2% respectively, while that of raw materials & semi-manufactures dropped by 10.4% to take up 10.6% of the total.

Imports

Value of merchandise imports increased by 32.0% year-on-year to MOP 17.33 billion in the first quarter of 2012 on account of rising imports of consumer goods. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 39.4% to MOP 5.40 billion (31.2% of total). Value of imports from the EU (23.6%), Hong Kong (13.1%), the US (6.0%), Japan (5.7%), and Taiwan, China (1.9%) expanded by 21.3%, 65.4%, 21.4%, 9.3% and 15.0% respectively.

Regarding the types of merchandise, value of imports of consumer goods (61.2% of total) and capital goods (19.3%) increased by 32.6% and 37.4% respectively; meanwhile, imports of raw materials & semi-manufactures (9.8%) and fuels & lubricants (9.7%) went up by 24.7% and 26.3%

respectively.

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

expenditure and visitor spending, value of food & beverages (12.8% of total imports) expanded by

11.4% year-on-year, and that of gold jewellery (9.5%), clothing & footwear (6.6%) and watches

(6.5%) rose by 56.6%, 18.3% and 47.6% respectively.

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

0 10 20 30 40 50 60 70 80

Q1 Q2 Q3 Q4 Q1

2011 2012

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

B. Tourism, Gaming and MICE

Tourism and gaming sector maintained satisfactory performance in the first quarter of 2012, of which exports of gaming services grew by 19.6% in real terms; visitor arrivals increased by 7.9%;

per-capita spending of visitors rose by 25%, and hotel guests went up by 13.6%.

Gaming

Gross gaming revenue amounted to MOP 74.60 billion, up by 26.8% year-on-year. Gross revenue of game of chance rose by 27.0% to MOP 74.31 billion (99.6% of total) on account of an increase in gross revenue from VIP Baccarat. Gross revenue of pari-mutuels and lotteries amounted to MOP 282 million, down by 10.4% year-on-year.

Number of casinos held stable at 34 in the first quarter, with 5,242 gaming tables (+8.0%) and

16,102 slot machines (+16.8%).

Gross gaming revenue (excluding gratuities)

0 10 20 30 40 50 60 70 80

Q1 Q2 Q3 Q4 Q1

2011 2012 Billion M OP

0 10 20 30 40 50 60

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals increased by 7.9% year-on-year to 6,942,320; average length of stay of visitors stood at 0.9 day, down by 0.2 day. Visitors from Mainland China rose by 14.9% to 4,227,707, with 1,781,446 travelling to Macao under the Individual Visit Scheme (IVS), up by 10.0%. Visitors from the Republic of Korea grew by 18.0% to become the fourth principal visitor market after Mainland China; Hong Kong; and Taiwan, China; visitors from Japan increased by 8.7% while those from Hong Kong and Taiwan, China decreased by 3.3% and 9.3% respectively. Same-day visitors accounted for 54.5% of the total, at 3,781,289. Meanwhile, visitor arrivals in package tours rose by 45.6% to 2,050,476.

Visitor arrivals

1 2 3 4 5 6 7 8

Q1 Q2 Q3 Q4 Q1

2011 2012 M illion

Visitor arrivals

Principal visitor markets

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Q1 Q2 Q3 Q4 Q1

2011 2012 M illion

M ainland China Hong Kong Taiwan, China Japan

Hotels

Hotels and guest-houses had 22,272 available guest rooms, an increase of 10.6%, with those of the five-star hotels accounting for 63.7% of the total. Hotel guests increased by 13.6% to 2,180,685;

the average occupancy rate of the hotel sector stood at 83.2%, up by 2.2 percentage points, with four-star hotels leading at 85.9%.

Average length of stay of guests stood at 1.5 nights, down by 0.06 night from the first quarter of 2011, with guests of the five-star hotels staying longer, at 1.8 nights.

Visitor Spending

Total spending of visitors amounted to MOP 13.1 billion in the first quarter of 2012, up by 35% in comparison with MOP 9.8 billion a year earlier.

Per-capita spending of visitors increased by 25% to MOP 1,891. Mainland visitors had the

highest per-capita spending of MOP 2,435, and that of visitors from Japan; Southeast Asia; Taiwan,

China; and Hong Kong amounted to MOP 1,349, MOP 1,417, MOP 1,282 and MOP 869

respectively. Per-capita spending of tourists (overnight visitors) increased by 28% year-on-year to

MOP 3,358, and that of same-day visitors rose by 11% to MOP 665. Per-capita shopping spending

grew by 31% to MOP 971, and per-capita non-shopping spending went up by 18% to MOP 921.

Per-capita spending of visitors by source markets

0 500 1 000 1 500 2 000 2 500

Q1 Q2 Q3 Q4 Q1

2011 2012 M OP

M ainland China Hong Kong Taiwan, China Southeast Asia

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 271 MICE events were held in the first quarter of 2012, with 161,781 participants and attendees and an average duration of 2.1 days.

There were 259 meetings & conferences, down by 3% year-on-year, with number of participants rising by 90% to 55,307; the average duration was 2.1 days. Meanwhile, a total of 12 exhibitions were held, attracting 106,474 attendees, up by 20% and 7% respectively year-on-year;

average duration of exhibitions was 2.8 days.

C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 5.4% in real terms in the first quarter of 2012, lower than the 12.1% rise in the previous quarter. Household final consumption expenditure in the domestic market increased by 5.8% and that abroad went up by 8.7%.

Retail Sales

Value of retail sales amounted to MOP 12.88 billion, up by 28% year-on-year and 4%

quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (31% of total), Goods in

department stores (15%) and Adults’ clothing (11%) increased by 43%, 35% and 43% respectively

year-on-year.

After removing the effect of price changes, volume of retail sales rose by 18% year-on-year, with marked increase being observed in the sales volume of Communication equipment (+50%), Adults’ clothing (+40%), Goods in department stores (+30%) and Watches, clocks & jewellery (+20%). Volume of retail sales increased by 3% quarter-to-quarter, of which sales volume of Adults’ clothing and Communication equipment rose by 23% and 10% respectively, but that of Motor vehicles dropped by 18%.

Value of Major Retail Sales

0 500 1000 1500 2000 2500 3000 3500 4000 4500

Q1 Q2 Q3 Q4 Q1

2011 2012 M OP million

Adults' clothing M otor vehicles Leather goods

Goods in department stores Watches, clocks & jewellery

Prices

The average Composite CPI for the first quarter of 2012 rose by 6.3% year-on-year, with

notable increase being observed in the price indices of Alcoholic beverages and tobacco (+27.2%),

Food & non-alcoholic beverages (+9.6%) and Miscellaneous goods & services (+8.7%); meanwhile,

index of Communication decreased further by 6.4%. The Composite CPI registered an increase of

1.8% quarter-to-quarter. In addition, implicit deflator of GDP that measures changes in overall

prices rose by 7.7% year-on-year, indicating that consumer prices and overall prices moved in an

upward trend.

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

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0

Q1 Q2 Q3 Q4 Q1

2011 2012

%

Composite CPI Implicit Deflator of GDP

D. Employment

Employment and employment earnings showed continuous improvement. Economically active population (labour force) totalled 347,000 in the first quarter, with an employed population of 340,000. Employment in Other Community, Social & Personal Services totalled 88,000, of which 77,000 were working in the Gaming Sector, accounting for 22.6% of the total. Non-resident workers totalled 98,664 at the end of the first quarter, with the majority working in Hotels &

Restaurants, sharing 30.0% of the total.

Unemployment rate stood at 2.0%, down by 0.2 percentage point quarter-to-quarter and 0.7 percentage point year-on-year; total number of unemployed was 6,800, with 12.4% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 26.3%

had worked in Other Community, Social & Personal Services, 21.4% in Construction, and 18.8% in Wholesale & Retail. In terms of educational attainment, 28.0% had junior secondary education, 22.4% had tertiary education, and 20.9% had senior secondary education. Underemployment rate was 0.8%.

Median monthly employment earnings of the employed stood at MOP 11,000, up by 14.6%

year-on-year. Median employment earnings of Financial Services logged the highest year-on-year

increase of 25.0%. For the Gaming Sector that accounted for the largest share of total employment,

median employment earnings increased by 7.1% quarter-to-quarter and 11.1% year-on-year.

Employed population and unemployment rate

310 320 330 340 350

Q1 Q2 Q3 Q4 Q1

2011 2012 Thousand persons

1.8 2.0 2.2 2.4 2.6 2.8

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

In the first quarter of 2012, equipment investment increased by 17.3% and construction investment rose by 57.9% in real terms, causing overall investment to expand by 43.8%. Investment by the private sector grew by 21.2%, and that by the public sector soared by 449.8% due to the construction of the Hengqin Campus of the University of Macau and the public housing projects.

For the investment by the private sector, number of building completions, units and gross floor area decreased by 16.7%, 93.7% and 94.4% respectively; construction of new buildings and units decreased by 28.6% and 55.9% respectively, with gross floor area rising by 19.3%.

Construction investment and equipment investment by the private sector went up by 22.3%

and 19.2% in real terms in the first quarter.

Gross floor areas of buildings started and completed

0 50 100 150 200 250 300 350 400 450 500 550

Q1 Q2 Q3 Q4 Q1

2011 2012 Thousand m

Buildings started Buildings completed

Transactions on Real Estate

A total of 3,592 building units were purchased and sold in the first quarter, down by 51.6%

year-on-year but up by 1.4% quarter-to-quarter; total value amounted to MOP 11.71 billion, down by 33.7% year-on-year but up by 15.7% quarter-to-quarter.

Analysed by end-use, 2,344 residential units were purchased and sold at MOP 8.31 billion, accounting for 65.3% and 71.0% of the respective total.

As regards status of the buyers, 91.4% were Macao residents; total value of transaction amounted to MOP 9.66 billion, with its relative importance rising from 77.3% in the previous quarter to 82.5%. Meanwhile, 435 buyers were non-residents, with the total value amounting to MOP 2.05 billion.

The average transaction price of residential units increased by 9.5% quarter-to-quarter to MOP 45,453 per square metre of usable area in the first quarter. The average price of those in the Macao Peninsula rose by 5.2% to MOP 41,266 per square metre, and the average price of those in Taipa grew by 6.8% to MOP 48,107 per square metre. The average price of office units went up by 5.1%

quarter-to-quarter to MOP 40,362 per square metre.

Values of building units transacted

0 5 10 15 20 25 30 35 40

Q1 Q2 Q3 Q4 Q1

2011 2012 M OP billion

Value of building unit s transacted

Business Investment

Number of new incorporations increased by 14.7% to 881 and the total value of registered capital soared by 151.0% to MOP 198.6 million in the first quarter of 2012. Among the new incorporations, 37.1% were operating in Wholesale & Retail, 17.7% in Business Services and 12.5% in Construction. In terms of registered capital, Wholesale & Retail predominated with 31.1%

of the total, while Financial Services and Transport, Storage and Communications accounted for 27.1% and 18.1% respectively. As regards origin of capital, capital from Macao shared 34.6% of the total and that from Taiwan, China; Mainland China and Hong Kong took up 25.4%, 13.8% and 9.4% respectively.

Number of companies in dissolution decreased by 5.1% to 130, with 48 engaging in Wholesale

& Retail (36.9% of total), 19 in Construction (14.6%), 18 in Business Services (13.8%) and 16 in Real Estate (12.3%).

F. Public Accounts

In the first quarter of 2012, total government revenue increased by 21.6% to MOP 29.62

billion on account of a surge of direct taxes, of which tax revenue from gaming rose by 26.9% to

a 33.7% decrease in current transfer. Fiscal surplus stood at MOP 23.52 billion in the first quarter, higher than the MOP 17.26 billion surplus in the same quarter of 2011.

Total government revenue and expenditure

0 5 10 15 20 25 30 35

Q1 Q2 Q3 Q4 Q1

2011 2012 M OP billion

Total revenue Total expenditure Balance

G. Money and Finance

At the end of March 2012, narrow money supply M1 went up by 13.4% year-on-year, of which currency in circulation increased by 16.0% and demand deposits rose by 12.9%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 20.0%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 0.9 percentage points to 47.4%, and the respective share in M2 dropped by 2.2 percentage points to 25.7%. The share of the Hong Kong dollar was 50.6% in M1 and 54.6% in M2.

Resident deposits rose by 20.2% year-on-year to MOP 303.80 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 10.2%, 23.4% and 24.9%

respectively to MOP 73.29 billion, MOP 169.56 billion and MOP 60.95 billion. Meanwhile, public sector deposits in banks increased by 42.4% to MOP30.75 billion.

Domestic loans extended to the private sector rose by 21.8% year-on-year to MOP 170.37

billion, of which outstanding real estate mortgage loans of residents went up by 22.1% year-on-year

to MOP 127.23 billion. For domestic loans to the private sector, the MOP accounted for 26.7%,

valued at MOP 45.41 billion, and the Hong Kong dollar took up 64.7%, valued at MOP 110.28

billion.

Resident deposits and loans

0 50 100 150 200 250 300 350

Q1 Q2 Q3 Q4 Q1

2011 2012 MOP billion (value at

the end of t he period)

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

The loan-to-deposit ratio for the resident sector at the end of March was 50.9%, down by 0.1 percentage point from a year earlier, and that for both the resident and non-resident sectors dropped by 3.0 percentage points to 76.8%.

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 first quarter, the US Federal Reserve maintained the range for the Fed funds rate at 0% to 0.25%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.

The changes in the exchange rates of the MOP basically reflect the changes in those of the US dollar. In the first quarter of 2012, the exchange rates of the MOP exhibited a mixed performance against major currencies. The average exchange rates of the MOP against the New Zealand dollar, the Australian dollar and the Chinese renminbi decreased by 8.0%, 4.7% and 4.1% respectively year-on-year, whereas the respective rates against the euro and the British pound rose by 4.4% and 2.2% respectively. 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 0.05 points to 88.30.

H. Other Economic Indicators

Transport and Communications

As regards local transport, new registration of vehicles totalled 4,190, down by 3.3%

year-on-year; new registration of cars increased by 1.4% but that of motorcycles decreased by 7.4%.

At the end of March 2012, number of licensed vehicles totalled 208,037, comprising 96,320 cars and 111,717 motorcycles.

At the end of March 2012, number of Internet users went up by 18.4% to 213,445; mobile phone users increased by 15.2% to 1,419,073. Fixed-line telephone dropped by 1.4% to 165,444.

Fixed-line telephone density for the first quarter was 29.4 per 100 population.

Water and Energy Consumption

Consumption of electricity increased by 11.5% year-on-year to 821.0 million kWh, and that of water rose by 5.7% to 17.08 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) went up by 15.8% to 78.52 million litres due to an increase in consumption of gas oil & diesel and fuel oil; consumption of liquefied petroleum gas (LPG) increased by 2.7% to 12,746 tonnes.

III. Concluding Remarks

In the first quarter of 2012, the economy of Macao expanded by 18.4% year-on-year in real terms, lower than the 20.8% rise in the same quarter of 2011; the increment was attributable to the increase in exports of services and investment, as well as the low comparison base of the first quarter of 2011.

Regarding the outlook for the second quarter, in terms of domestic demand, total investment is

likely to see considerable increase as government investment is expected to expand continuously

and private investment remain stable; private consumption expenditure is likely to have steady

growth upon favourable conditions on the job market. As regards external demand, demand on

goods remains weak but merchandise exports are likely to rebound in comparison with the low base

in 2011. Nevertheless, growth in exports of services are expected to decelerate as visitor arrivals for

April and May registered a 2.3% decrease and the increase in gross gaming revenue moderated to

13.8%. In sum, the pace of economic expansion for the second quarter of 2012 is projected to

decelerate and the rate of increase is likely to be lower compared with the first quarter.

STATISTICAL TABLES

SYMBOLS AND ABBREVIATIONS

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

# Confidential data

~ No figure provided

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

@ Figures are subject to revision later on

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

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

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

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%) 1/2

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

USA

　Gross Domestic Product -3.5 3.0 1.7 2.2 1.6 1.5 1.6 2.0

　Exports of goods -18.0 21.0 15.8 18.2 17.7 17.5 10.6 8.6

　Imports of goods -25.9 22.7 15.4 18.8 17.0 14.2 12.1

8.6

　Consumer Price Index -0.4 1.7 3.1 2.1 3.4 3.8 3.3 2.8

　Unemployment rate 9.3 9.6 8.9 9.5 8.9 9.1 8.3 8.6

Euro area

　Gross Domestic Product -4.4

2.0

1.5

2.4 1.6 1.3 0.7 -0.1

　Exports of goods -18.0 20.0 12.9

21.7

13.2

9.6

8.4 8.5

　Imports of goods -21.7 22.5 12.5

24.3

13.0

9.8

4.7

3.4

　Consumer Price Index 0.3 1.6 2.7 2.5 2.8 2.7 2.9 2.7

　Unemployment rate 9.6 10.2 10.2

10.4 9.8 9.9 10.6

11.4

Germany

　Gross Domestic Product -5.1 3.7 3.0 5.0 3.0 2.6 1.5 1.7

　Exports of goods -18.4 18.5 11.4 19.2 11.7 9.9 5.6

5.8

　Imports of goods -17.5 19.9 13.2 21.5 13.5 11.7 7.1 4.7

　Consumer Price Index 0.3 1.1 2.3 2.1 2.3 2.5 2.3 2.2

　Unemployment rate 8.1 7.7 7.1 7.8 7.1 6.9 6.5 7.3

French

　Gross Domestic Product -3.0

1.6

1.7 2.4

1.7

1.5 1.2

0.3

　Exports of goods -17.3

12.7

8.9

13.1

8.6

6.8

7.5

6.0

　Imports of goods -17.5

13.2 12.1

18.9

12.9 9.4

7.8

3.7

　Consumer Price Index 0.1 1.5 2.1 1.8 2.1 2.1 2.4 2.3

　Unemployment rate 9.5 9.8 9.7 10.0 9.2 9.5 10.1

10.3

The United Kingdom

　Gross Domestic Product -4.4 2.1 0.7

1.5

0.4

0.3

0.5

-0.1

　Exports of goods -9.5 16.5 12.6 19.0

10.8

10.9

10.1

4.1

　Imports of goods -10.2 17.1 9.5

13.5

9.8 10.2 4.9

5.3

　Consumer Price Index 2.1 3.3 4.5 4.2

4.4 4.7 4.7 3.5

　Unemployment rate 7.7 7.8 8.1 7.7 7.9 8.3 8.4 8.2

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

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

2009 2010 2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%) 2/2

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

Mainland China

　Gross Domestic Product 8.7 10.3 9.2 9.7 9.5 9.1 8.9 8.1

　Exports of goods -15.9 31.3 20.3 26.4 22.0 20.6 14.2 7.6

　Imports of goods -11.3 38.7 25.0 33.0 23.1 25.0 20.5 6.9

　Consumer Price Index

-0.7 3.3 5.4 5.0 5.4 5.7 5.4 3.8

Hong Kong

　Gross Domestic Product -2.7 7.1

5.0 7.6 5.4

4.4

3.0 0.4

　Exports of goods -12.6 22.8 10.1 24.6 7.7 4.2 6.9 -1.5

　Imports of goods -11.0 25.0 11.9 20.6 10.3 8.9 9.3 0.7

　Consumer Price Index 0.5 2.4 5.3 3.8 5.2 6.4 5.7 5.2

　Unemployment rate 5.4 4.3 3.4 3.4 3.7

3.4 3.1 3.3

Taiwan, China

　Gross Domestic Product -1.8 10.7 4.0 6.6 4.5 3.5 1.9 0.4

　Exports of goods -20.3 34.8 12.3 19.4 14.6 11.6 4.5 -4.0

　Imports of goods -27.5 44.1 12.0 21.7 18.9 10.2 -0.9 -5.9

　Consumer Price Index -0.9 1.0 1.4 1.3 1.6 1.4 1.4 1.3

　Unemployment rate 5.9 5.2 4.4 4.6 4.3 4.4 4.3 4.2

Japan

　Gross Domestic Product -5.5 4.4 -0.7

-0.2

-1.7 -0.4

-0.5

2.7

　Exports of goods -33.1 24.4 -2.7 2.4 -8.1

0.5 -5.5 -1.6

　Imports of goods -34.8 18.0 12.1

11.7

10.5

13.8 12.4

9.8

　Consumer Price Index -1.4 -0.7 -0.3 -0.5 -0.4 0.1 -0.3 0.3

　Unemployment rate 5.1 5.1 4.6

4.8 4.8

4.5

4.3 4.5

Republic of Korea

　Gross Domestic Product 0.3 6.3

3.6 4.2 3.5

3.6

3.3

2.8

　Exports of goods -13.9 28.3 19.0

29.6 18.6

21.4 9.0

3.0

　Imports of goods -25.8 31.6 23.3 26.3

27.1

27.7 13.4

7.6

　Consumer Price Index 2.8 2.9 4.0 3.8 4.0 4.3 4.0 3.0

　Unemployment rate 3.6 3.8 3.4 4.2 3.4 3.1 2.9 3.8

Singapore

　Gross Domestic Product -1.0 14.8 4.9 9.1 1.2 6.0 3.6 1.6

　Exports of goods -18.0 22.4 7.5 13.4 6.7 4.7 5.8 4.8

　Imports of goods -21.0 18.8 8.6 10.2 8.4 6.2 9.9 10.4

　Consumer Price Index 0.6 2.8 5.2 5.2 4.7 5.5 5.5 4.9

　Unemployment rate 3.0 2.2 2.0 1.8 2.7 1.8 1.8 1.9

a Accumulated year-on-year comparison.

Source : China National Bureau of Statistics

Hong Kong SAR Census and Statistics Department

Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan, China; Ministry of Economic Affairs, Taiwan, China Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan

National Statistics Office of Republic of Korea; Bank of Korea The Singapore Department of Statistics

2009 2010 2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%)

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

USA

　Gross Domestic Product -3.5 3.0 1.7 0.4 1.3 1.8 3.0 1.9

　Exports of goods -18.0 21.0 15.8 4.9 3.3 2.7 -0.3 2.1

　Imports of goods -25.9 22.7 15.4 8.1 3.5 0.2 0.7

3.3

　Consumer Price Index -0.4 1.7 3.1 1.1 1.1 0.8 0.3 0.6

　Unemployment rate

9.3 9.6 8.9 9.0 9.0 9.1 8.7 8.3

Japan

　Gross Domestic Product -5.5 4.4 -0.7

-2.0

-0.3

1.9

-

1.0

　Exports of goods -33.2

24.5

-2.6

0.9

-7.9

7.1

-4.8

2.2

　Imports of goods -34.6 18.0 12.3

6.9

3.7

0.9

1.6

1.7

　Consumer Price Index -1.4 -0.7 -0.3 - -0.2 - -0.2 0.6

　Unemployment rate

5.1 5.1 4.6

4.8

4.7

4.4 4.5 4.5

Hong Kong

　Gross Domestic Product -2.7 7.1

5.0 2.9

-0.4

0.1 0.4

0.4

　Exports of goods -12.6 22.8 10.1 11.8

-11.0

-0.5

1.9

2.3

　Imports of goods -11.0 25.0 11.9 8.6

-5.4

0.8

-0.6

1.6

　Consumer Price Index 0.5 2.4 5.3 1.8 1.8 -0.9 3.0 1.3

　Unemployment rate

5.4 4.3 3.4 3.5

3.6

3.2 3.3 3.4

a Unemployment rate after seasonal adjustment.

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

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

3. GROSS DOMESTIC PRODUCT OF MACAO

2011 2011 2011 2011 2012

Q1 Q2 Q3 Q4 Q1

At current prices:

GDP (MOP billion) 170.2 226.2 292.1 61.9 70.7 75.5 84.0 78.9

GDP per capita (MOP thousand) 317.6 421.3 531.7 .. .. .. .. ..

Chain volume measures in chained (2010) dollars:

GDP (MOP billion) 178.1 226.2 273.1 59.6 67.1 70.0 76.5 70.5

Year-on-Year change in real terms (%)

GDP 1.7 27.0 20.7 20.8 23.8 21.4 17.5 18.4

Private consumption expenditure 2.4 7.5 10.2 11.1 8.8 8.7 12.1 5.4

In the domestic market 0.3 5.3 9.7 11.0 8.0 9.1 10.6 5.8

Abroad 12.8 20.7 9.1 9.3 9.0 7.2 10.9 8.7

Government final consumption expenditure 13.1 4.8 9.4 -3.2 8.9 10.5 16.3 11.6

Gross fixed capital formation -32.3 -16.8 14.5 16.4 21.5 6.0 15.8 43.8

Private sector -36.8 -22.4 4.9 12.1 19.4 2.0 -10.5 21.2

Government 34.4 24.1 58.9 290.5 47.7 20.7 77.6 449.8

2011

2010 2009

2009 2010

2011

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2012 2011 2011 2011 2011 2012

Q1 to Q1 Q1 Q2 Q3 Q4 Q1

A. External Merchandise trade (MOP million)

Total exports 7 672.5 6 960.0 6 970.9 1 975.7 1 618.4 1 782.2 1 652.4 1 917.9 1 975.7 22.1

Textiles and garments 2 469.9 1 627.3 1 339.0 284.7 337.1 371.7 341.9 288.3 284.7 -15.5

Other products 5 202.6 5 332.7 5 631.9 1 691.0 1 281.3 1 410.5 1 310.5 1 629.6 1 691.0 32.0

Total imports 36 902.0 44 118.4 62 288.9 17 334.5 13 128.3 14 609.8 16 666.4 17 884.4 17 334.5 32.0

Trade balance -29 229.4 -37 158.4 -55 318.0 -15 358.8 -11 509.9 -12 827.6 -15 013.9 -15 966.5 -15 358.8 -33.4

B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(MOP million) 120 383 189 588 269 058 74 596 58 835 65 900 70 521 73 802 74 596 26.8

y-on-y % change 9.6 57.5 41.9 26.8 42.6 45.7 47.8 33.2 26.8

No. of visitor arrivals(thousand) 21 752.8 24 965.4 28 002.3 6 942.3 6 431.2 6 815.5 7 415.5 7 340.1 6 942.3 7.9

Average length of stay of visitors^b (days) 1.1 0.9 1.0 .. 1.0 1.1 1.0 0.9 0.9 -0.2^d

Visitor spending per capita (MOP) 1 616 1 518 1 619 .. 1 516 1 482 1 633 1 820 1 891 24.7

Hotel occupancy rate (%) 71.4 79.8 84.1 83.2 81.0 82.9 85.5 86.6 83.2 2.2^a

C. Construction and real estate

Expenditure on public works (MOP million) 3 021.2 4 274.9 7 666.0 617.2 36.8 305.4 1 301.9 5 867.0 617.2 1 578.0 Private sector construction

　　 Buildings started - no. of units 1 547 870 2 159 41 93 61 1 492 513 41 -55.9

　　 Buildings started - gross floor area (thousand m²) 229 184 367 11 9 28 229 101 11 19.3

　　 Buildings completed - no. of units 3 251 4 527 1 387 36 567 389 122 309 36 -93.7

　　 Buildings completed - gross floor area (thousand m²) 1 406 1 272 1 163 9 164 476 18 504 9 -94.4

No. of building units transacted 17 310 29 617 27 624 3 592 7 422 12 921 3 738 3 543 3 592 -51.6

Value of building units transacted (MOP million) 26 298.7 56 753.6 76 255.1 11 706.8 17 670.2 38 853.3 9 616.4 10 115.2 11 706.8 -33.7 D. Transport

　 Seaborne containerised cargo (tonne) 180 413 178 380 182 959 50 153 38 382 45 878 44 543 54 157 50 153 30.7

　 Containerised land cargo (tonne) 51 694 45 718 35 093 9 482 9 357 8 245 8 442 9 049 9 482 1.3

　 Air cargo (tonne) 52 464 52 166 39 524 6 452 8 520 10 701 9 862 10 441 6 452 -24.3

E. Prices and consumption

Inflation rate (%) 1.2 2.8 5.8 6.3 5.0 5.2 6.2 6.7 6.3 ..

Composite Consumer Price Index (4/2008-3/2009=100) 101.4 104.2 110.3 114.7 108.0 109.5 111.0 112.7 114.7 6.3

Retail sales turnover (MOP million) 22 354 30 588 43 225^r 12 879 10 030 9 815 10 951 12 429^r 12 879 28.4

F. Employment

Unemployment rate (%) 3.5^r 2.8 2.6 .. 2.7 2.7 2.7^r 2.2 2.0 -0.7^a

Median monthly employment earnings (MOP thousand) 8.5 9.0 10.0 .. 9.6 9.7^r 10.0 10.3^r 11.0 14.6

Non-resident workers in Macao (end-period) 74 905 75 813 94 028 .. 81 416 85 273 89 896 94 028 98 664 21.2

G. Public accounts (MOP million)

Total revenue 69 870.9 88 488.1 122 972.3 29 622.4 24 355.7 27 093.9 29 976.6 31 295.1 29 622.4 21.6

Tax revenue from gaming 45 697.5 68 776.1 99 656.4 27 747.7 21 864.5 24 519.2 26 371.1 26 901.7 27 747.7 26.9

Total expenditure 35 459.9 38 393.9 45 593.3 6 100.7 7 100.4 8 139.9 10 095.9 23 654.2 6 100.7 -14.1

Balance 34 411.0 50 094.1 77 379.0 23 521.7 17 255.3 18 954.0 19 880.7 7 641.0 23 521.7 ..

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

　 Narrow money supply (M1) 30 606.8 34 729.7 36 243.3 38 372.0 33 832.6 36 667.4 36 254.0 36 243.3 38 372.0 13.4

　 Broad money supply (M2) 212 233.3 243 053.8 297 942.0^r 310 588.4 258 770.4^r 271 083.2^r 278 433.2^r 297 942.0^r 310 588.4 20.0 　 Resident deposits 207 327.4 237 639.4 291 573.2 303 800.8 252 711.2 265 067.9 272 371.4 291 573.2 303 800.8 20.2 　 Domestic credit to the private sector 101 125.2 130 676.9 167 890.4 170 599.8 140 070.6 156 962.4 165 150.5 167 890.4 170 599.8 21.8 　 Net foreign assets 275 171.7 333 837.7 424 783.0^r 363 308.3 354 061.4 371 174.8 390 699.9 424 783.0^r 363 308.3 2.6 Foreign exchange reserves 146 578.7 190 186.8 272 369.4 128 771.7 204 084.4 225 691.9 246 839.5 272 369.4 128 771.7^c .. ^c I. Others

　No. of new companies incorporated 2 529 2 991 3 405 881 768 911 850 876 881 14.7

　No. of companies in dissolution 469 492 511 130 137 112 125 137 130 -5.1

　Consumption of electricity (million kWh) 3 463.3 3 655.5 3 856.5 821.0 736.2 1 014.8 1 197.6 907.9 821.0 11.5

a Percentage points.

b Data for 2009 and before are sample values, and those for 2010 are obtained by statistical extrapolation. Starting from 2011, data are provided by the Public Security Police Forece.

c According to the Fiscal Reserve Act that came into effect on 1 January 2012, the fiscal reserves and foreign exchange reserves are managed under separate accounts.

The official transfer of relevant assets was made in February 2012 d day.

2009

2012 Q1 year-on-year

% change

2010 2011

II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2012 2011 2011 2011 2011 2012

Q1 to Q1 Q1 Q2 Q3 Q4 Q1

A. Imports and exports MOP million 44 574.5 51 078.4 69 259.8 19 310.2 14 746.7 16 392.0 18 318.8 19 802.4 19 310.2

y-on-y % change -24.5 14.6 35.6 30.9 26.6 33.0 40.2 41.1 30.9

B. Total exports MOP million 7 672.5 6 960.0 6 970.9 1 975.7 1 618.4 1 782.2 1 652.4 1 917.9 1 975.7

y-on-y % change -52.1 -9.3 0.2 22.1 -11.2 -1.6 -0.1 14.6 22.1

　1. Domestic exports MOP million 2 971.1 2 389.8 2 390.2 573.5 565.7 597.4 595.9 631.1 573.5

y-on-y % change -69.0 -19.6 0^# 1.4 0.6 4.7 -5.2 0.5 1.4

　2. Re-exports MOP million 4 701.4 4 570.2 4 580.7 1 402.2 1 052.7 1 184.7 1 056.5 1 286.8 1 402.2

y-on-y % change -27.0 -2.8 0.2 33.2 -16.4 -4.4 3.1 23.0 33.2

C. Total imports MOP million 36 902.0 44 118.4 62 288.9 17 334.5 13 128.3 14 609.8 16 666.4 17 884.4 17 334.5

y-on-y % change -14.2 19.6 41.2 32.0 33.5 38.9 46.0 44.7 32.0

D. Trade balance MOP million -29 229.4 -37 158.4 -55 318.0 -15 358.8 -11 509.9 -12 827.6 -15 013.9 -15 966.5 -15 358.8 (Exports - Imports )

E. Exports/Imports ratio 20.8 15.8 11.2 11.4 12.3 12.2 9.9 10.7 11.4

F. External merchandise trade index (2006=100) 　1. Exports

　　Value index index 110.1^r 99.8^r 100.0^r 113.4 92.9^r 102.3^r 94.8^r 110.1^r 113.4

y-on-y % change -52.1 -9.4^r 0.2^r 22.1 -11.2 -1.5^r -0.1^r 14.6^r 22.1

　　Unit value index index 89.1^r 91.8^r 100.0^r 101.6 97.7^r 101.0^r 101.0^r 100.3^r 101.6

y-on-y % change -1.1^r 3.0^r 8.9^r 4.0 8.0^r 9.9^r 9.9^r 7.6^r 4.0

　　Quantum index index 123.5^r 108.7^r 100.0^r 111.6 95.1^r 101.3^r 93.9^r 109.7^r 111.6

y-on-y % change -51.6^r -12.0^r -8.0^r 17.4 -17.7^r -10.4^r -9.0^r 6.5^r 17.4 　2. Imports

　　Value index index 59.2^r 70.8^r 100.0^r 111.4 84.3^r 93.8^r 107.0^r 114.8^r 111.4^r

y-on-y % change -14.3 19.6 41.2^r 32.1 33.6^r 39.0 46.0 44.6^r 32.1

　　Unit value index index 88.9^r 92.5^r 100.0^r 101.8 97.4^r 99.9^r 100.4^r 101.6^r 101.8

y-on-y % change -0.6^r 4.0 8.1 4.5 6.6 8.5 8.5^r 8.5^r 4.5

　　Quantum index index 66.6 76.6 100.0^r 109.4 86.5^r 93.9^r 106.6^r 113.0^r 109.4

y-on-y % change -13.8 15.0^r 30.5 26.5 25.4 28.1 34.4 33.3 26.5

　3. Terms of trade index ^a index 100.2^r 99.3^r 100.0^r 99.7 100.3^r 101.1^r 100.5^r 98.7^r 99.7

y-on-y % change -0.5^r -0.9^r 0.7^r -0.6 1.3^r 1.3^r 1.1^r -0.9^r -0.6

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

2009 2010 2011

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2012 2011 2011 2011 2011 2012 Structure

Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)

Total exports MOP million 7 672.5 6 960.0 6 970.9 1 975.7 1 618.4 1 782.2 1 652.4 1 917.9 1 975.7 100.0

y-on-y % change -52.1 -9.3 0.2 22.1 -11.2 -1.6 -0.1 14.6 22.1

1. Destination

USA MOP million 1 308.3 782.1 555.8 124.4 152.6 150.5 121.9 130.8 124.4 6.3

y-on-y % change -79.6 -40.2 -28.9 -18.5 -26.5 -15.0 -49.5 -16.1 -18.5

European Union MOP million 631.3 409.4 383.3 85.4 98.1 107.9 88.7 88.6 85.4 4.3

y-on-y % change -60.3 -35.2 -6.4 -12.9 2.7 2.5 -15.9 -14.0 -12.9

Mainland China MOP million 1 117.5 1 102.4 1 097.9 283.1 232.2 350.1 230.9 284.8 283.1 14.3

y-on-y % change -43.2 -1.4 -0.4 21.9 -13.5 10.8 -10.4 9.4 21.9

Hong Kong MOP million 3 014.6 3 002.6 3 108.9 1 022.0 726.2 702.5 740.6 939.6 1 022.0 51.7

y-on-y % change -4.7 -0.4 3.5 40.7 -13.2 -12.6 19.3 26.7 40.7

Taiwan, China MOP million 160.7 175.9 103.0 10.9 30.2 32.3 22.5 17.9 10.9 0.6

y-on-y % change -26.2 9.5 -41.5 -63.8 -44.3 -43.5 -36.7 -37.9 -63.8

Japan MOP million 105.7 109.5 144.0 36.2 26.0 35.4 37.4 45.3 36.2 1.8

y-on-y % change -50.3 3.5 31.6 39.2 5.4 43.6 22.6 52.7 39.2

Vietnam MOP million 178.3 188.2 119.1 33.7 37.2 37.3 26.9 17.7 33.7 1.7

y-on-y % change 4.8 5.6 -36.7 -9.4 -16.5 -22.2 -34.9 -67.5 -9.4

2. Type of goods

Garment and textile MOP million 2 469.9 1 627.3 1 339.0 284.7 337.1 371.7 341.9 288.3 284.7 14.4

products y-on-y % change -73.0 -34.1 -17.7 -15.5 -11.6 -5.9 -26.8 -24.9 -15.5

Garment MOP million 2 101.9 1 314.3 1 069.7 248.8 272.1 285.5 278.5 233.6 248.8 12.6

y-on-y % change -75.0 -37.5 -18.6 -8.6 -17.1 -7.6 -24.1 -24.7 -8.6

Knitted or MOP million 1 282.6 755.1 511.3 121.4 141.4 136.1 122.8 111.1 121.4 6.1

crocheted y-on-y % change -74.2 -41.1 -32.3 -14.1 -28.9 -23.7 -41.1 -34.5 -14.1

Not knitted or MOP million 819.3 559.1 558.4 127.4 130.8 149.4 155.7 122.4 127.4 6.5

crocheted y-on-y % change -76.2 -31.8 -0.1 -2.5 0.9 14.4 -1.7 -12.8 -2.5

Textile products MOP million 368.0 313.0 269.3 35.9 65.0 86.2 63.4 54.7 35.9 1.8

y-on-y % change -49.3 -14.9 -14.0 -44.7 23.2 0.1 -36.8 -25.9 -44.7

Machines and apparatus, parts MOP million 626.2 449.0 627.8 293.8 116.3 175.5 124.5 211.5 293.8 14.9 and accessories thereof y-on-y % change -48.0 -28.3 39.8 152.5 -4.9 66.9 15.8 85.4 152.5

Tobacco and wine MOP million 318.6 470.3 669.6 166.1 138.7 176.4 160.5 194.0 166.1 8.4

y-on-y % change -11.8 47.6 42.4 19.8 62.8 92.1 41.7 7.8 19.8

Clocks and watches MOP million 312.2 352.3 264.5 91.3 98.4 46.5 52.4 67.3 91.3 4.6

y-on-y % change 242.3 12.8 -24.9 -7.3 45.6 -71.8 -23.3 30.9 -7.3

Diamond and diamond MOP million 531.1 614.3 225.2 134.5 98.1 38.8 39.6 48.7 134.5 6.8

jewellery y-on-y % change 10.6 15.7 -63.3 37.1 -63.3 -80.0 -14.1 -54.2 37.1

Copper and articles thereof MOP million 266.2 374.1 382.0 92.8 103.2 92.1 102.2 84.6 92.8 4.7

y-on-y % change -29.0 40.5 2.1 -10.1 5.2 -4.9 14.7 -6.1 -10.1

Others MOP million 3 148.3 3 072.7 3 462.8 912.6 726.6 881.2 831.4 1 023.6 912.6 46.2

y-on-y % change -27.9 -2.4 12.7 25.6 -9.2 15.6 9.1 36.8 25.6

2009 2010 2011

II. EXTERNAL MERCHANDISE TRADE

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS

2012 2011 2011 2011 2011 2012 Structure

Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)

Domestic exports MOP million 2 971.1 2 389.8 2 390.2 573.5 565.7 597.4 595.9 631.1 573.5 100.0

y-on-y % change -69.0 -19.6 0^# 1.4 0.6 4.7 -5.2 0.5 1.4

1. Destination

USA MOP million 1 265.3 713.7 498.2 117.5 134.0 139.8 111.4 112.9 117.5 20.5

y-on-y % change -80.0 -43.6 -30.2 -12.3 -31.1 -14.6 -46.8 -22.7 -12.3

European Union MOP million 609.5 398.4 370.9 81.7 95.7 104.7 85.0 85.6 81.7 14.2

y-on-y % change -60.1 -34.6 -6.9 -14.7 4.6 1.8 -17.5 -15.3 -14.7

Mainland China MOP million 189.6 251.3 294.7 84.6 63.2 65.7 79.0 86.7 84.6 14.7

y-on-y % change -14.9 32.5 17.3 33.7 26.0 -8.8 26.3 30.5 33.7

Hong Kong MOP million 348.0 485.1 705.5 165.1 142.8 153.7 193.3 215.7 165.1 28.8

y-on-y % change -33.6 39.4 45.4 15.6 36.6 81.5 82.9 13.4 15.6

Taiwan, China MOP million 46.8 53.7 54.0 7.1 19.9 13.3 11.6 9.3 7.1 1.2

y-on-y % change -62.4 14.8 0.7 -64.3 78.2 -25.4 -19.6 -9.5 -64.3

　　 Japan MOP million 87.3 94.9 128.4 26.3 23.7 29.0 35.4 40.4 26.3 4.6

y-on-y % change -38.1 8.8 35.3 11.1 6.7 32.7 40.5 56.9 11.1

Vietnam MOP million 155.9 144.3 109.5 31.4 36.3 33.8 22.3 17.1 31.4 5.5

y-on-y % change 10.4 -7.4 -24.1 -13.7 -5.5 -17.8 -40.7 -37.0 -13.7

2. Type of goods

Garment MOP million 1 971.1 1 169.0 899.8 185.5 229.4 246.2 227.3 196.9 185.5 32.3

y-on-y % change -75.9 -40.7 -23.0 -19.1 -21.6 -12.9 -30.3 -26.4 -19.1

Knitted or MOP million 1 219.6 694.5 447.6 103.2 124.3 120.8 104.1 98.4 103.2 18.0 crocheted y-on-y % change -74.6 -43.1 -35.6 -17.0 -32.5 -27.0 -45.8 -35.6 -17.0

Not knitted or MOP million 751.4 474.5 452.2 82.3 105.1 125.4 123.2 98.5 82.3 14.4 crocheted y-on-y % change -77.8 -36.9 -4.7 -21.7 -3.0 7.0 -8.2 -14.2 -21.7

Tobacco and wine MOP million 252.2 277.7 468.4 119.2 87.2 116.8 115.8 148.6 119.2 20.8

y-on-y % change 6.7 10.1 68.7 36.7 41.3 78.3 68.0 82.2 36.7

Others MOP million 747.8 943.1 1 022.0 268.8 249.1 234.4 252.9 285.6 268.8 46.9

y-on-y % change -35.5 26.1 8.4 7.9 19.6 5.4 8.2 2.5 7.9

2009 2010 2011

II. EXTERNAL MERCHANDISE TRADE

4. PRINCIPAL STATISTICS ON RE-EXPORTS

2012 2011 2011 2011 2011 2012 Structure

Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)

Re-exports MOP million 4 701.4 4 570.2 4 580.7 1 402.2 1 052.7 1 184.7 1 056.5 1 286.8 1 402.2 100.0

y-on-y % change -27.0 -2.8 0.2 33.2 -16.4 -4.4 3.1 23.0 33.2

1. Destination

Mainland China MOP million 927.9 851.1 803.2 198.5 169.0 284.3 151.8 198.0 198.5 14.2

y-on-y % change -46.8 -8.3 -5.6 17.5 -22.6 16.6 -22.1 2.2 17.5

Hong Kong MOP million 2 666.7 2 517.5 2 403.4 856.9 583.4 548.8 547.3 723.9 856.9 61.1

y-on-y % change 1.1 -5.6 -4.5 46.9 -20.3 -23.7 6.3 31.3 46.9

USA MOP million 42.9 68.3 57.7 6.9 18.6 10.7 10.5 17.9 6.9 0.5

y-on-y % change -33.7 59.2 -15.6 -62.9 43.4 -20.0 -67.3 81.7 -62.9

2. Type of goods

Consumer goods MOP million 2 000.2 2 070.5 1 516.8 506.1 442.5 331.0 358.0 385.3 506.1 36.1

y-on-y % change 11.0 3.5 -26.7 14.4 -27.7 -48.7 8.3 -9.0 14.4

Food and MOP million 121.4 244.3 251.8 55.4 63.5 72.8 57.3 58.2 55.4 4.0

beverages y-on-y % change -32.9 101.3 3.1 -12.8 51.7 103.6 3.1 -47.6 -12.8

Diamand and MOP million 531.1 614.3 225.2 134.5 98.1 38.8 39.6 48.7 134.5 9.6

diamand jewellery y-on-y % change 10.6 15.7 -63.3 37.1 -63.3 -80.0 -14.1 -54.2 37.1

Raw materials and MOP million 823.0 808.1 736.3 148.3 165.5 227.2 166.7 176.9 148.3 10.6

semi-manufactures y-on-y % change -43.2 -1.8 -8.9 -10.4 -4.1 2.6 -24.0 -9.2 -10.4

Textile materials MOP million 337.5 280.5 231.4 27.6 60.6 76.4 52.2 42.2 27.6 2.0

y-on-y % change -51.9 -16.9 -17.5 -54.5 29.2 -1.4 -41.9 -36.2 -54.5

Others MOP million 1 878.2 1 691.6 2 327.6 747.8 444.7 626.5 531.7 724.6 747.8 53.3

y-on-y % change -41.2 -9.9 37.6 68.2 -6.5 68.0 28.1 69.3 68.2

5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS

1^st quarter (%)

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

A. Domestic exports

　　Garment 81.7 73.1 76.9 68.0 4.9 14.3 7.7 7.4 35.7 57.4

　　　Knitted or crocheted 64.6 59.8 14.0 13.7 1.9 8.6 4.6 3.6 13.4 18.1

　　　Not knitted or crocheted 17.1 13.3 62.9 54.3 3.0 5.7 3.1 3.8 22.3 39.3

　　Others 18.3 26.9 23.1 32.0 95.1 85.7 92.3 92.6 64.3 42.6

　　Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

B. Re-exports

　　Consumer goods 12.5 22.8 75.2 82.6 19.0 15.8 70.6 54.0 42.9 9.6

　　　Food and beverages - 0.9 18.9 11.1 3.2 2.7 9.8 5.8 2.2 2.7

　　　Diamand and diamand jewellery - - 3.5 - - - 16.8 15.7 - -

　　Raw materials and semi-manufactures 7.9 48.1 22.6 6.6 51.9 25.8 9.8 9.8 33.9 44.5

　　　Textile materials - - 1.1 - 33.8 12.6 0.6 0.2 0.7 -

　　Others 79.6 29.1 2.2 10.7 29.1 58.4 19.7 36.2 23.2 45.9

　　Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2011

USA 2010 2009

Mainland China Hong Kong Taiwan, China

European Union