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.
2 nd Quarter
Editor: DSEC
Macao, October 2016
Typesetting and design: DSEC
Printing: DSEC
CONTENTS
THE WORLD ECONOMY... 9
ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW ... 15
II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE ... 16
B. GAMING, TOURISM AND MICE ... 19
C. CONSUMPTION AND PRICES ... 23
D. EMPLOYMENT ... 25
E. INVESTMENT ... 26
F. PUBLIC ACCOUNTS ... 29
G. MONEY AND FINANCE ... 29
H. OTHER ECONOMIC INDICATORS ... 31
III. CONCLUDING REMARKS ... 32
TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ... 35
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON) ... 37
3. GROSS DOMESTIC PRODUCT OF MACAO ... 37
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 38
II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE ... 39
2. PRINCIPAL STATISTICS ON EXPORTS ... 40
3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS ... 41
4. PRINCIPAL STATISTICS ON RE-EXPORTS ... 42
5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS ... 42
6. PRINCIPAL STATISTICS OF IMPORTS…... 43
7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES ... 44
8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES ... 44
III. GAMING, TOURISM AND MICE 1. INDICATORS OF THE GAMING SECTOR ... 45
2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONTRIBUTION TO THE
ECONOMY...46
3. PRINCIPAL INDICATORS OF TOURISM ……….47
4. VISITOR ARRIVALS………..48
5. AVERAGE LENGTH OF STAY OF VISITORS………..50
6. SPENDING OF VISITORS………...51
7. HOTELS AND GUESTHOUSES ... 53
8. MICE STATISTICS ... 54
IV. CONSUMPTION AND PRICES 1. PRICE INDICES ... 55
2. RETAIL SALES ... 56
3. SALES VOLUME INDEX ... 56
V. LABOUR FORCE 1. PRINCIPAL INDICATORS OF LABOUR FORCE ... 57
2. EMPLOYED POPULATION BY GENDER, AGE GROUP AND INDUSTRY ... 58
3. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED POPULATION ... 59
4. EMPLOYED RESIDENTS BY GENDER, AGE GROUP AND INDUSTRY ... 60
5. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED RESIDENTS ... 61
6. JOB VACANCIES ... 61
7. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASON FOR BEING UNEMPLOYMENT ... 62
8. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASON FOR UNDEREMPLOYMENT ... 63
9. NON-RESIDENT WORKERS ... 63
VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION ... 64
2. PURCHASE AND SALE OF BUILDING UNITS ... 65
3. PURCHASE AND SALE OF BUILDING UNITS BY END-USE OF UNIT AND BUYER’S STATUS ... 66
4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS, OFFICES AND INDUSTRIAL UNITS PURCHASED AND SOLD ... 67
5. PUBLIC WORKS ... 67
VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 68
2. PUBLIC REVENUE ... 69
3. PUBLIC EXPENDITURE ... 70
4. PUBLIC INVESTMENT ... 70
VIII. MONEY AND FINANCE
1. MONETARY SURVEY ... 71
2. RESIDENT DEPOSITS ... 72
3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 73
4. MORTGAGE LOANS ... 73
5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 74
6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ... 75
7. INTEREST RATES OF THE MACAO PATACA ... 75
IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 76
2. TRANSPORT ... 77
3. COMMUNICATIONS ... 78
4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT ... 78
5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 79
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THE WORLD ECONOMY
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Global economic growth slowed with increased downside risks in the second quarter of 2016. The US economy was stable, the Euro area expanded modestly, and the economy of Japan experienced sluggish rise. Stable financial market brought the global economy out of the uncertain situation in the beginning of the year. Nevertheless, the result of the UK’s referendum in late June showed that the majority of the citizens voted to leave the EU, and this unexpected outcome has brought about uncertainty not only to the European region but also to the global economy. The World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) in July 2016 indicated that growth in advanced economies remained stable while developing economies turned in steady performance. Affected by the referendum result, the global growth forecast for 2016 was marked down by 0.1 percentage point from the April WEO, to 3.1%; the growth projection for 2017 was also revised down by 0.1 percentage point to 3.4%.
The US economy saw steady growth in the second quarter, with Gross Domestic Product (GDP) rising by 1.2% year-on-year and 1.1% quarter-to-quarter. Private consumption expenditure was the major impetus for growth, adding 2.9 percentage points to the increase, of which the service sector contributed 1.4 percentage points. Net exports, underpinned by a rebound in merchandise exports, pushed up the economic growth by 0.1 percentage point. Meanwhile, gross fixed capital formation dropped along with declining equipment investment, lowering the rate of economic increase by 0.4 percentage points.
Change in inventory also dragged down the economic growth by 1.3 percentage points.
The unemployment rate dropped by 0.4 percentage points quarter-to-quarter to 4.8%; the seasonally adjusted unemployment rate stood at 4.9%.
The German economy showed steady rise while growth in the French economy eased.
As the French and Spanish economies lost momentum, and Britain’s vote to leave the EU created uncertainty to the European recovery, economic growth in the Euro area slowed slightly, with the second quarter GDP rising by 1.6% year-on-year. Exports contributed 0.5 percentage points to the economic growth. Consumption expenditure of households and non-profit institutions added 0.1 percentage point to the increase. Meanwhile, imports lowered the rate of economic growth by 0.1 percentage point. Change in inventory and gross capital formation each dragged down the economic increase by 0.2 percentage points. The unemployment rate declined by 0.7 percentage points quarter-to-quarter to 10.0%.
The outcome of the referendum has no immediate impact on the UK. Economic
growth in the UK continued, with the second quarter GDP rising by 2.2% year-on-year and
0.6% quarter-to-quarter. Household final consumption expenditure was the main driver of
economic growth, contributing 0.6 percentage points to the increase. Capital formation
added 0.4 percentage points to the economic growth, while net exports dragged down the increase by 0.3 percentage points. The unemployment rate decreased by 0.2 percentage points quarter-to quarter to 4.9%.
As commodity prices stablised and export decline decelerated, the Asian region was generally back to stability; yet, emerging markets and developing economies in other regions remained weak. The July 2016 WEO Update of IMF indicated that the ASEAN 5 economies
awere projected to grow by 4.8% in 2016, same as the April forecast; the projection for the Middle East, North Africa, Afghanistan and Pakistan was revised upward by 0.3 percentage points to 3.4%; the projection for India was marked downward by 0.1 percentage point from the April forcast to 7.4%, while that for China was revised upward by 0.1 percentage point to 6.6%.
The second quarter GDP of Japan rose by 0.8% year-on-year and 0.2%
quarter-to-quarter. With robust growth in residential sales and increased government investment in infrastructure, government consumption expenditure contributed 0.4 percentage points to the economic growth. Private consumption expenditure added 0.2 percentage points to the increase. The unemployment rate remained stable at 3.2%; the seasonally adjusted rate was also 3.2%.
The economy of the Republic of Korea grew faster than in the previous quarter owing to increases in private consumption and enterprise investment. The second quarter GDP expanded by 3.2% year-on-year and 0.7% quarter-to-quarter. Gross capital formation and final consumption expenditure added 0.7 and 0.5 percentage points respectively to the economic growth. Rebound in exports pushed up the rate of economic growth by 0.5 percentage points. Meanwhile, change in inventory offset the rate of economic increase by 0.1 percentage point. The unemployment rate held stable from a year earlier, at 3.8%.
In Mainland China, GDP for the second quarter expanded by 6.7% year-on-year. In the first half year of 2016, value added of the above-scale industries rose by 6.0%
year-on-year; fixed asset investment increased by 9.0% year-on-year, down by 1.7 percentage points from the first quarter of 2016; retail sales of consumer goods rose by 10.3% year-on-year, same as in the first quarter, of which sales of construction and decoration materials increased by 15.6%, communication equipment by 14.9%, and foodstuff, oils & grains by 12.3%. External merchandise trade improved compared with the previous quarter. Total value of external trade for the second quarter of 2016 decreased by 5.7% year-on-year, with exports and imports of goods falling by 4.8% and 6.8%
respectively, smaller than the corresponding decreases in the first quarter of 2016. The
a
Indonesia, Malaysia, the Philippines, Thailand and Vietnam
Consumer Price Index (CPI) for the second quarter increased by 2.1% year-on-year amid moderate price growth.
The Hong Kong economy regained moderate growth on account of a pick-up in exports of goods. The second quarter GDP rose by 1.7% year-on-year and 1.6%
quarter-to-quarter. Total exports of goods increased by 2.0% year-on-year. As building and
construction works grew at a faster pace, gross fixed capital formation declined to a much
lesser extent from the first quarter, shrinking by 4.9% year-on-year. Exports of services
showed a smaller year-on-year decline of 4.6%, owing to slower decrease in visitor arrivals,
coupled with a slight rise in exports of trade related services. The Consumer Price Index
(CPI) rose by 2.6% year-on-year but shrank by 0.7% quarter-to-quarter in the second
quarter of 2016. The unemployment rate rose by 0.2 percentage points quarter-to-quarter
to 3.5%, and the seasonally adjusted rate remained stable at 3.4%.
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ANALYSIS OF THE MACAO ECONOMY
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I. Overview
In the second quarter of 2016, the economy of Macao contracted by 7.1%
year-on-year in real terms, slowing down from the 13.3% drop in the first quarter. The deceleration was mainly attributable to smaller decreases in exports of gaming services and investment, as well as the low base of comparison in the second quarter of 2015. In terms of external demand, exports of services were dragged down by the declines in exports of gaming services and other tourism services. As regards domestic demand, government final consumption increased, while private consumption and investment decreased. The economy contracted by 10.3% year-on-year in real terms in the first half year of 2016.
The following highlights year-on-year comparisons of major segments of the local economy in the second quarter and the first half year of 2016:
1. Total external merchandise trade (exports plus imports) continued to decline amid economic adjustment. Total value of merchandise trade decreased by 18.3%, of which total merchandise exports dropped by 12.7%; meanwhile, total merchandise imports fell by 19.0% on the back of cautious consumer spending, reduced investment and receding visitor spending. A visible trade deficit of MOP14.08 billion was recorded.
For the first half year of 2016, total merchandise trade dropped by 19.7%;
merchandise exports shrank by 6.5% while merchandise imports fell by 21.3%, with the visible trade deficit amounting to MOP28.38 billion.
2. Exports of gaming and tourism services registered slower decline. Exports of gaming services decreased by 12.0% on account of a 9.2% drop in gross gaming revenue coupled with inflation, a deceleration from the 17.1% drop in the first quarter of 2016.
As visitor arrivals edged down by 0.5%, exports of other tourism services shrank by 7.4%, slowing down from the 11.0% decline in the first quarter. The declines in exports of gaming and tourism services together dragged down exports of services by 9.5%, a smaller decrease compared with the 13.7% drop in the previous quarter; on the other hand, imports of services reduced by 2.0%. For the first half year of 2016, exports of services declined by 11.7% in real terms owing to a 11.4% drop in gross gaming revenue; imports of services decreased by 3.4% in real terms.
3. With the economy trending downward, consumer spending stayed cautious, and
inflation continued to ease. Labour market remained stable, with the unemployment
rate staying extremely low at 1.9%; median monthly employment earnings remained
unchanged. Non-resident workers increased by 1.1% year-on-year to 182,459 at the
end of the second quarter. The Composite Consumer Price Index (Composite CPI) rose by 2.6%, with price increase slowing and inflationary pressures easing. Private consumption expenditure declined by 2.2% while government final consumption expenditure expanded by 4.5%. For the first half year of 2016, the Composite CPI grew by 3.1%; private consumption expenditure fell by 2.3% and government final consumption expenditure went up by 3.1%.
4. Investment declined, but to a lesser extent. Owing to the successive completion of the large-scale tourism and entertainment facilities, together with the relatively large base of comparison in the second quarter of 2015, private investment decreased by 18.4%, of which construction investment and equipment investment dropped by 19.1% and 12.7% respectively. Public investment increased by 41.7%. Number of new incorporations decreased by 11.8% and the value of registered capital dropped by 61.8%. For the first half year of 2016, private investment fell by 25.7%; number of new incorporations and the value of registered capital declined by 17.9% and 49.9%
respectively.
5. Volume and value of property transactions rebounded. Number of building units purchased and sold increased by 101.3% quarter-to-quarter with the total value rising by 126.5%. The average transaction price per square metre of residential units rose by 7.6% quarter-to-quarter.
6. Public finances remained sound with a fiscal surplus recorded. Total government revenue and expenditure amounted to MOP23.84 billion and MOP18.20 billion respectively in the second quarter. A fiscal surplus of MOP5.64 billion was registered, down by 34.7% year-on-year owing to a 11.7% drop in tax revenue from gaming. For the first half year of 2016, total government revenue declined by 13.3% while total expenditure increased by 2.3%, resulting in a fiscal surplus of MOP17.40 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
External merchandise trade of Macao decreased by 18.3% from MOP23.13 billion in
the second quarter of 2015 to MOP18.90 billion in the second quarter of 2016.
Merchandise imports declined by 19.0% to MOP16.49 billion, and merchandise exports fell by 12.7% to MOP2.41 billion. The exports-imports ratio increased by 1.1 percentage points year-on-year to 14.6%. Merchandise trade deficit narrowed from MOP17.61 billion in the second quarter of 2015 to MOP14.08 billion.
Total Exports
Total merchandise exports decreased by 12.7% year-on-year in the second quarter of 2016. Domestic exports increased by 7.0% while re-exports dropped by 16.3%.
Analysed by destination, merchandise exports to Singapore (MOP16.4 million), Japan (MOP78.7 million), the USA (MOP44.4 million) and Mainland China (MOP490.1 million) increased by 62.6%, 24.0%, 16.4% and 4.5% respectively; meanwhile, exports to Taiwan (MOP5.6 million), the EU (MOP50.8 million) and Hong Kong (MOP1.32 billion) decreased by 60.4%, 33.9% and 21.8% respectively.
Exports of electronic components increased by 45.0% to MOP333.5 million, accounting for 13.8% of the total exports. Exports of tobacco & wine and copper & articles thereof rose by 125.7% and 13.9% respectively. Meanwhile, exports of clocks & watches, diamond & diamond jewellery, machines, apparatus & parts, other products and garment &
textile products decreased by 65.1%, 30.8%, 17.3%, 17.0% and 16.9% respectively.
Domestic Exports
Domestic exports amounted to MOP456.4 million (19.0% of total exports) in the
second quarter, up by 7.0% year-on-year and 19.2% quarter-to-quarter. Hong Kong remained the largest market of Macao’s domestic exports (41.8% of total domestic exports), and the value of exports increased by 12.8% year-on-year; meanwhile, domestic exports to the USA increased by 22.0% but those to the EU decreased by 27.6%.
Analysed by principal commodities, exports of garment (2.2% of total domestic exports) decreased further by 72.7%, of which exports to the USA (5.4% of total domestic exports of garment) fell notably by 92.6% and exports to the EU (54.9%) dropped by 66.9%;
meanwhile, exports of tobacco & wine (30.3% of total domestic exports) increased by 66.0% and exports of other products (67.5%) rose slightly by 0.5%.
Domestic exports to Mainland China dropped by 7.3% to MOP80.3 million (17.6% of total domestic exports), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) decreased slightly by 0.2% to MOP20.8 million, consisting mainly of copper-clad boards (73.2% of total) and stamps (21.8%); the amount of tariff saved totalled MOP1.1 million.
In addition, results of the Industrial Exports Survey for the second quarter of 2016 indicated that the average length of time of orders on hand of the interviewed manufacturers was 2.5 months, down by 24.2% from 3.3 months in the same quarter of 2015. Meanwhile, 11.2% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, up by 1.1 percentage points quarter-to-quarter but down by 9.1 percentage points year-on-year; none of the enterprises anticipated a substantial increase and all of them expected a modest rise. However, 10.2% expected less promising prospects of exports, up by 3.9 percentage points quarter-to-quarter but down by 2.2 percentage points year-on-year; moreover, 78.7% expected the outlook of exports remained stagnant, down by 4.8 percentage points quarter-to-quarter but up by 11.5 percentage points year-on-year. The findings showed that the manufacturers were generally cautious about the outlook of exports.
Re-exports
Total value of re-exports declined by 16.3% to MOP1.95 billion (81.1% of total exports)
in the second quarter. Hong Kong was the largest market of Macao’s re-exports (57.6% of
total re-exports), which was followed by Mainland China (21.0%). Value of re-exports to
Hong Kong decreased by 25.7% but that to Mainland China increased by 7.2%. In terms of
the types of commodities, re-exports of consumer goods (49.7% of total re-exports) and
other products (44.8%) decreased by 21.7% and 5.3% respectively, whereas re-exports of
raw materials & semi-manufactures (5.6%) declined by 36.5%.
Imports
Total value of merchandise imports decreased by 19.0% year-on-year to MOP16.49 billion in the second quarter of 2016. Mainland China was the main supplier of goods imported to Macao, and the value of imports fell by 18.3% to MOP6.12 billion (37.1% of total imports). As regards other places of origin, value of imports from Switzerland (6.3%), the USA (5.3%), Japan (6.6%), Hong Kong (8.1%), the EU (23.3%) and Taiwan (2.0%) dropped by 38.9%, 33.3%, 16.3%, 11.7%, 11.3% and 5.9% respectively.
Regarding the types of commodities, imports of raw materials & semi-manufactures (12.3% of total imports), capital goods (17.7%), consumer goods (60.7%) and fuels &
lubricants (9.3%) decreased by 25.8%, 25.7%, 16.0% and 14.4% respectively.
Imports of consumer goods declined, of which motor cars & motorcycles (1.6% of total imports), watches (5.8%), handbags & wallets (3.4%), gold jewellery (7.3%) and clothing &
footwear (6.9%) dropped by 62.7%, 40.9%, 23.0%, 18.0% and 3.7% respectively, while imports of food & beverages (16.7%) rose by 0.9%.
B. Gaming, Tourism and MICE
In view of the continuous adjustment of the gaming and tourism industries, exports of services declined by 9.5% in the second quarter of 2016. Exports of gaming services dropped by 12.0% in real terms resulting from a decrease in gross gaming revenue.
Exports of other tourism services shrank by 7.4% in real terms owing to a 4.5% drop in
total visitor spending. As regards MICE events, a total of 318 meetings/conferences and
exhibitions were held, attracting 450,921 participants and attendees.
Gaming
Gross gaming revenue amounted to MOP51.86 billion in the second quarter of 2016, down by 9.2% year-on-year. Gross revenue of game of chance, which took up 99.5% of the total, decreased by 9.2% to MOP51.61 billion. VIP Baccarat revenue dropped by 15.7% to account for 52% of the gross revenue of game of chance. Gross revenue of pari-mutuels and lotteries increased by 2.1% to MOP253.2 million. For the first half year of 2016, gross gaming revenue went down by 11.4% year-on-year to MOP108.25 billion.
There were 36 casinos operating in the second quarter, up by 1 year-on-year and staying unchanged from the previous quarter. Number of gaming tables totalled 5,998, up by 3.2% year-on-year and down by 1.5% quarter-to-quarter; slot machines totalled 13,706, down by 3.4% year-on-year and 4.1% quarter-to-quarter.
Visitor Arrivals
Visitor arrivals edged down by 0.5% year-on-year to 7,307,190 in the second quarter
of 2016, of which Mainland visitors rose modestly by 0.9%, at 4,799,425. Yet, Mainland
visitors travelling to Macao under the Individual Visit Scheme (IVS) dropped by 1.4% to
2,079,203, constituting 43.3% of the total visitors from Mainland China. Visitors from the
Republic of Korea and Taiwan increased by 11.1% and 11.8% respectively, while those
from Hong Kong decreased by 9.1%. Overnight visitors grew by 7.6% year-on-year to
3,654,742; meanwhile, same-day visitors dropped by 7.5% to 3,652,448, accounting for
50.0% of the total, a decrease of 3.0 percentage points from the previous quarter. The average length of stay of visitors was 1.2 days, up by 0.1 day year-on-year. Package tour visitors decreased by 27.5% to 1,729,527.
For the first half year of 2016, visitor arrivals increased slightly by 0.1% year-on-year to 14,764,296; package tour visitors decreased by 31.3% to 3,429,956.
Hotels and Guesthouses
There were 105 hotels and guesthouses operating in Macao at the end of the second quarter of 2016, an increase of 3 year-on-year. A total of 32,067 guest rooms were available, up by 2,480 (+8.4%) year-on-year; five-star hotel rooms accounted for 64.0% of the total supply. Number of guests checking into hotels and guesthouses increased by 12.2% to 2,782,030, constituting 72.1% of the total overnight visitors. The average occupancy rate of hotels and guesthouses rose by 1.8 percentage points year-on-year to 80.1%. The average length of stay of guests held stable as in the previous quarter, at 1.4 nights.
For the first half year of 2016, guests of hotels and guesthouses increased by 12.8%
year-on-year to 5,442,184, accounting for 71.7% of the total overnight visitors. The
average occupancy rate decreased by 0.1 percentage point to 78.6%. The average length
of stay of guests stayed at 1.4 nights.
Visitor Spending
Total spending of visitors amounted to MOP11.70 billion in the second quarter of 2016, down by 4.5% year-on-year. Total spending of overnight visitors and same-day visitors decreased by 3.0% and 10.0% respectively year-on-year.
Per-capita spending of visitors decreased by 4.0% year-on-year to MOP1,601, a much smaller decline compared with the 14.1% drop in the first quarter of 2016. Per-capita spending of overnight visitors shrank by 9.8% to MOP2,543, and that of same-day visitors fell by 2.8% to MOP658. Mainland visitors spent an average of MOP1,850, down by 8.0%, with IVS visitors spending MOP2,244. Per-capita spending of visitors from Singapore (MOP1,701) and Thailand (MOP926) dropped by 2.3% and 24.1% respectively, while that from Japan (MOP1,731), Taiwan (MOP1,548) and Hong Kong (MOP955) rose by 12.1%, 12.7% and 9.8% respectively. Visitors from Australia had relatively high per-capita spending among the long-haul visitors, at MOP1,445.
Analysed by expenditure structure, visitors spent mainly on Shopping (43.4%),
Accommodation (26.8%) and Food & Beverage (20.9%). Per-capita shopping spending
decreased by 7.6% year-on-year, in which spending on Local Food Products and
Cosmetics & Perfume fell by 8.9% and 1.9% respectively, but that on Jewellery & Watches
rose by 19.7%. The preferred shopping items of visitors included Local Food Products and
Cosmetics & Perfume, accounting for 28.1% and 23.2% of shopping spending.
MICE (Meetings, Incentives, Conventions and Exhibitions)
A total of 318 MICE events were held in the second quarter, drawing 450,921 participants and attendees. Among them, there were 292 meetings and conferences, down by 2.3% year-on-year, and number of participants rose by 22.1% to 35,592; meetings and conferences with a duration of 4 hours or more totalled 184, with 25,547 participants.
Concurrently, 18 exhibitions were held, up by 12.5% year-on-year; number of exhibition attendees increased by 2.1% to 391,950.
For the first half year of 2016, a total of 628 MICE events were held, attracting 587,908 participants and attendees. There were 586 meetings and conferences, up by 1.7% year-on-year, and number of participants rose by 13.8% to 61,197; meetings and conferences with a duration of 4 hours or more totalled 365, with 39,791 participants.
Meanwhile, 22 exhibitions were held, down by 15.4% year-on-year; number of exhibition attendees decreased by 18.3% to 501,453.
C. Consumption and Prices
Private Consumption
Private consumption expenditure decreased by 2.2% in real terms in the second quarter of 2016. Household final consumption expenditure in the domestic market dropped by 2.0% while that abroad rose by 2.2%. Private consumption expenditure for the first half year of 2016 registered a decrease of 2.3%.
Retail Sales
Value of retail sales amounted to MOP13.17 billion in the second quarter of 2016, down by 8.7% year-on-year and 11.1% quarter-to-quarter. Value of retail sales of Motor vehicles (3.2% of total) and Communication equipment (2.5%) declined notably by 51.6%
and 29.0% respectively year-on-year; moreover, retail sales of Watches, clocks & jewellery (19.4%), Goods in department stores (14.8%) and Leather goods (10.8%) decreased by 15.1%, 10.6% and 0.2% respectively. Value of retail sales of Adults’ clothing rose by 19.8% year-on-year but dropped by 14.6% quarter-to-quarter. Meanwhile, value of retail sales of Automotive fuels shrank by 11.9% year-on-year but grew by 13.1%
quarter-to-quarter. Total value of retail sales for the first half year of 2016 decreased by 9.8% year-on-year to MOP27.98 billion, of which sales of Watches, clocks & jewellery topped at MOP5.67 billion.
After removing the effect of prices, volume of retail sales dropped by 7.7%
year-on-year, with marked decrease being observed in the sales volume of Motor vehicles (-55.1%), Communication equipment (-17.5%) and Goods in supermarkets (-16.1%).
Volume of retail sales declined by 12.8% quarter-to-quarter, of which sales volume of Communication equipment dropped notably by 24.5%, but that of Automotive fuels rose by 7.9%. For the first half year of 2016, volume of retail sales decreased by 7.9%
year-on-year, with that of Motor vehicles falling the most by 52.8%.
Prices
The average Composite CPI rose by 2.6% year-on-year in the second quarter.
Inflationary pressures eased slightly upon slowing growth in prices. Notable increase was observed in the price indices of Alcoholic beverages and tobacco (+42.3%), Education (+9.0%) and Transport (+7.2%). In addition, implicit deflator of GDP that measures changes in overall prices rose slightly by 0.1% year-on-year.
For the first half year of 2016, the average Composite CPI increased by 3.1%
year-on-year, with notable rise in the price indices of Alcoholic beverages and tobacco
(+40.5%) and Education (+8.9%); however, price index of Clothing and footwear dropped
by 3.3%. Implicit deflator of GDP rose by 1.0% in the first half year.
D. Employment
The general labour force participation rate remained unchanged from the previous quarter, at 72.3%; the labour force participation rate of local residents was 64.9%, up slightly by 0.1 percentage point quarter-to-quarter. Economically active population (labour force) totalled 398,000, with an employed population of 390,000, down by 1.9% and 2.0%
respectively year-on-year. Employment in Recreational, Cultural, Gaming & Other Services reached 96,000, of which 84,000 were working in Gaming & Junket Activities, accounting for 21.4% of the total employment; employment in Manufacturing and Transport, Storage & Communications saw notable growth, up by 14.4% and 12.8%
respectively. Non-resident workers rose by 1.1% year-on-year to 182,459 at the end of the second quarter, with 24.5% working in Construction and 26.0% in Hotels, Restaurants &
Similar Activities.
Job market remained stable. The general unemployment rate held stable from the previous quarter at 1.9%, up slightly by 0.1 percentage point year-on-year; the unemployment rate of local residents edged down by 0.1 percentage point quarter-to-quarter to 2.6%. The underemployment rate was 0.5%. Total number of unemployed was about 7,400, with 9.0% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged of the unemployed, 32.5% had worked in Recreational, Cultural, Gaming & Other Services and 21.6% in Wholesale and Retail Trade. In terms of educational attainment, 28.5% had tertiary education, 27.4% had senior secondary education and 23.9% had junior secondary education.
Median monthly employment earnings of the employed held stable from the previous
quarter and the same quarter of 2015, at MOP15,000 in the second quarter of 2016.
Median earnings of the employed residents stayed unchanged from the previous quarter at MOP18,000, up by 2.9% year-on-year. Analysed by industry, median employment earnings in Manufacturing logged the highest year-on-year increase of 30.0%. For Gaming
& Junket Activities that accounted for the largest share of total employment, median employment earnings increased by 5.6% year-on-year.
E. Investment
Investment in Construction and Equipment
In the second quarter of 2016, construction investment and equipment investment declined by 15.9% and 9.7% respectively year-on-year in real terms, causing overall investment to drop by 15.2%. Investment by the private sector decreased by 18.4% while that by the public sector rose by 41.7%. For the first half year, overall investment contracted by 23.5%, with construction and equipment investment dropping by 24.7% and 14.2% respectively; investment by the private sector decreased by 25.7% while that by the public sector increased by 21.7%.
For the investment by the private sector, number of building completions, units and
gross floor area declined by 30.4%, 91.9% and 97.6% respectively year-on-year in the
second quarter; meanwhile, number of construction of new buildings, units and gross floor
area dropped by 52.0%, 69.5% and 80.7%. Due to the successive completion of the
large-scale tourism and entertainment facilities, construction investment and equipment
investment by the private sector dropped by 19.1% and 12.7% respectively in real terms in
the second quarter. For the first half year, number of construction of new buildings and gross floor area decreased by 39.3% and 65.1% respectively; number of building completions, units and gross floor area dropped by 2.5%, 83.6% and 95.3% respectively.
Construction investment and equipment investment by the private sector contracted by 27.0% and 15.9% respectively.
As regards investment by the public sector, construction investment and equipment investment expanded by 40.0% and 59.5% respectively in the second quarter.
Transactions on Real Estate
Real estate transactions rebounded in the second quarter, with 3,882 building units and parking spaces being purchased and sold, up by 101.3% quarter-to-quarter; total value of transaction increased by 126.5% quarter-to-quarter to MOP19.13 billion. For the first half year of 2016, a total of 5,810 building units were purchased and sold at MOP27.58 billion.
A total of 2,981 residential units (comprising 232 pre-sale units and 2,749 existing units) were purchased and sold at MOP15.28 billion in the second quarter, accounting for 76.8% and 79.9% of the respective total.
As regards status of the buyers, 3,809 units (98.1% of total) were purchased by
Macao residents; value of transaction amounted to MOP18.15 billion, with its share in total
value going up from 90.7% in the previous quarter to 94.9%. Meanwhile, 51 units were
purchased by non-residents, and the value amounted to MOP898.0 million. For the first
half year, a total of 5,672 units were purchased by Macao residents and the value of transaction amounted to MOP25.81 billion, accounting for 97.6% and 93.6% of the total respectively; moreover, 89 units were purchased by non-residents at MOP1.59 billion.
The average transaction price of residential units increased by 7.6%
quarter-to-quarter to MOP78,532 per square metre of usable area in the second quarter.
The average price of those in the Macao Peninsula rose by 9.4% quarter-to-quarter to MOP76,215 per square metre, and the average price of those in Taipa went up by 5.2% to MOP80,729 per square metre. The average price of office units increased by 2.5%
quarter-to-quarter to MOP100,030 per square metre. The average price of industrial units decreased by 5.6% quarter-to-quarter to MOP41,391 per square metre.
Business Investment
Number of new incorporations decreased by 11.8% to 1,141 in the second quarter of
2016; total value of registered capital dropped by 61.8% to MOP140.4 million. Among the
new incorporations, 35.1% were operating in Wholesale & Retail Trade, 24.3% in Business
Services and 16.7% in Construction. In terms of registered capital, Wholesale & Retail
Trade predominated with 36.8% of the total, while Business Services and Real Estate
accounted for 23.8% and 14.0% respectively. As regards origin of capital, capital from
Macao constituted 54.6% of the total at MOP76.7 million, and that from Mainland China
and the British Virgin Island took up 21.3% and 8.2% respectively. For the first half year,
total number of new incorporations decreased by 17.9% to 2,258 and the value of
registered capital dropped by 49.9% to MOP262.9 million.
Number of companies in dissolution totalled 228 in the second quarter, up by 96.6%
year-on-year, with 68 engaging in Wholesale & Retail Trade (29.8% of total), 65 in Business Services (28.5%), 29 in Construction (12.7%) and 26 in Real Estate (11.4%).
Total number of companies in dissolution for the first half year increased by 54.7%
year-on-year to 424.
F. Public Accounts
In the second quarter of 2016, total government revenue declined by 10.9% to MOP23.84 billion owing to a decrease in direct taxes, of which tax revenue from gaming dropped by 11.7% to MOP20.40 billion.
Meanwhile, total government expenditure rose slightly by 0.4% to MOP18.20 billion, on account of an increase of MOP346.1 million in investments. Fiscal surplus stood at MOP5.64 billion in the second quarter of 2016, lower than the MOP8.63 billion surplus in the same quarter of 2015.
For the first half year of 2016, total government revenue amounted to MOP48.00 billion, down by 13.3% year-on-year, with gaming tax revenue dropping by 13.3% to MOP42.04 billion; total government expenditure increased by 2.3% to MOP30.59 billion;
fiscal surplus amounted to MOP17.40 billion.
G. Money and Finance
At the end of June 2016, narrow money supply M1 went down by 9.9% year-on-year,
of which currency in circulation increased by 13.1% but demand deposits decreased by 14.7%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) dropped by 2.0%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 increased by 7.6 percentage points year-on-year to 55.6%, and its share in M2 rose by 3.3 percentage points to 30.5%. The share of the Hong Kong dollar was 42.4% in M1 and 51.5% in M2.
Resident deposits dropped by 2.4% year-on-year to MOP465.95 billion, of which deposits in the MOP and the Hong Kong dollar grew by 9.7% and 1.0% respectively to MOP133.30 billion and MOP246.74 billion; deposits in other foreign currencies dropped by 23.0% to MOP85.91 billion. Meanwhile, public sector deposits with the banking sector increased by 27.1% to MOP154.70 billion.
Domestic loans extended to the private sector rose by 7.3% year-on-year to MOP403.28 billion, of which the outstanding value of mortgage loans extended to residents went up by 11.4% year-on-year to MOP313.43 billion. Within domestic loans to the private sector, the MOP accounted for 28.9%, valued at MOP116.70 billion, and the Hong Kong dollar took up 65.1%, valued at MOP262.38 billion.
The loan-to-deposit ratio of the banking sector for residents was 65.0%, up by 2.2 percentage points from a year earlier, while that for both the resident and non-resident sectors decreased by 3.3 percentage points to 84.8%.
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 second quarter of 2016, the US Federal
Reserve maintained the range for the Fed funds rate at 0.25% - 0.50%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.
In terms of exchange rates, changes in exchange rates of the MOP basically reflect changes in those of the US dollar. In the second quarter of 2016, the exchange rates of the MOP against major currencies exhibited a mixed performance. The average exchange rates of the MOP against the Malaysian ringgit, the British pound and the South Korean won went up year-on-year by 9.5%, 6.7% and 6.1% respectively, while the rates against the Japanese yen, the euro and the US dollar went down by 11.1%, 2.2% and 0.1%
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 1.06 points year-on-year to 105.26.
H. Other Economic Indicators
Transport and Communications
In the second quarter of 2016, gross weight of air cargo (7,952 tonnes) increased by 6.5%, while gross weight of containerized cargo by land (5,226 tonnes) and seaborne containerized cargo (47,497 tonnes) decreased by 11.1% and 32.1% respectively. For the first half year, gross weight of containerized cargo by land (12,184 tonnes) and air cargo (15,117 tonnes) increased by 20.2% and 8.3% respectively, but that of seaborne containerized cargo (95,240 tonnes) decreased by 28.4%.
As regards local transport, new registration of motor vehicles decreased by 36.6% in the second quarter, with that of motorcycles and automobiles falling by 29.3% and 43.6%
respectively. For the first half year of 2016, new registration of motor vehicles decreased by 31.6%, with that of motorcycles and automobiles falling by 25.9% and 37.6%
respectively. At the end of June 2016, number of licensed motor vehicles increased by 1.9% to 248,680, comprising 119,082 automobiles and 129,598 motorcycles.
At the end of June 2016, number of Internet subscribers grew by 10.7% to 350,879;
total duration of internet usage reached 294.4 million hours in the second quarter, up by 11.1% year-on-year; mobile phone subscribers rose slightly by 0.5% to 1,874,950;
meanwhile, number of fixed telephone lines dropped by 6.9% to 140,173.
Water and Energy Consumption
Consumption of electricity increased by 3.9% to 1.41 billion kWh in the second quarter
of 2016, and that of water rose by 0.7% to 20.7 million cubic metres. Consumption of liquid
fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) totalled 91.6 million litres, down by 16.7%; consumption of liquefied petroleum gas (LPG) grew by 2.1% to 10,670 tonnes;
consumption of natural gas totalled 1.7 million cubic metres. For the first half year, consumption of electiricity increased by 5.3% to 2.43 billion kWh, and that of water rose by 0.7% to 40.7 million cubic metres; consumption of liquid fuel was 185.3 million litres, down by 8.6%; consumption of LPG rose by 5.2% to 24,484 tonnes and that of natural gas totalled 3.5 million cubic metres.
III. Concluding Remarks
In the second quarter of 2016, the economy of Macao contracted by 7.1%
year-on-year in real terms, an improvement from the 13.3% drop in the first quarter.
Exports of gaming and tourism services declined at a slower pace; the employment situation remained stable with the unemployment rate staying relatively low; the public accounts remained in surplus; meanwhile, CPI growth continued to ease. All of these are conducive to a sound and steady growth of the economy.
Looking ahead to the third quarter of 2016, domestic demand is expected to weaken further; private consumption may see a slight increase; government final consumption expenditure and public investment are expected to remain stable but private investment may decrease. As regards external demand, merchandise exports recorded decline in July;
meanwhile, exports of services is likely to drop, but at a slower rate, in the third quarter on
account of the decline in visitor arrivals in August and a 1.7% drop in gross gaming
revenue in July and August. Taking into consideration these factors, the economy of
Macao is likely to continue its downward trend in the third quarter of 2016, but the rate of
contraction is expected to be smaller than in the second quarter.
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
p.p. Percentage point
@ Figures are subject to revision later on
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
Note: Due to rounding, total may not correspond to the sum of the partial figures.
Figures are subject to regular revisions when required.
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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2015 2015 2015 2016 2016
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 1.7
r2.4 2.6
r3.0
r2.2
r1.9
r1.6
r1.2
Exports of goods 2.1 2.7 -7.3 -5.6 -8.1 -10.5 -6.8 -6.1
Imports of goods -0.3 3.9 -4.6 -4.4 -5.1 -6.9 -5.5 -4.7
Consumer Price Index 1.5 1.6 0.1 - 0.1 0.5 1.1 1.1
Unemployment rate 7.4 6.2 5.3 5.3 5.2 4.8 5.2 4.8
Euro area
aGross Domestic Product -0.3 1.1
r2.0
r2.0
r2.0
r2.0
r1.7 1.6
Exports of goods 1.0 2.2 5.4 8.2 4.4
r3.6
r-1.1
r-0.4
Imports of goods -3.0 0.7 2.2
r4.2 0.8
r2.2
r-2.6
r-4.2
Consumer Price Index 1.3 0.4 - 0.2 0.1 0.2 - -0.1
Unemployment rate 12.0 11.6 10.9 10.9 10.3 10.6 10.7 10.0
Germany
Gross Domestic Product 0.5
r1.6 1.7 1.8
r1.8
r2.1 1.5
r3.1
Exports of goods -0.4 3.3 6.5 9.1 5.7 4.9 0.6
r2.2
Imports of goods -1.0 2.2 4.2 4.8 5.2 4.2 0.4
r0.1
Consumer Price Index 1.5 0.9 0.2 0.5 0.1 0.3 0.3 0.1
Unemployment rate 6.9 6.7 6.4 6.3 6.3 6.0 6.6 6.1
French
Gross Domestic Product 0.6
r0.7
r1.2 1.1 1.1
r1.3
r1.3 1.4
Exports of goods -1.6 0.2
r3.9 7.1 4.1 1.6 0.1
r-4.0
Imports of goods -2.3 -0.7
r0.8
r2.4
r-1.3
r2.4
r0.7
r-3.0
Consumer Price Index 0.9 0.5 - 0.2 0.1 0.1 - -
Unemployment rate 10.3 10.3 10.4 10.1 10.0 10.6 10.7
r9.6
United Kingdom
Gross Domestic Product 1.9
r3.1
r2.2
r2.3
r2.0
r1.8
r2.0 2.2
Exports of goods 0.5
r-3.4
r-2.7
r1.0
r-3.0 -6.7 -2.2 -0.3
Imports of goods 2.7
r-2.0
r-1.0
r-2.3
r-1.5
r-3.4
r-1.0
r7.8
Consumer Price Index 2.5 1.5 - - - 0.1 0.3 0.3
Unemployment rate 7.6 6.2 5.4 5.6 5.3 5.1 5.1 4.9
a Consists 19 member states since 2015.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics Eurostat
Federal Statistical Office of Germany
National Institute of Statistics and Economic Studies of France; French Customs Office for National Statistics of United Kingdom
2013 2014 2015
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2015 2015 2015 2016 2016
Q2 Q3 Q4 Q1 Q2
Mainland China
Gross Domestic Product 7.7 7.4 6.9 7.0 6.9 6.8 6.7 6.7
Exports of goods 7.8 6.0 -2.9 -2.9 -6.4 -5.2 -11.3r -4.8
Imports of goods 7.3 0.5 -14.3 -13.5 -14.4 -11.8r -13.7r -6.8
Consumer Price Index a 2.6 2.0 1.4 1.3 1.4 1.4 2.1 2.1
Hong Kong
Gross Domestic Product 3.1 2.7 2.4 3.1 2.3 1.9 0.8 1.7
Exports of goods 3.6 3.2 -1.8 -1.9 -4.1 -2.9 -6.8 -1.2
Imports of goods 3.8 3.9 -4.1 -3.2 -6.7 -7.0 -8.2 -3.2
Consumer Price Index 4.3 4.4 3.0 3.0 2.3 2.3r 2.8r 2.6
Unemployment rate 3.4 3.3 3.3 3.3 3.5 3.2r 3.3 3.5
Taiwan
Gross Domestic Product 2.2 3.9 0.7 0.6 -0.8 -0.9 -0.3r 0.7
Exports of goodsb 1.6 2.8 -10.9 -10.5 -14.0 -13.9 -12.1 -6.2
Imports of goodsb 0.2 1.4 -15.8 -15.1 -18.5 -15.1 -14.0 -7.6
Consumer Price Index 0.8 1.2 -0.3 -0.7 -0.3 0.3 1.8 1.3
Unemployment rate 4.2 4.0 3.8 3.7 3.9 3.9 3.9 3.9
Japan
Gross Domestic Product 1.4 - 0.5 0.7 1.8 0.7 0.2r 0.8
Exports of goods 9.5 4.8 3.4 6.7 3.7 -4.6 -7.9 -9.5
Imports of goods 14.9 5.7 -8.7 -5.3 -5.9 -13.9 -15.7 -18.8
Consumer Price Index 0.3 2.8 0.8 0.5 0.2 0.3 0.1 -0.4
Unemployment rate 4.0 3.6 3.4 3.5 3.4 3.1 3.2 3.2
Republic of Korea
Gross Domestic Product 2.9 3.3 2.6 2.2 2.8 3.1 2.8r 3.2
Exports of goods 2.1 2.3 -8.0 -7.3 -9.5 -12.0 -13.3 -6.6
Imports of goods -0.8 1.9 -16.9 -15.6 -18.7 -17.8 -16.2r -10.5
Consumer Price Index 1.3 1.3 0.7 0.5 0.7 1.1 1.0 0.9
Unemployment rate 3.1 3.5 3.6 3.8 3.4 3.1 4.3 3.8
Singapore
Gross Domestic Product 4.7 3.3 2.0 1.7 1.8 1.8 2.1r 2.1
Exports of goods - 0.8 -7.2 -9.0 -8.0 -5.7 -11.6 -4.7
Imports of goods -1.6 -0.6 -12.1 -13.0 -9.1 -9.9 -7.4 -6.7
Consumer Price Index 2.4 1.0 -0.5 -0.4 -0.6 -0.7 -0.8 -0.9
Unemployment rate 1.9 2.0 1.9 2.6 1.7 1.6 1.8 2.8
a Accumulated year-on-year comparison.
b Imports and exports of goods are compiled according to the general trade system.
Source : National Bureau of Statistics of China
Census and Statistics Department of Hong Kong SAR
Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan; Ministry of Economic Affairs, Taiwan Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan
National Statistics Office of Republic of Korea; Bank of Korea
2013 2014 2015
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2015 2015 2015 2016 2016
Q2 Q3 Q4 Q1 Q2
USA
Gross Domestic Product 1.7r 2.4 2.6r 2.6r 2.0 0.9r 0.8 1.1
Exports of goods 2.1 2.7 -7.3 0.2 -1.7 -3.3 -2.9 1.7
Imports of goods -0.3 3.9 -4.6 -0.5 -1.3 -2.3 -2.3 1.2
Consumer Price Index 1.5 1.6 0.1 0.6 0.3 0.2 -0.1 0.6
Unemployment ratea 7.4 6.2 5.3 5.4 5.2 5.0 4.9 4.9
Japan
Gross Domestic Product 1.4 - 0.5 -0.5r 0.5r -0.4 0.5 0.2
Exports of goods 9.6 4.6 3.5r -2.1r -0.5r -2.6r -4.1 -2.4
Imports of goods 15.2 5.6 -8.6 -3.4r -0.3r -6.9r -7.1r -5.3
Consumer Price Index 0.3 2.8 0.8 0.3 - - -0.2 -0.2
Unemployment ratea 4.0 3.6 3.4 3.4 3.4 3.3 3.2 3.2
Hong Kong
Gross Domestic Product 3.1 2.7 2.4 0.6 0.5 0.2 -0.5r 1.6
Exports of goods 3.6 3.2 -1.8 -1.2 -0.1 1.1 -5.9 6.8
Imports of goods 3.8 3.9 -4.1 -2.3 -1.7 0.9 -4.2 4.8
Consumer Price Index 4.3 4.4 3.0 -0.6 -0.1r 2.7r 0.7r -0.7
Unemployment ratea 3.4 3.3 3.3 3.3r 3.3 3.3 3.4 3.4
a 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
2015 2015 2015 2016 2016
Q2 Q3 Q4 Q1 Q2@
At current prices:
GDP (Million MOP) 411 839 443 468 368 728 90 082 88 167 95 179 84 260 83 804
GDP per capita ('000 MOP) 692.5 713.1 574.8 .. .. .. .. ..
Chain volume measures in chained (2014) dollars:
GDP (Million MOP) 447 279 443 468 353 228 86 617 84 459 89 971 79 946 80 484
Year-on-Year change in real terms (%)
GDP 11.2 -0.9 -20.3 -23.7 -21.0 -14.4 -13.3 -7.1
Private consumption expenditure 6.7 5.7 2.4 2.8 0# 1.3 -2.3 -2.2
In the domestic market 7.3 6.2 1.9 2.1 -0.3 1.5 -2.3 -2.0
Abroad 1.9 3.0 7.1 8.8 3.7 6.2 3.9 2.2
Government final consumption expenditure 5.5 6.4 4.2 6.8 4.9 1.6 1.5 4.5
Gross fixed capital formation 9.3 37.3 0.9 3.4 -3.0 -17.4 -31.9 -15.2
Private sector 33.8 43.9 -1.3 2.7 -4.1 -25.6 -33.0 -18.4
Government -47.9 -5.4 24.1 17.2 14.4 19.6 -5.5 41.7
Exports of goods 7.2 20.6 10.2 25.0 7.3 -12.7 -24.6 -24.7
Exports of services 13.4 -5.3 -26.8 -30.7 -25.7 -19.1 -13.7 -9.5
Imports of goods 16.2 13.5 0.1 3.4 1.3 -13.8 -19.9 -16.2
Imports of services -4.5 6.0 -3.4 -0.2 -2.1 -7.9 -4.8 -2.0
2015
2013
2013 2014
2014 2015
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2016 2015 2015 2015 2016 2016
Q1 - Q2 Q2 Q3 Q4 Q1 Q2
A. External Merchandise Trade (Million MOP)
Total exports 9 093.9 9 914.8 10 692.1 5 109.1 2 758.9 2 700.3 2 530.0 2 701.0r 2 408.1 -12.7
Textiles and garments 846.9 781.3 831.3 357.3 175.0 245.3 207.6 211.8r 145.5 -16.9
Other products 8 247.0 9 133.5 9 860.8 4 751.8 2 583.9 2 455.0 2 322.4 2 489.2r 2 262.6 -12.4
Total imports 81 013.5 89 952.2 84 663.2 33 491.9 20 366.5 20 928.2 21 152.5 17 001.1r 16 490.7 -19.0
Trade balance -71 919.6 -80 037.4 -73 971.2 -28 382.7 -17 607.6 -18 227.9 -18 622.5 -14 300.1r -14 082.6 20.0
B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 361 866 352 714 231 811 108 253 57 115 54 602 55 061 56 389 51 864 -9.2
y-on-y % change 18.6 -2.5 -34.3 -11.4 -37.4 -34.3 -27.4 -13.3 -9.2
Visitor arrivals('000) 29 324.8 31 525.6 30 714.6 14 764.3 7 344.3 8 097.5 7 860.7 7 457.1 7 307.2 -0.5
Average length of stay (days) 1.0 1.0 1.1 1.2 1.1 1.1 1.2 1.1 1.2 0.1a
Per-capita spending of visitors (MOP) 2 030 1 959 1 665 .. 1 668 1 540 1 660 1 547 1 601 -4.0
Hotel occupancy rate (%) 83.1 86.5 80.8 78.6 78.3 82.5 82.8 77.2 80.1 1.8b
No. of events 1 024r 1 050r 1 263r 628 320 288r 362r 310r 318 ..
No. of participants 2 033.6r 2 614.5r 2 516.1r 587.9 413.4 1 017.7r 828.1r 137.0r 450.9 ..
C. Construction and real estate
Expenditure on public works (Million MOP) 5 104.4 5 185.4 7 904.3 1 400.6 815.5 1 284.5 5 531.9 325.8 1 074.7 31.8 Private sector construction
New buildings - no. of units 2 241 1 900 5 405 2 898 1 838 2 815 46 2 339 559 -69.6
New buildings - gross floor area ('000 m²) 2 396 2 239 1 984 522 309 465 19 464 59 -80.9
Completion of Buildings - no. of units 1 316 3 001 4 364 234 878 524 2 415 163 71 -91.9
Completion of Buildings - gross floor area ('000 m²) 562 440 2 578 65 1 168 106 1 096 37 28 -97.6
No. of building units transacted 19 237 13 230 9 771 5 810 3 083 2 323 2 482 1 928 3 882 25.9
Value of building units transacted (Million MOP) 96 048.4 83 690.3 51 660.1 27 581.8 18 028.3 12 495.0 11 038.8 8 447.2 19 134.6 6.1 D. Transport (tonne)
Gross weight of seaborne containerized cargo 194 638 246 424 252 160 95 240 69 926 66 273 52 874 47 744r 47 497 -32.1 Gross weight of containerized cargo by land 28 827 28 719 26 040 12 184 5 881 7 986 7 916 6 957 5 226 -11.1
Gross weight of air cargo 26 421 28 770 30 058 15 117 7 469 7 445 8 654 7 165 7 952 6.5
E. Consumption and Prices
Inflation rate (%) 5.5 6.0 4.6 3.1 4.8 4.5 3.9 3.7 2.6 ..
Composite Consumer Price Index (10/2013-9/2014=100) 95.3 101.1 105.7 108.0 105.4 106.3 107.1 107.9 108.2 2.6
Retail sales turnover (Million MOP) 66 799 67 996 61 251 27 980 14 426 14 594 15 638 14 811r 13 169 -8.7 F. Labour force
Unemployment rate (%) 1.8 1.7 1.8 .. 1.8 1.9 1.9 1.9 1.9 0.1b
Median monthly employment earnings ('000 MOP) 12.0 13.3 15.0 .. 15.0 15.0 15.0 15.0 15.0 -
Non-resident workers in Macao (end-period) 137 838 170 346 181 646 .. 180 523 180 751 181 646 181 436 182 459 1.1 G. Public accounts (Million MOP)
Total revenue 175 949.3 161 861.0 116 111.5 47 995.3 26 755.8 27 805.4 26 642.3 24 153.5 23 841.8 -10.9
Tax revenue from gaming 134 382.5 136 709.9 89 572.6 42 035.9 23 112.0 20 720.2 20 357.8 21 637.2 20 398.7 -11.7
Total expenditure 51 388.6 67 078.3 80 753.8 30 592.3 18 125.3 21 174.4 29 422.3 12 389.0 18 203.3 0.4
Balance 124 560.7 94 782.7 35 357.6 17 403.0 8 630.6 6 631.0 -2 780.0 11 764.5 5 638.5 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 58 937.4 61 863.3 61 661.3 59 894.0 66 506.2 59 041.2 61 661.3 67 097.9r 59 894.0 -9.9
Broad money supply (M2) 441 410.5 487 471.8 472 829.0 478 843.7 488 763.1 482 321.9 472 829.0 478 129.6r 478 843.7 -2.0 Resident deposits 432 429.0 476 610.8 460 788.8 465 952.4 477 361.4 470 617.4 460 788.8 465 488.0r 465 952.4 -2.4 Domestic credit to the private sector 257 512.1 339 352.0 389 393.7 403 619.4 376 145.5 390 492.9 389 393.7 394 122.0 403 619.4 7.3 Net foreign assets 561 495.6 579 930.4 506 936.4r 453 522.3 502 728.2 494 569.0 506 936.4r 440 946.8r 453 522.3 -9.8 Foreign exchange reserves 128 953.9 131 389.0 150 812.7 151 211.8 144 057.3 145 342.9 150 812.7 152 477.5r 151 211.8 5.0 I. Others
New incorporations 4 481 5 409 5 023 2 258 1 294 1 226 1 048 1 117 1 141 -11.8
Companies in dissolution 515 536 595 424 116 150 171 196 228 96.6
Consumption of electricity (Million kWh) 4 472.3 4 739.9 5 016.6 2 427.2 1 353.0 1 534.1 1 177.9 1 021.6 1 405.6 3.9 a day.
b Percentage points.
2013 2014
2016 Q2 year-on-year
% change 2015
