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.

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MACAO ECONOMIC BULLETIN

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

AMCM prepares the analysis of Money and Finance and data on tables VIII.1 to VIII.7. DSEC prepares the analysis and data on the remaining sections.

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

 ʳ ʳ



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

3 r d Quarter

2 0 1 2

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Editor: DSEC Macao, January 2013

Typesetting and design: DSEC

Printing: DSEC

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CONTENTS

THE WORLD ECONOMY... 9

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

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

B. TOURISM, GAMING AND MICE ... 19

C. CONSUMPTION AND PRICES ... 22

D. EMPLOYMENT ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 27

G. MONEY AND FINANCE... 27

H. OTHER ECONOMIC INDICATORS... 29

III. CONCLUDING REMARKS ... 29

TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ... 33

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 1. INDICATORS OF THE GAMING SECTOR... 43

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

ECONOMY...44

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3. VISITORARRIVALS...45

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 LABOUR FORCE 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. NUMBER AND VALUE OF BUILDING UNITS PURCHASED AND SOLD BY END-USE OF UNIT AND BUYER’S STATUS PER STAMP DUTY RECORD ... 57

4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS AND OFFICES PURCHASED AND SOLD PER STAMP DUTY RECORD...58

5. PUBLIC WORKS... 58

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 59

2. PUBLIC REVENUE... 60

3. PUBLIC EXPENDITURE ... 61

4. PUBLIC INVESTMENT ... 61

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 62

2. RESIDENT DEPOSITS... 63

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4. MORTGAGE LOANS... 64

5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS... 65

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA...66

7. INTEREST RATES OF THE MACAO PATACA ...66

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 67

2. TRANSPORT ... 68

3. COMMUNICATIONS ... 69

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 69

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 70

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THE WORLD ECONOMY

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The pace of recovery continued to decelerate in the third quarter of 2012. Slow growth of the US economy, persistent sovereign debt crisis in the Euro zone, and sign of gradual slowdown of the Asian economies were obstacles to the world economic growth. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in October 2012 indicated that the recovery continued but it has weakened; growth in advanced economies was too low and slowing down in emerging economies. The world economy is projected to grow by 3.3% in 2012 and 3.6% in 2013, down by 0.2 and 0.3 percentage point respectively from the July forecast.

The US economy showed slight improvement. Gross Domestic Product (GDP) for the third quarter of 2012 expanded by 2.5% year-on-year and 2.7% quarter-to-quarter. The increment was spurred by the increase in private consumption expenditure, inventory and federal expenditure that contributed 1.0, 0.8 and 0.7 percentage point respectively to growth, while non-residential fixed investment dragged down the rate of expansion by 0.2 percentage point. Despite modest growth, the third quarter unemployment rate edged up by 0.1 percentage point to 8.1%; the seasonal adjusted unemployment rate also stood at 8.1%.

The Euro zone might fall again into recession as the sovereign debt crisis lingered. The third quarter GDP contracted by 0.6% year-on-year, marking three consecutive quarters of negative growth; meanwhile, the economy shrank by 0.1% quarter-to-quarter. Exports contributed 0.4 percentage point to growth, but inventory and gross fixed capital formation lowered the increase by 0.2 and 0.1 percentage point respectively. Unemployment rate stayed high at 11.2% amid slackened performance, up slightly by 0.1 percentage point quarter-to-quarter.

The UK economy was benefited by the impetus of the London Olympics, the third quarter GDP expanded by 1.0% quarter-to-quarter, the highest since 2007, yet contracted by 0.1%

year-on-year. Exports and household final consumption expenditure contributed 0.5 and 0.4 percentage point to growth, but gross fixed capital formation pulled down the rate of increase by 0.2 percentage point. The economy improved mildly, the unemployment rate receded by 0.2 percentage point quarter-to-quarter, at 7.8%.

Growth in the Asian economies decelerated generally upon fragile economic performance of the advanced economies and slowdown in the growth momentum in China and India. The October WEO of IMF projected that the newly industrialized Asian economies

a

will expand by 2.1%, the ASEAN 5

b

by 5.4%, the Middle East and the North African region by 5.3%, and the Chinese and Indian economies by 7.8% and 4.9% respectively in 2012. Apart from the ASEAN 5, growth performance of other economies is lower than the July forecast, of which growth forecast of India has the largest downward revision of 1.3 percentage points.

a

Korea; Taiwan, China; Hong Kong and Singapore

b

Indonesia, Malaysia, the Philippines, Thailand and Vietnam

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In Japan, the third quarter GDP increased by 0.1% year-on-year but contracted by 0.9%

quarter-to-quarter, indicating that the economy might fall into recession, of which exports dragged down economic growth by 0.8 percentage point, domestic demand and fixed capital formation by 0.2 percentage point. The unemployment rate, at 4.3%, was unaffected, down by 0.3 percentage point quarter-to-quarter; the seasonal adjusted rate decreased by 0.2 percentage point from the previous quarter to 4.2%.

Economy of Mainland China maintained steady growth. GDP expanded by 7.4% year-on-year in the third quarter, 0.2 percentage point lower than the increment in the second quarter. In the first three quarters of 2012, value added of the above-scale industries

c

rose by 10.0% year-on-year, down by 0.5 percentage point from the increase in the first half year; fixed asset investment increased by 20.5% year-on-year, up by 0.1 percentage point; retail sales of consumer goods rose by 14.1% year-on-year, down by 0.3 percentage point, with sales of communication equipment rising by 33.3%, furniture by 26.2%, and construction and decoration materials by 25.7%. Total value of external merchandise trade for the first three quarters of 2012 registered an increase of 6.2%

year-on-year, with trade surplus amounting to USD148.3 billion. Increase in CPI narrowed to 2.8%

in the third quarter, with CPI for September rising by 1.9% year-on-year, indicating a slowdown in inflation.

The Hong Kong economy saw similar growth as the previous quarter, up by 1.3% year-on-year in the third quarter, and 0.6% quarter-to-quarter after seasonal adjustment. Exports saw improvement but domestic demand tended to slowdown. Gross fixed capital formation and government final consumption expenditure went up by 8.7% and 3.7% respectively year-on-year;

increase in private consumption expenditure moderated to 2.8%. External trade rebounded, with

merchandise imports and exports rising by 4.5% and 3.8% respectively year-on-year, or 3.8% and

4.3% after seasonal adjustment. The unemployment rate increased by 0.2 percentage point to 3.5%.

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

-2.0 0.0 2.0 4.0 6.0 8.0

USA Euro Zone Japan M ainland

China

The United Kingdom

Hong Kong

%

Q2/2012 Q3/2012

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2012, the economy of Macao increased by 5.1% year-on-year in real terms. Economic growth was spurred by the impetus of private consumption expenditure and investment. In terms of external demand, decrease in visitor arrivals, slower growth in visitor spending and decline in exports of gaming services decelerated the increase in exports of services, while merchandise exports continued to rise. As regards domestic demand, private consumption expenditure increased upon better employment and rising earnings; investment continued to rise.

Besides, year-on-year economic growth for the first and second quarters was revised to 18.5% and 7.8% respectively.

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

1. Total value of merchandise exports increased by 33.3%, of which exports of machines, apparatus & parts soared by 254.5%, while that of garment dropped by 23.2%. Analysed by destination, exports to Hong Kong, the United States and Mainland China increased by 57.7%, 2.5% and 53.9% respectively; however, exports to the EU decreased by 20.4%. Total value of merchandise imports rose by 7.1%, with imports of consumer goods and capital goods, which took up a significant share of the total, increasing by 6.7% and 4.7% respectively. A visible trade deficit of MOP15.65 billion was recorded in the third quarter.

2. Visitor arrivals decreased by 1.7%; gross gaming revenue expanded by 6.1%, guests of the hotel sector rose by 10.1%, and per-capita spending of visitors went up by 12%. After adjusting for price changes, exports of services went up by 0.6% in the third quarter, while imports of services decreased by 7.0%.

3. Unemployment rate stood at 2.0% upon encouraging employment situation; median monthly employment earnings increased by 17.0%. Inflation eased with the Composite Consumer Price Index (Composite CPI) rising by 6.0%. Private consumption expenditure increased by 9.1%, and government final consumption expenditure expanded by 1.2%.

4. Overall investment increased by 10.3%. Total construction investment expanded by 22.5%, with construction by the private and public sectors increasing by 28.0% and 10.9% respectively.

Total equipment investment decreased by 22.2%, in which investment of the private and public sectors dropped by 14.6% and 66.3% respectively. Furthermore, number of new incorporations increased by 16.7% whereas the value of registered capital declined by 66.1%.

5. Number and value of building units purchased and sold decreased by 13.8% and 13.3%

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respectively over the second quarter. The average transaction price of residential units went up by 5.2% quarter-to-quarter.

6. Total government revenue increased by 7.6% to MOP 32.27 billion, with tax revenue from gaming rising by 6.2% to MOP 28.00 billion. Total expenditure expanded by 5.8% to MOP 10.69 billion, with current expenditure amounting to MOP 8.15 billion. Fiscal surplus for the third quarter stood at MOP 21.58 billion.

II. Major Segments of the Economy

A. External Merchandise Trade

Overview

Due to a slower growth in merchandise imports, total value of merchandise imports and exports increased modestly by 9.5% to MOP20.06 billion in the third quarter of 2012. Merchandise imports amounted to MOP17.85 billion, with the rate of increase decelerating from a two-digit growth to 7.1%; merchandise exports rose by 33.3% to MOP2.20 billion. The exports-imports ratio increased by 2.4 percentage points year-on-year to 12.3%. Merchandise trade deficit widened from MOP15.01 billion in the third quarter of 2011 to MOP15.65 billion.

Total Exports

Value of merchandise exports to Hong Kong (MOP1.17 billion), Vietnam (MOP42.10 million), Mainland China (MOP355.2 million), Japan (MOP41.62 million) and the US (MOP124.97 million) increased by 57.7%, 56.5%, 53.9%, 11.4% and 2.5% respectively; exports to Taiwan, China (MOP14.80 million) and the EU (MOP70.58 million) decreased by 34.2% and 20.4% respectively.

As the major merchandise of exports, value of machines, apparatus & parts (MOP441.4 million) soared by 254.5%, with its share in total exports rising to 20.0%. Besides, exports of garment &

textile products; copper & articles thereof; clocks & watches; and diamond & diamond jewellery dropped by 22.6%, 1.1%, 41.0% and 23.7% respectively; on the contrary, exports of tobacco &

wine; and other products increased by 16.6% and 38.0% respectively.

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Merchandise exports (Year-on-year change)

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

Q3 Q4 Q1 Q2 Q3

2011 2012

%

Total exports USA EU

Domestic Exports

In the third quarter of 2012, domestic exports amounted to MOP575.6 million (26.1% of total exports), down by 3.4% year-on-year and 4.7% quarter-to-quarter. Hong Kong continued to be the largest market of Macao’s domestic exports, with the value of exports rising by 2.7% year-on-year;

domestic exports to the US edged up by 0.3%, while that to the EU decreased by 20.9%. Analysed by principal commodity, exports of garment (27.0% of total domestic exports) decreased further by 31.7%, of which exports to the US (46.4% of total) and the EU (25.3%) dropped by 24.2% and 50.3% respectively; meanwhile, exports of tobacco & wine (23.0%) rose by 14.4%, and that of other products (50.0%) increased by 13.9%.

Domestic exports to Mainland China decreased by 1.5% to MOP77.84 million (13.5% of total), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) rose by 17.2% to MOP29.84 million, consisting mainly of copper-clad board (49.9% of total), garment (36.7%) and stamps (8.1%); the amount of tariff saved totalled MOP2.70 million.

In addition, results of the Industrial Exports Survey for the third quarter of 2012 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 2.3 months, down by 11.5% from 2.6 months in the same quarter of 2011. Meanwhile, 34.8% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, up by 19.2 percentage points quarter-to-quarter and 10.8 percentage points year-on-year, with 0.6%

anticipating a substantial increase and 34.2% expecting a modest increase. However, 39.4%

expected less promising prospects of exports, down by 4.4 percentage points quarter-to-quarter but

up by 9.4 percentage points year-on-year; moreover, 25.7% expected the outlook of exports

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remained stagnant, down by 14.7 percentage points quarter-to-quarter and 20.1 percentage points year-on-year. The findings showed that the manufacturers remained cautiously optimistic about the outlook of exports.

Re-exports

Total value of re-exports increased by 54.0% to MOP1.63 billion (73.9% of total exports).

Hong Kong was the largest market of Macao’s re-exports (59.6% of total), which was followed by Mainland China (17.0%). Value of re-exports to Hong Kong and Mainland China increased by 77.1% and 82.7% respectively.

In terms of the types of merchandise, re-exports of consumer goods (28.5%) and other products (64.1%) increased by 29.4% and 96.2% respectively, while that of raw materials &

semi-manufactures (7.4%) dropped by 27.6%.

Imports

With declining imports of consumer goods, growth of total merchandise imports narrowed to 7.1%, at MOP17.85 billion in the third quarter of 2012. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 17.2% to MOP5.95 billion (33.3% of total). Value of imports from Japan (6.1%), and Taiwan, China (2.1%) expanded by 4.8%

and 6.4% respectively, while that from the EU (23.5%), Hong Kong (10.8%), and the US (4.5%) decreased by 0.4%, 6.0% and 13.1% respectively.

Regarding the types of merchandise, imports of consumer goods (60.8% of total), capital goods (17.6%), fuels & lubricants (11.7%) and raw materials & semi-manufactures (10.0%) increased by 6.7%, 4.7%, 9.9% and 11.0% respectively.

Attributable to the increase in private consumption expenditure and visitor spending, imports

of gold jewellery (11.2% of total imports) expanded by 12.1%, and that of watches (7.8%) and

clothing & footwear (7.0%) rose by 22.8% and 25.8% respectively.

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

0 10 20 30 40 50 60

Q3 Q4 Q1 Q2 Q3

2011 2012

%

Total imports Consumer goods

Capital goods Raw materials and semi-manufactures

B. Tourism, Gaming and MICE

In the third quarter of 2012, visitor arrivals decreased by 1.7%; increase in per-capita spending of visitors slowed to 12%; exports of gaming services edged down by 0.1% in real terms, while guests of the hotel sector went up by 10.1%. Number of MICE events declined whereas that of participants and attendees recorded year-on-year increase.

Gaming

Gross gaming revenue amounted to MOP74.85 billion, with the rate of increase decelerating to 6.1% year-on-year. Gross revenue of game of chance rose by 6.2% to MOP74.58 billion (99.6% of total), while that of pari-mutuels and lotteries dropped by 8.3% to MOP273 million.

Number of casinos remained at 35 in the third quarter, with 5,497 gaming tables (+2.2%) and

17,029 slot machines (+7.1%).

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Gross gaming revenue

0 10 20 30 40 50 60 70 80

Q3 Q4 Q1 Q2 Q3

2011 2012 Billion M OP

0 10 20 30 40 50 60

%

Gross gaming revenue Year-on-year change

Visitor Arrivals

Visitor arrivals decreased by 1.7% to 7,286,971, attributable to the 7.7% and 8.1% decline in those from Hong Kong and Taiwan, China. Visitors from Mainland China rose by 1.6% to 4,347,393, with 1,916,076 travelling to Macao under the Individual Visit Scheme (IVS), up by 8.5%; moreover, those from the Republic of Korea and Japan went up by 8.9%. Average length of stay of visitors held stable as the previous quarter at 1.0 day. Meanwhile, visitor arrivals in package tours rose by 22.1% to 2,488,573.

Principal visitor markets

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Q3 Q4 Q1 Q2 Q3

2011 2012 M illion

M ainland China Hong Kong Taiwan, China Japan

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Hotel Sector

Hotels and guest-houses had 26,083 available guest rooms, an increase of 16.6%, with those of the five-star hotels accounting for 63.9% of the total. Guests of the hotel sector increased by 10.1%

to 2,542,526; the average occupancy rate stood at 84.5%, down by 1.0 percentage point.

Average length of stay of guests stood at 1.3 nights, down by 0.2 night from the third quarter of 2011, with guests of the five-star hotels staying the longest, at 1.4 nights.

Visitor Spending

Total spending of visitors amounted to MOP13.3 billion in the third quarter of 2012, up by 10% in comparison with MOP12.1 billion a year earlier.

Per-capita spending of visitors was MOP1,822, with the rate of growth slowing further to 12%.

Mainland visitors had the highest per-capita spending of MOP2,302; per-capita spending of visitors from Japan; Southeast Asia; Taiwan, China; and Hong Kong amounted to MOP1,550, MOP1,502, MOP1,494 and MOP949 respectively. Per-capita spending of tourists (overnight visitors) increased by 13% to MOP3,081, while that of same-day visitors dropped by 15% to MOP549. Per-capita shopping spending grew by 7% to MOP869, and per-capita non-shopping spending went up by 16%

to MOP952.

Per-capita spending of visitors by source markets

0 500 1 000 1 500 2 000 2 500

Q3 Q4 Q1 Q2 Q3

2011 2012 M OP

M ainland China Hong Kong Taiwan, China Southeast Asia

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 223 MICE events were held in the third quarter of 2012, down by 13 events

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year-on-year; number of participants and attendees increased by 34% to 699,805, and the average duration of events stood at 1.9 days.

There were 201 meetings & conferences, attracting 15,537 participants; the average duration was 1.7 days. Meanwhile, a total of 22 exhibitions were held, with 684,268 attendees; average duration of exhibitions was 3.3 days.

C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 9.1% in real terms, lower than the 13.0% rise in the second quarter of 2012. Household final consumption expenditure in the domestic market increased by 8.6% and that abroad went up by 10.0%.

Retail Sales

Value of retail sales amounted to MOP12.45 billion, up by 13% year-on-year but down by 3%

quarter-to-quarter. Value of retail sales of Watches, clocks & jewellery (28% of total), Goods in department stores (15%) and Adults’ clothing (9%) increased by 15%, 13% and 11% respectively year-on-year.

After removing the effect of price changes, volume of retail sales rose by 9% year-on-year, with marked increase being observed in the sales volume of Goods in pharmacies (+18%), Goods in supermarkets (+18%), Automotive fuels (+12%) and Watches, clocks & jewellery (+12%). Volume of retail sales decreased by 1% quarter-to-quarter, of which sales volume of Watches, clocks &

jewellery and Motor vehicles fell by 13% and 12% respectively, but that of Cosmetics & sanitary

articles went up by 14%.

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Value of Major Retail Sales

0 500 1000 1500 2000 2500 3000 3500 4000 4500

Q3 Q4 Q1 Q2 Q3

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 third quarter rose by 6.0% year-on-year, with notable increase being observed in the price indices of Alcoholic beverages & tobacco (+33.2%), Housing

& fuels (+8.1%) and Food & non-alcoholic beverages (+8.0%); meanwhile, index of Communication decreased further by 2.5%. The Composite CPI registered an increase of 0.9%

quarter-to-quarter. In addition, implicit deflator of GDP that measures changes in overall prices rose by 6.4% year-on-year, indicating that consumer prices and overall prices moved in an upward trend, but at a slower pace.

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 9.0

Q3 Q4 Q1 Q2 Q3

2011 2012

%

Composite CPI Implicit Deflator of GDP

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D. Employment

Employment and employment earnings showed continuous improvement. Economically active population (labour force) totalled 351,000 in the third quarter, with an employed population of 344,000, up by 3.3% and 4.1% year-on-year respectively. Employment in Recreational, Cultural, Gaming & Other Services reached 91,000, of which 80,000 were working in the Gaming Sector, accounting for 23.3% of the total. Non-resident workers totalled 109,038, with 30.5% working in Hotels & Restaurants and 14.7% in Construction.

Unemployment rate stood at 2.0%, down by 0.7 percentage point year-on-year and 0.1 percentage point quarter-to-quarter; total number of unemployed was 7,000, with 20.8% being fresh labour force entrants searching for their first job. Analysed by the previous industry engaged, 29.2%

had worked in Recreational, Cultural, Gaming & Other Services, 18.7% in Wholesale & Retail, and 15.2% in Construction. In terms of educational attainment, 31.8% had tertiary education; 23.2% had senior secondary education and 22.0% had junior secondary education. Underemployment rate was 0.8%.

Median monthly employment earnings of the employed stood at MOP11,700, up by 17.0%

year-on-year. Median employment earnings of Public administration, defence and compulsory social security logged the highest year-on-year increase of 21.3%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings held stable as the previous quarter but rose by 11.1% year-on-year.

Employed population and unemployment rate

310 320 330 340 350

Q3 Q4 Q1 Q2 Q3

2011 2012 Thousand persons

1.8 2.0 2.2 2.4 2.6 2.8

%

Employed population Unemployment rate

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E. Investment

Investment in Construction and Equipment

In the third quarter of 2012, construction investment increased by 22.5% while equipment investment decreased by 22.2% in real terms, causing overall investment to expand by 10.3%.

Investment by the private sector grew by 14.3%, whereas that by the public sector declined by 0.6%.

For the investment by the private sector, number of building completions, units and gross floor area surged by 90.9%, 1,189.3% and 3,292.6% respectively; construction of new buildings, units and gross floor area decreased by 46.4%, 73.7% and 65.1% respectively. Despite a decline in investment of private building construction, an upsurge in investment of major tourism and gaming facilities drove up construction investment by the private sector by 28.0% in real terms in the third quarter; however, equipment investment dropped by 14.6%.

As regards investment by the public sector, construction investment increased by 10.9% due to the construction of the Hengqin Campus of the University of Macau and the public housing projects;

on the contrary, equipment investment fell significantly by 66.3%.

Gross floor areas of buildings started and completed

0 100 200 300 400 500 600 700 800 900 1 000

Q3 Q4 Q1 Q2 Q3

2011 2012 Thousand m

2

Buildings started Buildings completed

Transactions on Real Estate

A total of 6,766 building units were purchased and sold, up by 81.0% year-on-year but down

by 13.8% quarter-to-quarter; total value amounted to MOP26.93 billion, up by 180.0% year-on-year

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but down by 13.3% quarter-to-quarter.

Analysed by end-use, 4,475 residential units were purchased and sold at MOP19.75 billion, accounting for 66.1% and 73.4% of the respective total.

As regards status of the buyers, 6,071 units (89.7% of total) were purchased by Macao residents; value of transaction amounted to MOP22.90 billion, with its share in total value rising from 82.9% in the previous quarter to 85.1%. Meanwhile, 544 units were purchased by non-residents, with the total value amounting to MOP3.50 billion.

The average transaction price of residential units increased by 5.2% quarter-to-quarter to MOP58,305 per square metre of usable area in the third quarter. The average price of those in the Macao Peninsula rose by 8.9% to MOP51,662 per square metre, and the average price of those in Taipa grew by 1.2% to MOP67,579 per square metre. The average price of office units went up by 3.1% quarter-to-quarter to MOP49,245 per square metre.

Values of building units transacted

0 5 10 15 20 25 30 35

Q3 Q4 Q1 Q2 Q3

2011 2012 M OP billion

Value of building units transacted

Business Investment

Number of new incorporations increased by 16.7% to 992, while the total value of registered

capital decreased by 66.1% to MOP162.4 million in the third quarter of 2012. Among the new

incorporations, 34.3% were operating in Wholesale & Retail, 20.6% in Business Services and

15.5% in Real Estate. In terms of registered capital, Real Estate predominated with 38.7% of the

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As regards origin of capital, capital from Macao shared 46.5% of the total and that from Mainland China and Hong Kong took up 43.0% and 7.3% respectively.

Number of companies in dissolution decreased by 3.2% to 121 in the third quarter, with 45 engaging in Wholesale & Retail (37.2% of total), 24 in Business Services (19.8%), 16 in Real Estate (13.2%) and 14 in Construction (11.6%).

F. Public Accounts

In the third quarter of 2012, total government revenue expanded by 7.6% to MOP32.27 billion on account of an increase in direct taxes, of which tax revenue from gaming rose by 6.2% to MOP28.00 billion.

Meanwhile, total government expenditure grew by 5.8% to MOP10.69 billion, attributable to the increase in investments (+31.2%) and current transfers (+4.9%). Fiscal surplus stood at MOP21.58 billion in the third quarter, higher than the MOP19.88 billion surplus in the same quarter of 2011.

Total government revenue and expenditure

0 5 10 15 20 25 30 35

Q3 Q4 Q1 Q2 Q3

2011 2012 M OP billion

Total revenue Total expenditure Balance

G. Money and Finance

At the end of September 2012, narrow money supply M1 went up by 11.9% year-on-year, of

(28)

which currency in circulation increased by 24.3% and demand deposits rose by 9.6%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 25.1%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 increased by 0.9 percentage points to 46.2%, and its share in M2 dropped by 0.9 percentage points to 24.6%. The share of the Hong Kong dollar was 51.6% in M1 and 56.1% in M2.

Resident deposits rose by 25.1% year-on-year to MOP340.71 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 20.5%, 32.4% and 12.0%

respectively to MOP78.62 billion, MOP195.48 billion and MOP66.60 billion. Meanwhile, public sector deposits in banks increased by 72.0% to MOP41.63 billion.

Domestic loans extended to the private sector rose by 16.0% year-on-year to MOP191.36 billion, of which outstanding residential mortgage loans went up by 19.0% year-on-year to MOP144.27 billion. For domestic loans to the private sector, the MOP accounted for 28.4%, valued at MOP54.32 billion, and the Hong Kong dollar took up 63.2%, valued at MOP120.89 billion.

Resident deposits and loans

0 50 100 150 200 250 300 350

Q3 Q4 Q1 Q2 Q3

2011 2012 MOP billion (value at

the end of the 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 September was 50.0%, down by 5.6 percentage points from a year earlier, and that for both the resident and non-resident sectors held stable at 79.9%.

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 third 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%.

(29)

The changes in the exchange rates of the MOP basically reflect the changes in those of the US dollar. In the third 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 Chinese renminbi decreased by 0.5% year-on-year, whereas the respective rates against the Swiss franc, the euro, and the Korean won rose by 15.2%, 13.0% and 5.0% 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 4.04 points to 98.57.

H. Other Economic Indicators

Transport and Communications

In the third quarter of 2012, containerized cargo by land (6,732 tonnes) and air cargo (6,794 tonnes) decreased by 20.3% and 31.1% respectively, while seaborne containerized cargo (48,626 tonnes) increased by 9.2%.

As regards local transport, new registration of vehicles totalled 4,830, down by 0.8%; new registration of cars increased by 10.7% but that of motorcycles decreased by 11.1%. At the end of September 2012, number of licensed vehicles totalled 213,992, comprising 99,822 cars and 114,170 motorcycles.

At the end of September 2012, number of Internet users went up by 9.8% to 224,663; mobile phone users increased by 18.7% to 1,532,619. Fixed-line telephone dropped by 2.0% to 163,449.

Fixed-line telephone density for the third quarter was 28.3 per 100 population.

Water and Energy Consumption

Consumption of electricity increased by 5.2% to 1.26 billion kWh, and that of water rose by 6.5% to 19.95 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil &

diesel, and fuel oil) went down by 18.8% to 89.77 million litres due to a decrease in consumption of fuel oil; consumption of liquefied petroleum gas (LPG) rose by 7.6% to 9,399 tonnes.

III. Concluding Remarks

In the third quarter of 2012, the rate of economic growth of Macao narrowed to 5.1% in real

(30)

terms year-on-year, far lower than the 18.5% and 7.8% increase in the first and second quarters, attributable to the decline in exports of gaming services and slower increase in visitor spending. In the first three quarters of 2012, the economy expanded by 10.0% in real terms.

Looking ahead for the fourth quarter, in terms of domestic demand, increase in total

investment is likely to sustain; private consumption expenditure is expected to see steady growth

due to buoyant job market and low unemployment rate. As regards external demand, merchandise

exports are likely to rise continuously; exports of service is expected to see modest increase as

visitor arrivals for October and November decreased by 1.5% year-on-year, and gross gaming

receipts rose by 5.3%. In view of the sluggish external economies and lagging recovery, economic

growth of Macao in the fourth quarter is projected to change to domestic demand driven and the

rate of increase is likely to be lower than the third quarter.

(31)

TABLES

(32)

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.

(33)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%)

2011 2011 2012 2012 2012

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product -3.1 2.4 1.8 1.6 2.0 2.4 2.1

r

2.5

ΓExports of goods -18.0 21.0 15.8 17.4 10.4 8.5 5.7

r

1.2

ΓImports of goods -25.9 22.7 15.4 14.2 12.1 8.5 3.7 -

ΓConsumer Price Index -0.4 1.7 3.1 3.8 3.3 2.8 1.9 1.7

ΓUnemployment rate 9.3 9.6 8.9 9.1 8.3 8.6 8.0 8.1

Euro area

a

ΓGross Domestic Product -4.4 2.0 1.4 1.3 0.6 -0.1

r

-0.5 -0.6

ΓExports of goods -18.0 20.0 13.2

r

9.9

r

8.6

r

8.5

r

8.1

r

7.4

ΓImports of goods -21.7 22.5 12.8

r

10.2

r

5.1

r

4.0

r

1.2

r

0.1

ΓConsumer Price Index 0.3 1.6 2.7 2.7 2.9 2.7 2.5 2.5

ΓUnemployment rate 9.6 10.1 10.1 9.8 10.6 11.4 11.1 11.2

Germany

ΓGross Domestic Product -5.1 4.2 3.0 2.6 1.4 1.7 0.5 0.4

ΓExports of goods -18.4 18.5 11.5

r

10.0

r

5.2

r

5.1

r

3.6

r

3.6

ΓImports of goods -17.5 19.9 13.2 11.5

r

6.9

r

4.0

r

0.1 -0.4

ΓConsumer Price Index 0.3 1.1 2.3 2.5 2.3 2.2 1.9 1.9

ΓUnemployment rate 8.1 7.7 7.1 6.9 6.5 7.3 6.8 6.7

French

ΓGross Domestic Product -3.1 1.6 1.7 1.5

r

1.1

r

0.2

r

0.1

r

0.1

ΓExports of goods -17.2

r

12.8

r

9.0

r

6.5

r

7.6

r

5.0

r

5.2

r

4.0

ΓImports of goods -17.5 13.2

r

12.7

r

10.1

r

8.1

r

2.7

r

3.5

r

0.7

ΓConsumer Price Index 0.1 1.5 2.1 2.1 2.4 2.3 2.0 2.0

ΓUnemployment rate 9.5 9.7 9.6 9.4 10.0 10.4

r

9.8

r

10.5

The United Kingdom

ΓGross Domestic Product -4.0 1.8 0.9

r

0.6

r

0.7

r

-0.1

r

-0.5 -0.1

ΓExports of goods -9.5 16.5 12.6

r

11.0 9.5

r

3.8

r

-1.2

r

2.0

ΓImports of goods -10.2 17.1 9.6 10.3

r

5.3

r

5.6

r

2.3

r

-0.8

ΓConsumer Price Index 2.1 3.3 4.5 4.7 4.7 3.5 2.8 2.4

ΓUnemployment rate 7.7 7.8 8.1 8.3 8.4 8.2 8.0 7.8

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 Eurostat

Federal Statistical Office of Germany

National Institute of Statistics and Economic Studies of France; French Customs Office for National Statistics of United Kingdom

2009 2010 2011

(34)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%)

2011 2011 2012 2012 2012

Q3 Q4 Q1 Q2 Q3

Mainland China

ΓGross Domestic Product 8.7 10.3 9.2 9.1 8.9 8.1 7.6 7.4

ΓExports of goods -15.9 31.3 20.3 20.6 14.2 7.6 10.5 4.5

ΓImports of goods -11.3 38.7 25.0 25.0 20.5 6.9 6.5

r

1.4

ΓConsumer Price Index

a

-0.7 3.3 5.4 5.7 5.4 3.8 3.3 2.8

Hong Kong

ΓGross Domestic Product -2.7 6.8

r

4.9

r

4.3

r

2.8

r

0.7 1.2

r

1.3

ΓExports of goods -12.6 22.8 10.1 4.2 6.9 -1.5 1.9 3.8

ΓImports of goods -11.0 25.0 11.9 8.9 9.3 0.7 2.1 4.5

ΓConsumer Price Index 0.5 2.4 5.3 6.4 5.7 5.2 4.2 3.1

ΓUnemployment rate 5.4 4.3 3.4 3.4 3.1 3.3 3.3 3.5

Taiwan, China

ΓGross Domestic Product -1.8 10.7 4.0 3.5 1.9 0.4 -0.2 1.0

ΓExports of goods -20.3 34.8 12.3 11.6 4.5 -4.0 -5.4 -2.2

ΓImports of goods -27.5 44.1 12.0 10.2 -0.9 -5.9 -5.8 -3.2

ΓConsumer Price Index -0.9 1.0 1.4 1.4 1.4 1.3 1.7 3.0

ΓUnemployment rate 5.9 5.2 4.4 4.4 4.3 4.2 4.1 4.3

Japan

ΓGross Domestic Product -5.5 4.5 -0.7

r

-0.6 -0.7 2.9 3.3

r

0.1

ΓExports of goods -33.1 24.4 -2.7 0.5 -5.5 -1.6 4.8 -8.1

ΓImports of goods -34.8 18.0 12.1 13.8 12.4 9.9 5.1 0.2

ΓConsumer Price Index -1.4 -0.7 -0.3 0.1 -0.3 0.3 0.2 -0.4

ΓUnemployment rate 5.1 5.1 4.6 4.5 4.3 4.5 4.6 4.3

Republic of Korea

ΓGross Domestic Product 0.3 6.3 3.6 3.6 3.3 2.8 2.3

r

1.6

ΓExports of goods -13.9 28.3 19.0 21.4 9.0 3.0 -1.7

r

-5.6

ΓImports of goods -25.8 31.6 23.3 27.7 13.4 7.7 -2.7

r

-7.1

ΓConsumer Price Index 2.8 3.0

r

4.0 4.3 4.0 3.0 2.4 1.6

ΓUnemployment rate 3.6 3.8 3.4 3.1 2.9 3.8 3.3 3.0

Singapore

ΓGross Domestic Product -1.0 14.8 4.9 6.0 3.6 1.6

r

2.5

r

0.3

ΓExports of goods -18.0 22.4 7.5 4.7 5.8 4.8 1.4 -4.2

ΓImports of goods -21.0 18.8 8.6 6.2 9.9 10.5 4.6 -1.3

ΓConsumer Price Index 0.6 2.8 5.2 5.5 5.5 4.9 5.3 4.2

ΓUnemployment rate 3.0 2.2 2.0 1.8 1.8 1.9 2.6 1.7

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

2009 2010 2011

(35)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

(%)

2011 2011 2012 2012 2012

Q3 Q4 Q1 Q2 Q3

USA

ΓGross Domestic Product -3.1 2.4 1.8 1.3 4.1 2.0 1.3

r

2.7

ΓExports of goods -18.0 21.0 15.8 2.7 0.2 1.4 1.6

r

-0.3

ΓImports of goods -25.9 22.7 15.4 0.6 1.6 2.1 -0.4 -2.1

ΓConsumer Price Index -0.4 1.7 3.1 0.8 0.3 0.6 0.2 0.6

ΓUnemployment rate

a

9.3 9.6 8.9 9.1 8.7 8.3 8.2 8.1

Japan

ΓGross Domestic Product -5.5 4.5 -0.7

r

2.3

r

-0.3

r

1.3 0.1

r

-0.9

ΓExports of goods -33.2 24.4 -2.6 8.2

r

-4.9

r

1.6

r

0.2

r

-3.8

ΓImports of goods -34.6 18.1 12.2

r

2.2

r

0.4

r

1.8 0.6

r

-1.7

ΓConsumer Price Index -1.4 -0.7 -0.3 - -0.2 0.6 -0.2 -0.5

ΓUnemployment rate

a

5.1 5.1 4.6 4.4 4.5 4.5 4.4 4.2

Hong Kong

ΓGross Domestic Product -2.7 6.8

r

4.9

r

0.5

r

0.2

r

0.5

r

-0.1 0.6

ΓExports of goods -12.6 22.8 10.1 - 0.5 2.1 -4.2

r

4.3

ΓImports of goods -11.0 25.0 11.9 0.4 -0.3 0.7 -1.9 3.8

ΓConsumer Price Index 0.5 2.4 5.3 -0.9 3.0 1.3 0.9 -2.0

ΓUnemployment rate

a

5.4 4.3 3.4 3.2 3.3 3.4 3.2 3.3

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 2012 2012 2012

Q3

r

Q4

r

Q1

r

Q2

r

Q3

@

At current prices:

GDP (MOP billion) 170.2 226.9 295.5 77.0 84.4 80.1 82.8 86.1

GDP per capita (MOP thousand) 317.6 422.7 538.0 .. .. .. .. ..

Chain volume measures in chained (2010) dollars:

GDP (MOP billion) 178.0 226.9 276.7 71.4 77.0 71.8 73.0 75.0

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

GDP 1.7 27.5 21.9 23.3 18.0 18.5 7.8 5.1

Private consumption expenditure 2.4 7.2 11.0 9.6 12.8 6.8 13.0 9.1

In the domestic market 0.3 5.3 10.6 9.8 11.6 6.2 12.0 8.6

Abroad 12.8 20.7 10.5 9.1 13.2 12.9 11.4 10.0

Government final consumption expenditure 13.2 4.9 5.5 10.5 5.3 10.2 6.6 1.2

Gross fixed capital formation -32.3 -16.8 16.5 11.8 12.8 41.0 11.3 10.3

Private sector -36.8 -22.4 7.3 4.5 -8.3 20.0 -6.3 14.3

Government 34.4 24.1 58.6 38.7 62.3 336.5 178.3 -0.6

Exports of goods -48.2 -7.2 -2.3 -3.4 8.6 24.3 20.8 28.3

Exports of services 3.9 47.4 30.1 34.3 22.8 19.1 5.6 0.6

Imports of goods -24.1 15.4 26.1 28.9 28.4 25.5 13.8 7.1

Imports of services -12.2 43.5 32.6 38.6 18.4 12.6 1.2 -7.0

2011

2010

r

2009

r

2009 2010

2011

r

(36)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2012 2011 2011 2012 2012 2012

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. External Merchandise trade (MOP million)

Total exports 7 672.5 6 960.0 6 970.9 6 149.5 1 652.4 1 917.9 1 975.3 1 971.2r 2 203.1 33.3

Textiles and garments 2 469.9 1 627.3 1 339.0 817.2 341.9 288.3 284.8 267.8r 264.6 -22.6

Other products 5 202.6 5 332.7 5 631.9 5 332.3 1 310.5 1 629.6 1 690.5 1 703.4r 1 938.5 47.9

Total imports 36 902.0 44 118.4 62 288.9 52 258.5 16 666.4 17 884.4 17 114.7r 17 291.1r 17 852.7 7.1

Trade balance -29 229.4 -37 158.4 -55 318.0 -46 109.0 -15 013.9 -15 966.5 -15 139.4r -15 319.9r -15 649.6 -4.2 B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(MOP million) 120 383 189 588 269 058 224 120 70 521 73 802 74 596 74 670 74 854 6.1

y-on-y % change 9.6 57.5 41.9 14.8 47.8 33.2 26.8 13.3 6.1

No. of visitor arrivals(thousand) 21 752.8 24 965.4 28 002.3 20 864.7 7 415.5 7 340.1 6 942.3 6 635.4 7 287.0 -1.7

Average length of stay of visitorsb (days) 1.1 0.9 1.0 .. 1.0 0.9 0.9 1.0 1.0 -d

Visitor spending per capita (MOP) 1 616 1 518 1 619 .. 1 633 1 820 1 891 1 713 1 822 11.5

Hotel occupancy rate (%) 71.4 79.8 84.1 82.6 85.5 86.6 83.2 80.1 84.5 -1.0 a

C. Construction and real estate

Expenditure on public works (MOP million) 3 021.2 4 274.9 7 666.0 4 922.1 1 301.9 5 867.0 617.2 2 175.3 2 129.6 63.6 Private sector construction

ΓΓ Buildings started - no. of units 1 547 870 2 159 1 110 1 492 513 41 677 392 -73.7

ΓΓ Buildings started - gross floor area (thousand m²) 229 184 367 210 229 101 11 119 80 -65.1

ΓΓ Buildings completed - no. of units 3 251 4 527 1 387 2 499 122 309 36 890 1 573 1 189.3

ΓΓ Buildings completed - gross floor area (thousand m²) 1 406 1 272 1 163 1 560 18 504 9 938 613 3 292.6

No. of building units transacted 17 310 29 617 27 624 18 203 3 738 3 543 3 592 7 845 6 766 81.0

Value of building units transacted (MOP million) 26 298.7 56 753.6 76 255.1 69 685.4 9 616.4 10 115.2 11 706.8 31 052.4 26 926.1 180.0

D. Transport

Γ Seaborne containerised cargo (tonne) 180 413 178 380 182 959 153 911 44 543 54 157 49 980r 55 305 48 626 9.2

Γ Containerised land cargo (tonne) 51 694 45 718 35 093 23 952 8 442 9 049 9 274 7 946 6 732 -20.3

Γ Air cargo (tonne) 52 464 52 166 39 524 20 148 9 862 10 441 6 452 6 902 6 794 -31.1

E. Prices and consumption

Inflation rate (%) 1.2 2.8 5.8 6.3 6.2 6.7 6.3 6.6 6.0 ..

Composite Consumer Price Index (4/2008-3/2009=100) 101.4 104.2 110.3 116.4 111.0 112.7 114.7 116.7 117.7 6.0 Retail sales turnover (MOP million) 22 354 30 642r 43 479r 38 492 11 036r 12 527r 13 225r 12 815r 12 451 12.8

F. Labour force

Unemployment rate (%) 3.5 2.8 2.6 .. 2.7 2.2 2.0 2.1 2.0 -0.7 a

Median monthly employment earnings (MOP thousand) 8.5 9.0 10.0 .. 10.0 10.3 11.0 11.0 11.7 17.0

Non-resident workers in Macao (end-period) 74 905 75 813 94 028 .. 89 896 94 028 98 664 102 557 109 038 21.3 G. Public accounts (MOP million)

Total revenue 69 870.9 88 488.1 122 972.3 93 892.5 29 976.6 31 295.1 29 622.4 32 004.0 32 266.1 7.6

Tax revenue from gaming 45 697.5 68 776.1 99 656.4 84 494.7 26 371.1 26 901.7 27 747.7 28 746.6 28 000.4 6.2

Total expenditure 35 459.9 38 393.9 45 593.3 32 374.3 10 095.9 23 654.2 6 100.7 15 587.5 10 686.2 5.8

Balance 34 411.0 50 094.1 77 379.0 61 518.2 19 880.7 7 641.0 23 521.8 16 416.6r 21 579.9 ..

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

Γ Narrow money supply (M1) 30 606.8 34 729.7 36 243.3 40 677.3 36 254.0 36 243.3 38 372.0 38 719.9 40 586.3 11.9 Γ Broad money supply (M2) 212 233.3 243 053.8 297 963.9 351 345.6 278 433.2 297 963.9 310 588.4 321 473.6 348 198.6 25.1 Γ Resident deposits 207 327.4 237 639.4 291 595.1 343 855.4 272 371.4 291 595.1 303 800.8 314 448.0 340 708.5 25.1 Γ Domestic credit to the private sector 101 125.2 130 676.9 167 855.8 191 593.8 165 150.5 167 855.8 170 599.8 180 024.6 191 593.8 16.0 Γ Net foreign assets 275 171.7 333 837.7 425 292.6 436 183.3 390 699.9 425 292.6 363 306.4 388 684.9r433 036.4 10.8 Foreign exchange reserves 146 578.7 190 186.8 272 369.4 132 748.1 246 839.5 272 369.4 128 769.7c134 547.6rc132 748.1 .. c I. Others

ΓNo. of new companies incorporated 2 529 2 991 3 405 2 822 850 876 881 949 992 16.7

ΓNo. of companies in dissolution 469 492 511 382 125 137 130 131 121 -3.2

ΓConsumption of electricity (million kWh) 3 463.3 3 655.5 3 856.5 3 219.4 1 197.6 907.9 821.0 1 138.3 1 260.1 5.2

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 Q3 year-on-year

% change 2010 2011

(37)

II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2012 2011 2011 2012 2012 2012

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Imports and exports MOP million 44 574.5 51 078.4 69 259.8 58 408.0 18 318.8 19 802.4 19 089.9r 19 262.3r 20 055.8

y-on-y % change -24.5 14.6 35.6 18.1 40.2 41.1 29.5r 17.5r 9.5

B. Total exports MOP million 7 672.5 6 960.0 6 970.9 6 149.5 1 652.4 1 917.9 1 975.3 1 971.2r 2 203.1

y-on-y % change -52.1 -9.3 0.2 21.7 -0.1 14.6 22.0 10.6 33.3

Γ1. Domestic exports MOP million 2 971.1 2 389.8 2 390.2 1 752.9 595.9 631.1 573.1 604.2r 575.6

y-on-y % change -69.0 -19.6 0# -0.4 -5.2 0.5 1.3 1.1 -3.4

Γ2. Re-exports MOP million 4 701.4 4 570.2 4 580.7 4 396.6 1 056.5 1 286.8 1 402.1 1 367.0r 1 627.5

y-on-y % change -27.0 -2.8 0.2 33.5 3.1 23.0 33.2 15.4r 54.0

C. Total imports MOP million 36 902.0 44 118.4 62 288.9 52 258.5 16 666.4 17 884.4 17 114.7r 17 291.1r 17 852.7

y-on-y % change -14.2 19.6 41.2 17.7 46.0 44.7 30.4r 18.4r 7.1

D. Trade balance MOP million -29 229.4 -37 158.4 -55 318.0 -46 109.0 -15 013.9 -15 966.5 -15 139.4r-15 319.9r -15 649.6 (Exports - Imports)

E. Exports/Imports ratio 20.8 15.8 11.2 11.8 9.9 10.7 11.5 11.4r 12.3

F. External merchandise trade index (2011=100) Γ1. Exports

ΓΓValue index index 110.1 99.8 100.0 117.5 94.8 110.1 113.4 113.1 126.1

y-on-y % change -52.1 -9.4 0.2 21.6 -0.1 14.6 22.1 10.6 33.0

ΓΓUnit value index index 89.1 91.8 100.0 100.3 101.0 100.3 101.6 99.7 99.8

y-on-y % change -1.1 3.0 8.9 0.4 9.9 7.6 4.0 -1.3 -1.2

ΓΓQuantum index index 123.5 108.7 100.0 117.1 93.9 109.7 111.6 113.4 126.4

y-on-y % change -51.6 -12.0 -8.0 21.0 -9.0 6.5 17.4 11.9 34.6

Γ2. Imports

ΓΓValue index index 59.2 70.8 100.0 113.3 107.0 114.8 111.4 113.2 115.2

y-on-y % change -14.3 19.6 41.2 19.1 46.0 44.6 32.1 20.7 7.7

ΓΓUnit value index index 88.9 92.5 100.0 102.6 100.4 101.6 101.8 103.4 102.7

y-on-y % change -0.6 4.0 8.1 3.2 8.5 8.5 4.5 3.5 2.3

ΓΓQuantum index index 66.6 76.6 100.0 110.3 106.6 113.0 109.4 109.4 112.2

y-on-y % change -13.8 15.0 30.5 15.3 34.4 33.3 26.5 16.5 5.3

Γ3. Terms of trade index a index 100.2 99.3 100.0 97.8 100.5 98.7 99.7 96.4 97.2

y-on-y % change -0.5 -0.9 0.7 -2.7 1.1 -0.9 -0.6 -4.6 -3.3

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

2009 2010 2011

(38)

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2012 2011 2011 2012 2012 2012 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Total exports MOP million 7 672.5 6 960.0 6 970.9 6 149.5 1 652.4 1 917.9 1 975.3 1 971.2r 2 203.1 100.0

y-on-y % change -52.1 -9.3 0.2 21.7 -0.1 14.6 22.0 10.6 33.3

1. Destination

USA MOP million 1 308.3 782.1 555.8 384.9 121.9 130.8 124.4 135.5 125.0 5.7

y-on-y % change -79.6 -40.2 -28.9 -9.4 -49.5 -16.1 -18.5 -10.0 2.5

European Union MOP million 631.3 409.4 383.3 245.4 88.7 88.6 85.4 89.4 70.6 3.2

y-on-y % change -60.3 -35.2 -6.4 -16.7 -15.9 -14.0 -12.9 -17.2 -20.4

Mainland China MOP million 1 117.5 1 102.4 1 097.9 984.6 230.9 284.8 283.1 346.4r 355.2 16.1

y-on-y % change -43.2 -1.4 -0.4 21.1 -10.4 9.4 21.9 -1.1 53.9

Hong Kong MOP million 3 014.6 3 002.6 3 108.9 3 146.4 740.6 939.6 1 021.9 956.7r 1 167.7 53.0

y-on-y % change -4.7 -0.4 3.5 45.0 19.3 26.7 40.7 36.2r 57.7

Taiwan, China MOP million 160.7 175.9 103.0 35.9 22.5 17.9 10.9 10.1 14.8 0.7

y-on-y % change -26.2 9.5 -41.5 -57.9 -36.7 -37.9 -63.8 -68.7 -34.2

Japan MOP million 105.7 109.5 144.0 119.0 37.4 45.3 36.2 41.1 41.6 1.9

y-on-y % change -50.3 3.5 31.6 20.5 22.6 52.7 39.2 16.2 11.4

Vietnam MOP million 178.3 188.2 119.1 103.6 26.9 17.7 33.7 27.7 42.1 1.9

y-on-y % change 4.8 5.6 -36.7 2.1 -34.9 -67.5 -9.4 -25.6 56.5

2. Type of goods

Garment and textile MOP million 2 469.9 1 627.3 1 339.0 817.2 341.9 288.3 284.8 267.8r 264.6 12.0

products y-on-y % change -73.0 -34.1 -17.7 -22.2 -26.8 -24.9 -15.5 -28.0 -22.6

Garment MOP million 2 101.9 1 314.3 1 069.7 688.9 278.5 233.6 248.8 226.1r 214.0 9.7

y-on-y % change -75.0 -37.5 -18.6 -17.6 -24.1 -24.7 -8.6 -20.8r -23.2

Knitted or MOP million 1 282.6 755.1 511.3 312.6 122.8 111.1 121.4 106.8 84.4 3.8

crocheted y-on-y % change -74.2 -41.1 -32.3 -21.9 -41.1 -34.5 -14.1 -21.5 -31.2

Not knitted or MOP million 819.3 559.1 558.4 376.3 155.7 122.4 127.4 119.3r 129.6 5.9 crocheted y-on-y % change -76.2 -31.8 -0.1 -13.7 -1.7 -12.8 -2.5 -20.2r -16.8

Textile products MOP million 368.0 313.0 269.3 128.3 63.4 54.7 35.9 41.7 50.7 2.3

y-on-y % change -49.3 -14.9 -14.0 -40.2 -36.8 -25.9 -44.7 -51.6 -20.1

Machines and apparatus, parts MOP million 626.2 449.0 627.8 1 097.3 124.5 211.5 293.8 362.1 441.4 20.0 and accessories thereof y-on-y % change -48.0 -28.3 39.8 163.6 15.8 85.4 152.5 106.4 254.5

Tobacco and wine MOP million 318.6 470.3 669.6 582.9 160.5 194.0 166.1 229.7 187.1 8.5

y-on-y % change -11.8 47.6 42.4 22.6 41.7 7.8 19.8 30.2 16.6

Clocks and watches MOP million 312.2 352.3 264.5 170.7 52.4 67.3 91.3 48.5 30.9 1.4

y-on-y % change 242.3 12.8 -24.9 -13.5 -23.3 30.9 -7.3 4.4 -41.0

Diamond and diamond MOP million 531.1 614.3 225.2 185.9 39.6 48.7 134.5 21.2r 30.2 1.4

jewellery y-on-y % change 10.6 15.7 -63.3 5.3 -14.1 -54.2 37.1 -45.3r -23.7

Copper and articles thereof MOP million 266.2 374.1 382.0 287.2 102.2 84.6 92.8 93.4 101.0 4.6

y-on-y % change -29.0 40.5 2.1 -3.4 14.7 -6.1 -10.1 1.4 -1.1

2009 2010 2011

(39)

II. EXTERNAL MERCHANDISE TRADE

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS

2012 2011 2011 2012 2012 2012 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Domestic exports MOP million 2 971.1 2 389.8 2 390.2 1 752.9 595.9 631.1 573.1 604.2r 575.6 100.0

y-on-y % change -69.0 -19.6 0# -0.4 -5.2 0.5 1.3 1.1 -3.4

1. Destination

USA MOP million 1 265.3 713.7 498.2 348.0 111.4 112.9 117.5 118.7 111.7 19.4

y-on-y % change -80.0 -43.6 -30.2 -9.7 -46.8 -22.7 -12.3 -15.1 0.3

European Union MOP million 609.5 398.4 370.9 235.2 85.0 85.6 81.7 86.3 67.2 11.7

y-on-y % change -60.1 -34.6 -6.9 -17.6 -17.5 -15.3 -14.7 -17.6 -20.9

Mainland China MOP million 189.6 251.3 294.7 232.8 79.0 86.7 84.6 70.4r 77.8 13.5

y-on-y % change -14.9 32.5 17.3 11.9 26.3 30.5 33.8 7.1r -1.5

Hong Kong MOP million 348.0 485.1 705.5 567.7 193.3 215.7 165.1 204.1 198.4 34.5

y-on-y % change -33.6 39.4 45.4 15.9 82.9 13.4 15.6 32.8 2.7

Taiwan, China MOP million 46.8 53.7 54.0 22.5 11.6 9.3 7.1 7.9 7.5 1.3

y-on-y % change -62.4 14.8 0.7 -49.7 -19.6 -9.5 -64.3 -40.4 -35.5

ΓΓ Japan MOP million 87.3 94.9 128.4 91.9 35.4 40.4 26.3 31.5 34.1 5.9

y-on-y % change -38.1 8.8 35.3 4.4 40.5 56.9 11.1 8.8 -3.6

Vietnam MOP million 155.9 144.3 109.5 96.0 22.3 17.1 31.4 27.7 36.9 6.4

y-on-y % change 10.4 -7.4 -24.1 3.9 -40.7 -37.0 -13.7 -17.9 65.8

2. Type of goods

Garment MOP million 1 971.1 1 169.0 899.8 518.1 227.3 196.9 185.5 177.4r 155.2 27.0

y-on-y % change -75.9 -40.7 -23.0 -26.3 -30.3 -26.4 -19.1 -27.9r -31.7

Knitted or MOP million 1 219.6 694.5 447.6 258.8 104.1 98.4 103.2 90.1 65.6 11.4

crocheted y-on-y % change -74.6 -43.1 -35.6 -25.9 -45.8 -35.6 -17.0 -25.4 -37.0

Not knitted or MOP million 751.4 474.5 452.2 259.3 123.2 98.5 82.3 87.3r 89.6 15.6 crocheted y-on-y % change -77.8 -36.9 -4.7 -26.7 -8.2 -14.2 -21.7 -30.3r -27.3

Tobacco and wine MOP million 252.2 277.7 468.4 404.0 115.8 148.6 119.2 152.3 132.5 23.0

y-on-y % change 6.7 10.1 68.7 26.3 68.0 82.2 36.7 30.3 14.4

Others MOP million 747.8 943.1 1 022.0 830.8 252.9 285.6 268.4 274.5 287.9 50.0

y-on-y % change -35.5 26.1 8.4 12.8 8.2 2.5 7.7 17.1 13.9

2009 2010 2011

(40)

II. EXTERNAL MERCHANDISE TRADE

4. PRINCIPAL STATISTICS ON RE-EXPORTS

2012 2011 2011 2012 2012 2012 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Re-exports MOP million 4 701.4 4 570.2 4 580.7 4 396.6 1 056.5 1 286.8 1 402.1 1 367.0r 1 627.5 100.0

y-on-y % change -27.0 -2.8 0.2 33.5 3.1 23.0 33.2 15.4r 54.0

1. Destination

Mainland China MOP million 927.9 851.1 803.2 751.8 151.8 198.0 198.5 276.0 277.4 17.0

y-on-y % change -46.8 -8.3 -5.6 24.2 -22.1 2.2 17.5 -2.9 82.7

Hong Kong MOP million 2 666.7 2 517.5 2 403.4 2 578.7 547.3 723.9 856.8 752.6r 969.2 59.6

y-on-y % change 1.1 -5.6 -4.5 53.5 6.3 31.3 46.9 37.1r 77.1

USA MOP million 42.9 68.3 57.7 36.9 10.5 17.9 6.9 16.8 13.3 0.8

y-on-y % change -33.7 59.2 -15.6 -7.1 -67.3 81.7 -62.9 57.1 26.2

2. Type of goods

Consumer goods MOP million 2 000.2 2 070.5 1 516.8 1 400.3 358.0 385.3 506.1 430.9r 463.3 28.5

y-on-y % change 11.0 3.5 -26.7 23.8 8.3 -9.0 14.4 30.2r 29.4

Food and MOP million 121.4 244.3 251.8 226.4 57.3 58.2 55.4 93.3 77.7 4.8

beverages y-on-y % change -32.9 101.3 3.1 16.9 3.1 -47.6 -12.8 28.2 35.6

Diamand and MOP million 531.1 614.3 225.2 185.9 39.6 48.7 134.5 21.2r 30.2 1.9

diamand jewellery y-on-y % change 10.6 15.7 -63.3 5.3 -14.1 -54.2 37.1 -45.3r -23.7

Raw materials and MOP million 823.0 808.1 736.3 413.1 166.7 176.9 148.2 144.0 120.8 7.4

semi-manufactures y-on-y % change -43.2 -1.8 -8.9 -26.2 -24.0 -9.2 -10.4 -36.6 -27.6

Textile materials MOP million 337.5 280.5 231.4 97.1 52.2 42.2 27.6 33.1 36.4 2.2

y-on-y % change -51.9 -16.9 -17.5 -48.7 -41.9 -36.2 -54.5 -56.7 -30.2

Others MOP million 1 878.2 1 691.6 2 327.6 2 583.2 531.7 724.6 747.7 792.0 1 043.4 64.1

y-on-y % change -41.2 -9.9 37.6 61.2 28.1 69.3 68.2 26.4 96.2

5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS

1st quarter to 3rd quarter (%)

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

A. Domestic exports

ΓΓGarment 78.6 68.5 84.1 64.1 9.1 9.6 7.0 8.8 51.3 61.6

ΓΓΓKnitted or crocheted 61.7 52.7 11.7 9.2 3.8 5.7 4.7 2.6 13.8 18.4

ΓΓΓNot knitted or crocheted 16.9 15.8 72.4 54.9 5.3 3.8 2.4 6.2 37.5 43.2

ΓΓOthers 21.4 31.5 15.9 35.9 90.9 90.4 93.0 91.2 48.7 38.4

ΓΓTotal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

B. Re-exports

ΓΓConsumer goods 20.7 19.0 62.9 65.4 17.5 18.2 60.6 47.7 31.7 15.2

ΓΓΓFood and beverages 0.1 0.3 5.2 5.7 3.0 2.4 10.0 8.0 1.6 7.5

ΓΓΓDiamand and diamand jewellery - - 0.9 - - - 10.5 7.2 - -

ΓΓRaw materials and semi-manufactures 28.0 33.3 30.0 11.2 47.5 23.6 12.0 7.7 25.4 34.1

ΓΓΓTextile materials 0# - 6.1 0.2 29.5 11.9 0.5 0.2 1.2 0.4

ΓΓOthers 51.3 47.7 7.1 23.4 35.0 58.2 27.4 44.6 42.9 50.7

ΓΓTotal 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Taiwan, China European Union

2011

USA 2010 2009

Mainland China Hong Kong

Figure

Updating...

References

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