MACAO ECONOMIC BULLETIN
This is a joint publication of the Macao Economic Services (DSE), the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC). DSE prepares the analysis of the World Economy and External Merchandise Trade, as well as data on tables I.1, I.2, II.7 and II.8. AMCM prepares the analysis of Money and Finance and data on tables VIII.1 to VIII.7. DSEC prepares the analysis and data on the remaining sections.
Further information can be obtained from the Documentation and Information Centre of DSEC.
Reproduction of these data is allowed provided the source is quoted.
1 s t Quarter
2 0 1 8
Editor: DSEC Macao, July 2018
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 ... 22
D. EMPLOYMENT ... 24
E. INVESTMENT ... 25
F. PUBLIC ACCOUNTS ... 28
G. MONEY AND FINANCE ... 28
H. OTHER ECONOMIC INDICATORS ... 30
III. CONCLUDING REMARKS ... 30
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
3. PRINCIPAL INDICATORS OF TOURISM ... 45
4. VISITOR ARRIVALS ... 46
5. AVERAGE LENGTH OF STAY OF VISITORS ... 48
6. SPENDING OF VISITORS ... 49
7. HOTELS AND GUESTHOUSES ... 51
8. MICE STATISTICS ... 52
IV. CONSUMPTION AND PRICES 1. PRICE INDICES ... 53
2. RETAIL SALES ... 54
3. SALES VOLUME INDEX ... 54
V. LABOUR FORCE 1. PRINCIPAL INDICATORS OF LABOUR FORCE ... 55
2. EMPLOYED POPULATION BY GENDER, AGE GROUP AND INDUSTRY ... 56
3. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED POPULATION ... 57
4. EMPLOYED RESIDENTS BY GENDER, AGE GROUP AND INDUSTRY ... 58
5. MEDIAN MONTHLY EMPLOYMENT EARNINGS OF THE EMPLOYED RESIDENTS ... 59
6. JOB VACANCIES ... 59
7. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASON FOR BEING UNEMPLOYMENT ... 60
8. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASON FOR UNDEREMPLOYMENT... 61
9. NON-RESIDENT WORKERS ... 61
VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION ... 62
2. PURCHASE AND SALE OF BUILDING UNITS ... 63
3. PURCHASE AND SALE OF BUILDING UNITS BY END-USE OF UNIT AND BUYER’S STATUS ... 64
4. AVERAGE PRICE PER SQUARE METRE OF RESIDENTIAL UNITS, OFFICES AND INDUSTRIAL UNITS PURCHASED AND SOLD ... 65
5. PUBLIC WORKS………... ... 65
VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 66
2. PUBLIC REVENUE ... 67
3. PUBLIC EXPENDITURE ... 68
4. PUBLIC INVESTMENT ... 68
VIII. MONEY AND FINANCE
1. MONETARY SURVEY ... 69
2. RESIDENT DEPOSITS ... 70
3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 72
4. MORTGAGE LOANS ... 72
5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 73
6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ... 74
7. INTEREST RATES OF THE MACAO PATACA ... 74
IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 75
2. TRANSPORT... 76
3. COMMUNICATIONS ... 77
4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT ... 77
5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 78
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THE WORLD ECONOMY
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In the first quarter of 2018, the global economy maintained good growth momentum.
The US economy continued to expand, Mainland China sustained its rapid growth, and the economies of the Euro area and Japan grew constantly, albeit at a slower pace.
Nevertheless, rising unilateralism and trade protectionism, further interest rate hikes in the US, and increasing geopolitical tensions in the Middle East still caused uncertainty to global economic growth. The World Economic Outlook (WEO) report of the International Monetary Fund (IMF) in April 2018 indicated that the upswing in global economy has become broader and stronger; advanced economies would continue to expand, and growth in emerging markets and developing economies would accelerate. Global economic growth is expected to rise further in 2018 and 2019; upside and downside risks to the outlook are broadly balanced in the short term and risks after the next few quarters are tilted to the downside. The global economy is projected to grow by 3.9% for both 2018 and 2019, the same projections as in January 2018.
The US economy continued to expand, with the first-quarter Gross Domestic Product (GDP) rising by 2.8% year-on-year and 2.2% quarter-to-quarter. Fixed investment added 1.1 percentage points to economic growth and private consumption expenditure contributed 0.7 percentage points. Exports and government expenditure added 0.5 and 0.2 percentage points respectively to the growth. Economic growth was steady and the unemployment rate increased by 0.4 percentage points quarter-to-quarter to 4.3%, but the seasonally adjusted unemployment rate remained at 4.1% as in the previous quarter.
The economy of the Euro area continued to grow despite a slowdown in Germany and France. The GDP of the Euro area in the first quarter expanded by 2.5% year-on-year and 0.4% quarter-to-quarter. Final consumption expenditure of households and non-profit institutions added 0.3 percentage points to the increase, and changes in inventories and gross fixed capital formation contributed 0.2 and 0.1 percentage points respectively;
meanwhile, net exports dragged down the growth by 0.1 percentage point. The unemployment rate edged up by 0.2 percentage points quarter-to-quarter to 8.9%.
The UK economy remained sluggish, with the GDP in the first quarter growing by 1.2% year-on-year and 0.1% quarter-to-quarter. The manufacturing and service industries maintained growth, expanding by 0.6% and 0.3% respectively quarter-to-quarter.
Household and government final consumption expenditure contributed 0.2 and 0.1 percentage points to the increase respectively, while gross capital formation dragged down the growth by 0.2 percentage points. Economic growth remained modest, and the unemployment rate declined by 0.2 percentage points from the previous quarter to 4.2%.
Economies in the Asian region showed sustained growth. The WEO report of IMF for
April 2018 indicated that the projected economic growth for China, India and the ASEAN-5 economies
ain 2018 remained unchanged from the January 2018 forecast, at 6.6%, 7.4%
and 5.3% respectively. The projected economic growth for the Middle East, North Africa, Afghanistan and Pakistan revised down by 0.2 percentage points to 3.4%.
The economy of Japan slowed down, with the first-quarter GDP rising by 0.9%
year-on-year but inching down by 0.2% quarter-to-quarter. Net exports of goods and services contributed 0.1 percentage point to the increase. However, domestic demand contracted, with private demand and fixed capital formation dragging down the growth by 0.2 and 0.1 percentage points respectively. Employment situation was stable, with the unemployment rate falling by 0.1 percentage point quarter-to-quarter to 2.5%; the seasonally adjusted unemployment rate was also 2.5%.
The first-quarter GDP of the Republic of Korea, underpinned by investment and consumption, increased by 2.8% year-on-year and 1.1% quarter-to-quarter. Fixed capital formation and final consumption expenditure added 0.8 and 0.7 percentage points to the growth respectively. The unemployment rate increased by 1.1 percentage points from the previous quarter to 4.3% amid the continued economic growth.
The economy of Mainland China maintained a rapid growth, with the GDP for the first quarter expanding by 6.8% year-on-year, the same as in the previous quarter. In the first quarter of 2018, value added of the above-scale industries grew by 6.8% year-on-year in real terms; fixed asset investment (excluding farmers) rose by 7.5% year-on-year; total retail sales of consumer goods went up by 9.8%, with sales of automobiles, petroleum &
related products, household appliances & audio-visual equipment and cosmetics rising by 7.4%, 9.1%, 11.4% and 16.1% respectively. As regards external trade, total value of external trade for the first quarter grew by 9.4% year-on-year. Inflation rose, with the Consumer Price Index (CPI) for the first quarter of 2018 increasing by 2.1% year-on-year.
The Hong Kong economy accelerated in the first quarter, rising by 4.7% year-on-year and 2.2% quarter-to-quarter. Domestic demand stayed sound. Private consumption expenditure and government consumption expenditure increased by 8.6% and 3.9%
respectively year-on-year, and gross fixed capital formation rose by 3.8%. Exports of goods and services continued to strengthen, rising by 5.2% and 7.5% respectively year-on-year. The unemployment rate remained the same as in the previous quarter at 2.8% amid satisfactory economic performance, and the seasonally adjusted rate was 2.9%.
a
Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
0 1 2 3 4 5 6 7
USA Euro Area Japan Mainland
China
United Kingdom
Hong Kong
%
GDP of major economies (Year-on-year change)
Q4/2017 Q1/2018
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ANALYSIS OF THE MACAO ECONOMY
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I. Overview
In the first quarter of 2018, the economy of Macao expanded by 9.2% year-on-year in real terms, higher than the 8.0% growth in the previous quarter, on account of increases in exports of services and private consumption expenditure. For external demand, exports of services rose by 16.0% year-on-year, of which exports of gaming services and exports of other tourism services grew by 16.5% and 19.6% respectively; exports of goods went up by 12.8%. Meanwhile, domestic demand rebounded; private consumption expenditure and government final consumption expenditure went up by 4.8% and 2.2% year-on-year respectively, whereas gross fixed capital formation decreased by 1.9%.
The following highlights year-on-year comparisons of major segments of the local economy in the first quarter of 2018:
1. Total external merchandise trade (exports plus imports) increased by 22.9%, with total merchandise exports and total merchandise imports rising by 0.8% and 26.5%
respectively; visible trade deficit amounted to MOP19.53 billion.
2. Exports of gaming services and tourism services continued to rise. Total exports of services expanded by 16.0% year-on-year in real terms due to increases in gross gaming revenue (+20.5%), visitor arrivals (+8.6%) and total spending of visitors (+22.0%). Exports of gaming services and exports of other tourism services rose by 16.5% and 19.6% respectively. Imports of services went up by 34.2%.
3. Private consumption expenditure expanded and inflation remained stable. Labour market was steady, with an unemployment rate of 1.9% and increased median monthly employment earnings. Non-resident workers went up by 0.8% year-on-year.
Private consumption expenditure rose by 4.8% and government final consumption expenditure went up by 2.2% year-on-year. The Composite Consumer Price Index (Composite CPI) grew by 2.5%, with moderate price increase and modest growth in inflation.
4. Investment declined. Private investment decreased by 16.4%, of which construction investment dropped by 21.1% while equipment investment increased by 20.2%.
Meanwhile, public investment surged by 132.5%. Number of newly incorporated companies went down by 19 but the value of registered capital expanded by 51.5%.
5. Volume and value of property transactions rose simultaneously. Number of building
units purchased and sold increased by 69.7% quarter-to-quarter, with the total value
rising by 52.0%. The average transaction price per square metre of residential units went up by 6.3% quarter-to-quarter.
6. Public finance remained sound and recorded a fiscal surplus. Total government revenue and expenditure amounted to MOP31.33 billion and MOP15.40 billion respectively in the first quarter. A fiscal surplus of MOP15.92 billion was registered owing to a 17.8% rise in tax revenue from gaming.
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 increased by 22.9% from MOP20.74 billion in the first quarter of 2017 to MOP25.48 billion in the same quarter of 2018. Merchandise imports rose by 26.5% to MOP22.50 billion, and merchandise exports went up by 0.8% to MOP2.97 billion. The exports-imports ratio fell by 3.4 percentage points year-on-year to 13.2%. Merchandise trade deficit expanded from MOP14.84 billion in the first quarter of 2017 to MOP19.53 billion.
Total Exports
Total merchandise exports increased by 0.8% year-on-year in the first quarter of 2018, with domestic exports declining by 10.8% while re-exports rising by 2.9%.
Analysed by destination, merchandise exports to Vietnam (MOP12.8 million) and Mainland China (MOP470.5 million) increased by 73.6% and 15.2% respectively;
meanwhile, exports to Japan (MOP11.5 million), Singapore (MOP3.3 million), the USA (MOP31.9 million), the EU (MOP39.9 million), Taiwan (MOP3.6 million) and Hong Kong (MOP1.92 billion) decreased by 83.9%, 71.6%, 25.9%, 21.7%, 5.4% and 1.1%
respectively.
Exports of machines, apparatus & parts, the leading export commodity, increased by 315.8% to MOP493.1 million, accounting for 16.6% of the total exports. Exports of copper
& articles thereof rose by 1.0%, whereas exports of electronic components, tobacco &
wine, diamond & diamond jewellery, textiles & garments and watches fell by 58.0%, 32.9%,
22.6%, 6.3% and 0.8% respectively.
-30 -20 -10 0 10 20 30 40 50 60 70
Q1 Q2 Q3 Q4 Q1
2017 2018
%
座標軸標題
Merchandise exports (Year-on-year change)
Total exports USA Mainland China Hong Kong
Domestic Exports
Domestic exports amounted to MOP397.3 million (13.4% of total exports), down by 10.8% year-on-year and 10.1% quarter-to-quarter. Hong Kong remained the largest market of Macao’s domestic exports (54.9% of total domestic exports), and the value of exports increased by 0.8% year-on-year. Domestic exports to the USA and the EU declined by 23.7% and 23.1% respectively. Analysed by types of commodities, exports of garments (2.9% of total domestic exports) continued to rise, up by 124.9%, of which exports to the USA (55.3% of total domestic exports of garments) soared by 3,166.0%
while those to the EU (20.6%) went down by 18.3%. Meanwhile, exports of tobacco (20.1% of total domestic exports) and exports of other products (47.6%) fell by 28.4% and 11.2% respectively.
Domestic exports to Mainland China dropped by 10.6% to MOP78.2 million (19.7% of total domestic exports), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) decreased by 4.2% to MOP18.9 million, consisting mainly of copper-clad boards (82.7% of total). The amount of tariff saved totalled MOP968 thousand.
In addition, results of the Industrial Exports Survey for the first quarter of 2018
indicated that the average length of time of orders on hand of the interviewed
manufacturers was 3.1 months, up by 29.2% from 2.4 months in the same quarter of 2017.
Meanwhile, 13.1% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, up by 6.6 percentage points quarter-to-quarter and 5.4 percentage points year-on-year, with none of the interviewed enterprises anticipating a substantial increase and 13.1% expecting a modest rise; 4.8% predicted less promising prospects of exports, down by 9.1 percentage points quarter-to-quarter but up by 1.5 percentage points year-on-year; 81.5% expected the outlook of exports to remain stagnant, up by 2.6 percentage points quarter-to-quarter but down by 6.9 percentage points year-on-year. The findings showed that the manufacturers generally took a wait-and-see attitude towards the outlook of exports.
Re-exports
Total value of re-exports rose by 2.9% to MOP2.57 billion (86.6% of total exports) in the first quarter of 2018. Hong Kong was the largest market of Macao’s re-exports (66.1%
of total re-exports), followed by Mainland China (15.2%). Value of re-exports to Mainland China increased by 22.2% but value of those to Hong Kong decreased by 1.4%. In terms of the types of commodities, re-exports of raw materials & semi-manufactures (4.5% of total re-exports) and other products (38.5%) went up by 45.8% and 27.8% respectively;
meanwhile, re-exports of consumer goods (57.0%) declined by 10.9%.
Imports
Total value of merchandise imports increased by 26.5% year-on-year to MOP22.50 billion in the first quarter of 2018. Mainland China was the main supplier of goods imported to Macao (34.1% of total imports), and the value of imports rose by 29.7% to MOP7.67 billion. As regards other places of origin, value of imports from Japan (7.7%), Switzerland (7.7%), the EU (26.2%), Hong Kong (8.4%) and the USA (3.4%) expanded by 48.7%, 28.8%, 26.7%, 19.3% and 1.5% respectively; meanwhile, value of imports from Taiwan (1.8%) dropped by 2.0%.
Regarding the types of commodities, imports of consumer goods (64.5% of total imports), capital goods (18.8%), raw materials & semi-manufactures (9.7%) and fuels &
lubricants (7.0%) rose by 22.9%, 49.9%, 16.5% and 22.9% respectively.
Imports of consumer goods increased steadily, with imports of food & beverages
(15.6% of total), motor cars & motorcycles (2.1%), clothing & footwear (8.0%) and gold
jewellery (8.9%) rising by 19.9%, 45.3%, 17.3% and 29.4% respectively; imports of
watches (7.3%), handbags & wallets (4.9%) and other consumer goods (17.8%) grew by
31.0%, 38.5% and 16.4% respectively.
-30 -20 -10 0 10 20 30 40 50 60
Q1 Q2 Q3 Q4 Q1
2017 2018
%
Merchandise imports and the main components (Year-on-year change)
Total imports Consumer goods
Capital goods Raw materials and semi-manufactures
B. Gaming, Tourism and MICE
Exports of gaming services rose by 16.5% in real terms on account of a growth in gross gaming revenue; meanwhile, exports of other tourism services increased by 19.6%
in real terms as total spending of visitors went up by 22.0%. Both were the major impetus to the 16.0% increase in total exports of services. As regards MICE events, a total of 328 meetings/conferences and exhibitions were held, attracting 277,562 participants and attendees.
Gaming
Gross gaming revenue amounted to MOP76.75 billion in the first quarter of 2018, up by 20.5% year-on-year. Gross revenue of game of chance, which took up 99.7% of the total, increased by 20.5% to MOP76.51 billion, of which VIP Baccarat revenue rose by 21.0% to account for 56%. Gross revenue of the mass market also registered growth, but the growth was smaller than that of VIP Baccarat. Meanwhile, gross revenue of pari-mutuels and lotteries went up by 17.9% to MOP240.2 million.
There were 41 casinos operating in the first quarter of 2018, up by 2 year-on-year and
1 quarter-to-quarter. Number of gaming tables totalled 6,586, up by 2.5% year-on-year and
2.6% quarter-to-quarter; slot machines totalled 17,205, up by 7.4% year-on-year and
10.1% quarter-to-quarter.
-30 -20 -10 0 10 20 30
0 10 20 30 40 50 60 70 80
Q1 Q2 Q3 Q4 Q1
2017 2018 Billion MOP
%Gross gaming revenue
Gross gaming revenue Year-on-year change
Visitor Arrivals
Visitor arrivals went up by 8.6% year-on-year to 8,545,713 in the first quarter of 2018, with Mainland visitors rising by 13.4% to 6,031,374. Mainland visitors travelling to Macao under the Individual Visit Scheme (IVS) rose by 14.4% to 3,156,242, constituting 52.3% of the total visitors from Mainland China. Visitors from the Republic of Korea increased by 4.6% year-on-year, while those from Japan, Hong Kong and Taiwan went down by 5.0%, 2.8% and 0.9% respectively. Overnight visitors grew by 10.2% year-on-year to 4,330,438, accounting for 50.7% of the total, an increase of 0.7 percentage points from a year earlier.
Same-day visitors rose by 7.0% to 4,215,275. The average length of stay of visitors held
steady year-on-year at 1.2 days. Package tour visitors increased by 22.8% to 2,127,360.
0 1 2 3 4 5 6 7
Q1 Q2 Q3 Q4 Q1
2017 2018
Million Principal visitor markets
Mainland China Hong Kong Taiwan Republic of Korea
Hotels and Guesthouses
There were 115 hotels and guesthouses operating in Macao at the end of the first quarter of 2018, up by 6.5% year-on-year and 3.6% quarter-to-quarter. A total of 38,664 guest rooms were available, up by 2,312 (+6.4%) year-on-year; five-star hotel rooms accounted for 61.3% of the total supply. Number of guests of hotels and guesthouses rose by 9.2% to 3,352,914, taking up 73.1% of the total overnight visitors. The average occupancy rate of hotels and guesthouses grew by 5.4 percentage points year-on-year to 88.9%. The average length of stay of guests was 1.5 nights, up by 0.1 night year-on-year.
Visitor Spending
Total spending of visitors amounted to MOP16.42 billion, up by 22.0% year-on-year.
Total spending of overnight and same-day visitors increased by 19.6% and 30.7%
respectively year-on-year.
Per-capita spending of visitors was MOP1,921, up by 12.4% year-on-year. Per-capita
spending of overnight visitors rose by 8.6% to MOP2,928, and that of same-day visitors
went up by 22.2% to MOP886. Mainland visitors spent an average of MOP2,234, up by
11.6%, with IVS visitors spending MOP2,558, up by 18.8%. Per-capita spending of visitors
from Hong Kong (MOP983), Singapore (MOP1,948) and Malaysia (MOP1,712) grew by
12.4%, 6.7% and 5.4% respectively. Visitors from Australia had relatively high per-capita
spending among the long-haul visitors, at MOP1,493.
Analysed by structure of spending, visitors spent mainly on Shopping (47.3%), Accommodation (23.3%) and Food & Beverage (22.0%). Per-capita shopping spending went up by 21.7% year-on-year, of which spending on Jewellery & watches had the highest increase of 99.1%, followed by that on Others with a rise of 47.9%. Local Food Products and Cosmetics & Perfume accounted for relatively large shares of shopping spending, at 31.9% and 26.7% respectively.
0 500 1 000 1 500 2 000 2 500
Q1 Q2 Q3 Q4 Q1
2017 2018 MOP
Per-capita spending of visitors from selected markets
Mainland China Hong Kong Taiwan Singapore Japan
MICE (Meetings, Incentives, Conventions and Exhibitions)
A total of 328 MICE events were held in the first quarter of 2018, drawing 277,562 participants and attendees. Among them, there were 314 meetings and conferences, down by 8.7% year-on-year, and number of participants rose by 31.5% to 71,307; meetings and conferences with a duration of 4 hours or more totalled 224, with 64,562 participants.
Concurrently, 10 exhibitions were held, up by 42.9% year-on-year; number of exhibition attendees increased by 18.2% to 192,722.
C. Consumption and Prices
Private Consumption
Private consumption expenditure increased by 4.8% in real terms, with household final consumption expenditure in the domestic market and abroad rising by 5.3% and 3.0%
respectively. Consumption of durable goods registered continuous growth, up by 34.6%.
Retail Sales
Value of retail sales totalled MOP20.74 billion, up by 25.7% year-on-year and 8.7%
quarter-to-quarter. Value of retail sales of Communication equipment (4.3% of total) registered notable growth, up by 119.3% year-on-year and 17.7% quarter-to-quarter.
Value of retail sales of Motor vehicles (3.1%), Leather goods (12.9%), Adults’ clothing (14.1%) and Goods in department stores (16.0%) grew by 45.6%, 37.1%, 36.5% and 33.8% respectively year-on-year; however, retail sales value of Goods in supermarkets (5.7%) decreased by 0.3%.
After removing the effect of prices, volume of retail sales rose by 23.0% year-on-year, with marked increases being observed in the sales volume of Communication equipment (+129.2%), Motor vehicles (+42.6%) and Leather goods (+31.5%). Volume of retail sales also grew by 8.3% quarter-to-quarter, of which sales volume of Communication equipment (+19.4%) recorded a significant growth, but that of Motor vehicles and Automotive fuels went down by 13.1% and 3.8% respectively.
0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500
Q1 Q2 Q3 Q4 Q1
2017 2018
MOP million Value of selected retail sales
Adults' clothing Motor vehicles
Leather goods Goods in department stores
Watches, clocks & jewellery
Prices
The average Composite CPI rose by 2.5% year-on-year, higher than the 1.8% growth
in the previous quarter. Inflation edged up with moderate growth in prices. Higher increase
was observed in the price indices of Clothing & footwear (+6.0%), Health (+4.7%) and
Education (+4.2%). In addition, implicit deflator of GDP that measures changes in overall
prices went up by 3.4% year-on-year, the same as in the previous quarter.
0 1 2 3 4
Q1 Q2 Q3 Q4 Q1
2017 2018
%
Composite CPI and Implicit Deflator of GDP (Year-on-year change)
Composite CPI Implicit Deflator of GDP
D. Employment
The general labour force participation rate increased by 0.7 percentage points quarter-to-quarter to 70.6% in the first quarter; the labour force participation rate of local residents was 64.4%, up by 0.6 percentage points quarter-to-quarter. Economically active population (labour force) totalled 388,000, with an employed population of 380,500, up by 0.1% and 0.3% respectively year-on-year, on account of an increase in the employed population in Recreational, Cultural, Gaming & Other Services and Public Administration &
Social Security. Employment in Recreational, Cultural, Gaming & Other Services reached 95,400, of which 83,000 were working in Gaming & Junket Activities, accounting for 21.8%
of the total employment. Employment in Public Administration & Social Security and Financial Intermediation saw notable growth, up by 12.1% and 8.5% respectively.
Non-resident workers increased by 0.8% year-on-year to 181,345 at the end of the quarter, with 28.3% working in Hotels, Restaurants & Similar Activities and 16.7% in Construction.
Job market remained stable. The general unemployment rate was 1.9%, down slightly
by 0.1 percentage point year-on-year but remaining stable quarter-to-quarter; the
unemployment rate of local residents was 2.6%, down by 0.2 percentage points
year-on-year but up marginally by 0.1 percentage point quarter-to-quarter. The
underemployment rate was 0.6%. Total number of unemployed was about 7,500, with
6.8% being fresh labour force entrants searching for their first job. Analysed by the
previous industry engaged of the unemployed, 33.2% had worked in Construction and
23.6% in Recreational, Cultural, Gaming & Other Services. In terms of educational
attainment, 28.6% had tertiary education, 25.3% had junior secondary education and 21.5% had senior secondary education.
Median monthly employment earnings of the employed was MOP16,000, up by 6.7%
year-on-year and 3.2% quarter-to-quarter. Median earnings of the employed residents was MOP20,000, up by 5.3% year-on-year and quarter-to-quarter. Analysed by industry, median employment earnings in Transport, Storage & Communications logged the highest year-on-year increase of 20.0%. For Gaming & Junket Activities that accounted for the largest share of total employment, median employment earnings stayed the same year-on-year.
1.8 1.9 2.0 2.1
375 380 385 390 395
Q1 Q2 Q3 Q4 Q1
2017 2018 Thousand persons
%Employed population and unemployment rate
Employed population Unemployment rate
E. Investment
Investment in Construction and Equipment
Overall investment decreased by 1.9% year-on-year, of which construction investment dropped by 5.5% in real terms while equipment investment grew by 28.3% in real terms.
Private investment in fixed assets declined by 16.4%, whereas government investment in fixed assets soared by 132.5% due to the increased investment in the Macao boundary crossing facilities for the Hong Kong-Zhuhai-Macao Bridge.
For the investment by the private sector, number of units of buildings with licence of
use issued in the first quarter declined by 51.0%, whereas gross floor area of these
buildings rose by 62.9% year-on-year; meanwhile, number of units and gross floor area of
buildings with construction permit issued decreased by 87.6% and 47.4% respectively.
Construction investment by the private sector dropped by 21.1% in real terms in the first quarter, due mainly to the successive completion of large-scale tourism and entertainment facilities and residential buildings. On the other hand, equipment investment by the private sector rose by 20.2%.
As regards investment by the public sector, construction investment leapt by 126.2%
and equipment investment increased by 397.1% in the first quarter.
0 100 200 300 400 500
Q1 Q2 Q3 Q4 Q1
2017 2018 Thousand m
2Gross floor area of buildings with construction permit issued and licence of use issued
Buildings with construction permit issued Buildings with licence of use issued
Transactions on Real Estate
Real estate transactions in the first quarter were more active as compared with the previous quarter, with 5,501 building units and parking spaces being purchased and sold, up by 69.7% quarter-to-quarter; total value of transactions increased by 52.0%
quarter-to-quarter to MOP32.80 billion. Following the launch of measures to manage residential property market, number of residential units transacted in February went up by 3.6% month-to-month, smaller than the 85.0% growth in January; meanwhile, transaction volume in March decreased by 57.6%.
A total of 3,627 residential units (comprising 1,611 pre-sale units and 2,016 existing units) were purchased and sold at MOP24.31 billion in the first quarter, accounting for 65.9% and 74.1% of the respective total.
As regards status of the buyers, 4,559 units (82.9% of total) were purchased by
Macao residents; value of transactions amounted to MOP26.79 billion, taking up 81.7% of the total value, down from 92.1% in the previous quarter. Meanwhile, 902 units were purchased by non-residents, and the value totalled MOP5.75 billion.
The average transaction price of residential units increased by 6.3%
quarter-to-quarter to MOP112,304 per square metre of usable area in the first quarter. The average price of those in the Macao Peninsula went up by 1.8% quarter-to-quarter to MOP99,312 per square metre, whereas the average price of those in Taipa declined by 3.7% to MOP117,364 per square metre. The average price of office units rose by 75.3%
quarter-to-quarter to MOP194,311 per square metre, while that of industrial units fell by 6.1% to MOP52,243 per square metre.
0 1 000 2 000 3 000 4 000 5 000 6 000
0 10 20 30 40
Q1 Q2 Q3 Q4 Q1
2017 2018
Number MOP billion
Total number and value of building units purchased and sold
Number of building units transacted Value of building units transacted
Business Investment
Number of newly incorporated companies decreased by 19 year-on-year to 1,453 in the first quarter; meanwhile, total value of registered capital rose by 51.5% to MOP235.1 million. Among the new companies, 40.1% were operating in Wholesale & Retail Trade, 20.9% in Business Services and 12.1% in Construction. In terms of registered capital, Wholesale & Retail Trade (38.1%) predominated, followed by Business Services (26.7%) and Transport, storage & communications (22.3%). As regards origin of capital, capital from Macao constituted 48.9% of the total, at MOP114.9 million, and that from Mainland China and Hong Kong took up 30.2% and 17.5% respectively.
Number of companies in dissolution totalled 264 in the first quarter, up by 41
year-on-year, with 113 engaging in Wholesale & Retail Trade (42.8% of total), 74 in Business Services (28.0%) and 24 in Construction (9.1%).
F. Public Accounts
In the first quarter of 2018, total government revenue rose by 17.7% to MOP31.33 billion owing to an increase in direct taxes. Tax revenue from gaming grew by 17.8% to MOP27.94 billion.
Meanwhile, total government expenditure went up by 13.3% to MOP15.40 billion due to an increase of MOP3.65 billion in investments. Fiscal surplus stood at MOP15.92 billion in the first quarter, higher than the MOP13.02 billion surplus in the same quarter of 2017.
0 5 10 15 20 25 30 35
Q1 Q2 Q3 Q4 Q1
2017 2018 MOP billion
Total government revenue and expenditure
Total revenue Total expenditure Fiscal surplus/deficit
G. Money and Finance
At the end of March 2018, narrow money supply M1 went up by 9.5% year-on-year, of which currency in circulation and demand deposits increased by 13.1% and 8.7%
respectively. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) rose by 10.4%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 grew by 0.3 percentage points year-on-year to 54.9% whereas its share in M2 declined by 0.6 percentage points to 31.1%. Besides, the shares of the Hong Kong dollar, the Chinese renminbi and the US dollar in M2 were 53.9%, 4.5% and 8.6%
respectively.
Resident deposits increased by 10.3% year-on-year to MOP588.32 billion. In terms of
type of currency, the shares of the MOP, the Hong Kong dollar, the Chinese renminbi and the US dollar were 29.3% (MOP172.09 billion), 55.4% (MOP325.83 billion), 4.6%
(MOP26.91 billion) and 8.8% (MOP51.98 billion) respectively. Meanwhile, public sector deposits with the banking sector grew by 6.8% to MOP196.02 billion.
Domestic loans extended to the private sector rose by 10.5% year-on-year to MOP464.36 billion, of which the outstanding value of credit to individuals for housing loans went up by 7.2% to MOP150.58 billion. Within domestic loans to the private sector, those denominated in the MOP and the Hong Kong dollar accounted for 30.0% and 65.1%
respectively, at MOP139.28 billion and MOP302.32 billion.
0 100 200 300 400 500 600
Q1 Q2 Q3 Q4 Q1
2017 2018
MOP billion (value atthe end of the period)
Resident deposits and loans
Resident deposits Credit to individuals for housing loans Other domestic loans to the private sector
The loan-to-deposit ratio of the banking sector for residents was 59.2%, up by 0.6 percentage points from a year earlier, and that for both resident and non-resident sectors increased by 8.2 percentage points to 90.3%.
As the MOP is indirectly pegged to the US dollar, interest rates in Macao are normally adjusted to be in line with those in the US. In the first quarter of 2018, the US Federal Reserve raised the range for the Fed funds rate to 1.50% - 1.75% in light of the economic situation and labour market conditions. The Base Rate of the Monetary Authority of Macao was also correspondingly raised to 2.00%.
In terms of exchange rates, the US dollar was generally weak against major currencies in the first quarter of 2018, leading to a fall in the exchange rate of the MOP.
The average exchange rates of the MOP against the euro, the Malaysian ringgit and the
British pound went down year-on-year by 14.0%, 12.5% and 11.8% 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, fell by 8.06 points year-on-year to 101.13 in the first quarter.
H. Other Economic Indicators
Transport and Communications
Gross weight of air cargo (8,801 tonnes) increased by 13.8%, while gross weight of containerised cargo by land (3,126 tonnes) and seaborne containerised cargo (38,279 tonnes) decreased by 12.1% and 11.5% respectively.
As regards local transport, new registration of motor vehicles increased by 10.4%, with that of automobiles rising by 40.0% while that of motorcycles declining by 4.5%. At the end of March 2018, number of licensed motor vehicles dropped by 2.6% to 238,970, comprising 113,926 automobiles and 124,635 motorcycles.
At the end of March 2018, number of Internet subscribers grew by 10.1% to 407,676;
total duration of internet usage reached 309.4 million hours in the first quarter, up by 3.3%
year-on-year; mobile phone subscribers rose by 17.6% to 2,327,834; meanwhile, number of fixed telephone lines dropped by 4.8% to 130,437.
Water and Energy Consumption
Consumption of electricity increased by 2.4% to 1.09 billion kWh in the first quarter, and that of water rose by 0.6% to 21.1 million cubic metres. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) totalled 54.5 million litres, down by 41.4%; meanwhile, consumption of liquefied petroleum gas (LPG) was 12,306 tonnes, up by 2.4%; consumption of natural gas totalled 6.6 million cubic metres.
III. Concluding Remarks
In the first quarter of 2018, the economy of Macao grew by 9.2% year-on-year in real
terms, driven by the rise in exports of gaming and tourism services and private
consumption expenditure. Moreover, the satisfactory employment situation, the relatively
low unemployment rate, the surplus in the public accounts and the modest rise in the CPI
are all conducive to economic growth.
Looking ahead to the second quarter of 2018, private consumption and government final consumption expenditure are expected to remain stable; public investment is likely to increase; investment, on the other hand, will decrease owing to the successive completion of large-scale tourism and entertainment facilities and residential buildings; as a result, growth in domestic demand is predicted to slow down. As regards external demand, merchandise exports grew by 30.2% in April; exports of services are anticipated to strengthen in the second quarter, attributable to an increase in visitor arrivals, as well as a 19.4% rise in gross gaming revenue in April and May which was similar to the 19.9%
growth in the same period last year. Taking into consideration these factors, despite weak
domestic demand, the economy of Macao in the second quarter is expected to maintain
continued growth, underpinned by exports of gaming and tourism services; yet, the rate of
increase is likely to be smaller than in the first quarter. Economic growth in the second half
year of 2018, however, will continue to taper due to a relatively high base of comparison in
the second half year of 2017. On balance, the economy of Macao for the whole year of
2018 is likely to record a high single-digit growth rate which will be lower than the increase
in 2017.
SYMBOLS AND ABBREVIATIONS
.. Not applicable r Revised figures
- Absolute value equals zero
# Confidential data
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)
MOP Macao pataca
Note: Due to rounding, total may not correspond to the sum of the partial figures.
Figures are subject to regular revisions when required.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 2.9 1.5 2.3 2.0 2.2 2.3 2.6
r2.8
Exports of goods -7.3 -3.5 6.6 7.5 6.0 5.1 7.8 7.9
Imports of goods -4.6 -2.7 7.1 7.3 7.2 4.8 9.1 9.0
Consumer Price Index 0.1 1.3 2.1 2.5 1.9 2.0 2.1 2.2
Unemployment rate 5.3 4.9 4.4 4.9 4.2 4.4 3.9 4.3
Euro area
aGross Domestic Product 2.1 1.8 2.4
r2.1 2.5
r2.8
r2.8
r2.5
Exports of goods 5.3 0.3 7.1 11.2
r5.4 6.0 6.1
r2.5
Imports of goods 2.6 -1.1
r10.0
r14.3
r10.2
r7.9
r7.6
r1.4
Consumer Price Index - 0.2 1.5 1.8 1.5 1.4 1.4 1.3
Unemployment rate 10.9 10.0 9.1 9.9 9.0 8.7 8.7
r8.9
Germany
Gross Domestic Product 1.7 1.9 2.2 3.4 1.0 2.2 2.3 1.6
Exports of goods 6.2 0.9 6.2 8.6 3.8 6.4 6.2
r2.8
Imports of goods 4.3 0.6 8.3 10.1 8.3 7.8 7.2 3.1
Consumer Price Index 0.2 0.5 1.7 1.9 1.7 1.7 1.7 1.5
Unemployment rate 6.4 6.1 5.7 6.2 5.6 5.6 5.3 5.7
France
Gross Domestic Product 1.0 1.1 2.3
r1.4
r2.3
r2.7
r2.8
r2.2
Exports of goods 4.3 -0.5
r4.5 2.0
r5.1 6.3 4.8
r4.5
Imports of goods 1.1 0.1 6.9
r7.6
r7.9
r7.0
r4.8 1.4
Consumer Price Index - 0.2 1.0 1.2 0.9 0.9 1.1 1.4
Unemployment rate 10.4 10.1 9.4
r10.1 9.1 9.3 9.3
r9.3
United Kingdom
Gross Domestic Product 2.3 1.9 1.8
r2.1
r1.9
r1.8 1.4 1.2
Exports of goods -2.9 4.6 13.4 19.2
r14.5 16.8
r4.3
r2.9
Imports of goods -3.1 7.4 9.3
r15.6 12.1
r4.9 5.4
r2.2
Consumer Price Index - 0.7 2.7 2.2 2.8 2.8 3.1 2.6
Unemployment rate 5.4 4.9 4.4 4.6 4.4 4.3 4.4 4.2
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
2015 2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) (Cont'd)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
Mainland China
Gross Domestic Product 6.9 6.7 6.9 6.9 6.9 6.8 6.8 6.8
Exports of goods -3.0 -7.7 7.9 7.2 8.2 6.4 9.7 14.2
Imports of goods -14.3 -5.5 15.9 24.3 14.1 14.6 12.5 19.0
Consumer Price Index a 1.4 2.0 1.6 1.4 1.4 1.5 1.6 2.1
Hong Kong
Gross Domestic Product 2.4 2.2r 3.8 4.4r 3.9 3.6r 3.4 4.7
Exports of goods -1.8 -0.5 8.0 10.3 7.4 8.0 6.8 9.7
Imports of goods -4.1 -0.9 8.7 10.7 8.2 7.7 8.5 10.6
Consumer Price Index 3.0 2.4 1.5 0.5 2.0 1.8 1.6 2.4
Unemployment rate 3.3 3.4 3.1 3.2 3.2 3.2 2.8 2.8
Taiwan
Gross Domestic Product 0.8 1.4 2.9 2.6 2.3 3.2 3.4r 3.0
Exports of goodsb -10.9 -1.8 13.2 15.0 10.2 17.4 10.4 10.6
Imports of goodsb -15.8 -2.8 12.4 21.5 11.9 11.3 6.9 11.0
Consumer Price Index -0.3 1.4 0.6 0.8 0.6 0.7 0.4 1.6
Unemployment rate 3.8 3.9 3.8 3.8 3.7 3.8 3.7 3.7
Japan
Gross Domestic Product 1.4 1.0r 1.7r 1.4 1.5 1.9 1.8r 0.9
Exports of goods 3.4 -7.4 11.8 8.5 10.5 15.1 13.0 4.9
Imports of goods -8.7 -15.8 14.1r 8.8r 16.2 14.8r 17.0 7.4
Consumer Price Index 0.8 -0.1 0.5 0.3 0.4 0.6 0.6 1.3
Unemployment rate 3.4 3.1 2.8 2.9 2.9 2.8 2.6 2.5
Republic of Korea
Gross Domestic Product 2.8 2.9r 3.1 2.9 2.8r 3.8 2.8r 2.8
Exports of goods -8.0 -5.9 15.8 14.6r 16.7 24.0 8.4r 10.1
Imports of goods -16.9 -6.9 17.8 24.1r 18.6r 18.0r 11.6 13.5
Consumer Price Index 0.7 1.0 1.9 2.1 1.9 2.3 1.5 1.3
Unemployment rate 3.6 3.7 3.7 4.3 3.8 3.4 3.2 4.3
Singapore
Gross Domestic Product 2.2 2.4 3.6 2.5 2.8 5.5 3.6 4.4
Exports of goods -6.5 -5.1 10.3 16.9 8.3 10.1 6.6 2.3
Imports of goods -11.5 -4.7 12.1 15.5 11.0 13.4 9.1 2.8
Consumer Price Index -0.5 -0.5 0.6 0.6 0.8 0.4 0.5 0.2
Unemployment rate 1.9 2.1 2.2 2.1 2.9 1.9 1.8 1.9
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 The Singapore Department of Statistics
2015 2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (QUARTER-TO-QUARTER COMPARISON)
%
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
USA
Gross Domestic Product 2.9 1.5 2.3 1.2 3.1 3.2 2.9r 2.2
Exports of goods -7.3 -3.5 6.6 2.8 0.2 1.3 3.6 2.7
Imports of goods -4.6 -2.7 7.1 3.0 0.1 -0.2 5.7 3.3
Consumer Price Index 0.1 1.3 2.1 0.7 - 0.5 0.8 0.9
Unemployment ratea 5.3 4.9 4.4 4.7 4.3 4.3 4.1 4.1
Japan
Gross Domestic Product 1.4 1.0r 1.7r 0.7r 0.5r 0.5r 0.1 -0.2
Exports of goods 3.5 -7.8 12.3r 6.9r -1.1r 3.4 4.0r -1.5
Imports of goods -8.5r -15.8 14.3 7.4r 3.8r 0.6r 3.7r -0.2
Consumer Price Index 0.8 -0.1 0.5 -0.1 - 0.2 0.5 0.6
Unemployment ratea 3.4 3.1 2.8 2.9 2.9 2.8 2.7r 2.5
Hong Kong
Gross Domestic Product 2.4 2.2r 3.8 0.9 0.9 0.7r 0.8 2.2
Exports of goods -1.8 -0.5 8.0 0.2 1.0 0.5 2.6 2.2
Imports of goods -4.1 -0.9 8.7 1.8 0.1 0.5 3.5 2.9
Consumer Price Index 3.0 2.4 1.5 0.1 0.6 0.3 0.6 0.9
Unemployment ratea 3.3 3.4 3.1 3.2 3.1 3.1 2.9 2.9
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
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1@
At current prices:
GDP (Million MOP) 362 213 362 265 404 199 95 105 95 587 100 435 113 072 107 409
GDP per capita ('000 MOP) 564.6 560.9 622.8
Chain volume measures in chained (2016) dollars:
GDP (Million MOP) 365 419 362 265 395 217 94 383 94 429 98 530 107 875 103 062
Year-on-Year change in real terms (%)
GDP -21.6 -0.9 9.1 11.5 11.0 6.3 8.0 9.2
Private consumption expenditure 2.1 -1.1 1.6 0.2 2.9 0.6 2.7 4.8
In the domestic market 1.5 -1.3 1.8 1.2 2.6 0.9 2.4 5.3
Abroad 4.7 0.2 1.9 0.1 1.0 2.4 4.1 3.0
Government final consumption expenditure 4.2 4.4 1.7 4.1 -4.9 1.7 5.1 2.2
Gross fixed capital formation 5.4 -11.8 -10.0 12.1 -3.6 -26.1 -14.1 -1.9
Private sector 3.2 -12.3 -15.8 6.3 -10.9 -33.1 -18.4 -16.4
Government 27.9 -8.1 35.7 128.5 83.8 76.2 0.2 132.5
Exports of goods 10.2 -20.5 12.3 8.8 0.2 18.9 20.8 12.8
Exports of services -28.1 -1.0 15.4 13.4 18.2 14.7 15.7 16.0
Imports of goods 1.0 -13.5 0.4 3.0 0.5 -7.3 5.6 7.0
Imports of services 1.6 -0.4 9.6 9.7 13.4 12.2 4.4 34.2
2017
2015
2015 2016
2016 2017
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
A. External Merchandise Trade (Million MOP)
Total exports 10 692.1 10 046.6 11 283.1 2 947.4 2 675.2 2 940.1 2 720.4 2 971.6 0.8
Textiles and garments 831.3 691.4 859.2 196.5 138.2 400.2 124.3 184.0 -6.3
Other products 9 860.8 9 355.2 10 423.9 2 750.9 2 537.0 2 539.9 2 596.1 2 787.6 1.3
Total imports 84 663.2 71 351.6 75 851.1 17 788.4 17 022.2 19 351.1 21 689.3 22 504.0 26.5
Trade balance -73 971.2 -61 305.0 -64 568.0 -14 841.0 -14 347.0 -16 411.0 -18 968.9 -19 532.4 -31.6 B. Gaming, tourism and MICE
Gross gaming revenue (excluding gratuities)
(Million MOP) 231 811 224 128 266 607 63 682 63 088 67 212 72 625 76 750 20.5
y-on-y % change -34.3 -3.3 19.0 12.9 21.6 21.7 19.7 20.5
Visitor arrivals('000) 30 714.6 30 950.3 32 610.5 7 872.5 7 691.8 8 270.7 8 775.5 8 545.7 8.6
Average length of stay (days) 1.1 1.2 1.2 1.2 1.2 1.3 1.2 1.2 - a
Per-capita spending of visitors (MOP) 1 665 1 701 1 880 1 709 1 787 1 926 2 072 1 921 12.4
Hotel occupancy rate (%) 81.5 83.3 86.9 83.5 85.6 88.1 90.4 88.9 5.4b
No. of events 1 263 1 276 1 381 366 333 304 378 328 -10.4
No. of participants 2 516.1 1 721.5 1 900.8 221.7 404.4 580.8 694.0 277.6 25.2
C. Construction and real estate
Expenditure on public works (Million MOP) 7 904.3 7 505.9 11 387.7 1 039.0 4 838.8 1 559.1 3 704.8 4 537.9 336.8 Private sector construction
Building with construction permit issued – no. of units 3 688 5 372 3 223 2 964 209 5 45 368 -87.6
Building with construction permit issued 1 695 869 411 381 23 2 5 200 -47.4
– gross floor area ('000 m²)
Building with licence of use issued – no. of units 4 364 498 4 511 551 2 947 621 392 270 -51.0
Building with licence of use issued 2 578 192 840 254 316 191 78 414 62.9
– gross floor area ('000 m²)
No. of building units transacted 9 771 14 108 13 985 3 337 4 589 2 818 3 241 5 501 64.8
Value of building units transacted (Million MOP) 51 660.1 74 129.0 85 228.4 17 931.6 30 102.3 15 622.9 21 571.6 32 797.7 82.9 D. Transport (tonne)
Gross weight of seaborne containerized cargo 252 160 179 557 160 483 43 257 40 392 38 631 38 203 38 279 -11.5
Gross weight of containerized cargo by land 26 040 20 750 13 892 3 555 4 801 3 232 2 304 3 126 -12.1
Gross weight of air cargo 30 058 32 891 37 493 7 732 9 599 9 172 10 990 8 801 13.8
E. Consumption and Prices
Inflation rate (%) 4.6 2.4 1.2 0.9 0.9 1.3 1.8 2.5 ..
Composite Consumer Price Index (10/2013-9/2014=100) 105.7 108.2 109.6 108.9 109.2 109.6 110.5 111.7 2.5 Retail sales turnover (Million MOP) 61 541 58 839 66 262r 16 498 14 559 16 121 19 084r 20 738 25.7 F. Labour force
Unemployment rate (%) 1.8 1.9 2.0 2.0 2.0 2.0 1.9 1.9 -0.1 b
Median monthly employment earnings ('000 MOP) 15.0 15.0 15.0 15.0 15.0 15.0 15.5 16.0 6.7
Non-resident workers in Macao (end-period) 181 646 177 638 179 456 179 879 178 694 176 666 179 456 181 345 0.8 G. Public accounts (Million MOP)
Total revenue 116 111.5 110 501.9 126 366.7 26 615.3 28 367.5 30 640.0 32 446.4 31 325.7 17.7
Tax revenue from gaming 89 572.6 84 375.1 99 844.8 23 726.8 24 321.3 24 885.2 26 911.4 27 941.9 17.8
Total expenditure 80 753.8 82 629.1 81 303.5 13 598.4 21 148.5 15 194.2 27 781.9 15 404.9 13.3
Balance 29 298.6 21 681.3 40 376.6 13 016.9 7 219.1 15 445.7 4 664.5 15 920.8 ..
H. Money and finance (end-period, Million MOP)
Narrow money supply (M1) 61 661.3 63 674.3 72 392.9r 71 296.8 70 050.3 66 559.6 72 392.9r 78 101.6 9.5 Broad money supply (M2) 472 829.0 532 475.3 591 465.6r 547 202.1 556 634.2 567 686.4 591 465.6r 604 204.0 10.4 Resident deposits 460 788.8 518 919.5 576 557.2r 533 150.5 542 540.5 552 981.1 576 557.2r 588 315.2 10.3 Domestic credit to the private sector 389 393.7 423 033.9 458 700.5r 420 564.0 433 443.3 441 312.4 458 700.5r 464 695.0 10.5 Net foreign assets 506 936.4 525 901.6 591 796.6r 529 129.3 548 187.9 568 320.9 591 796.6r 591 405.2 11.8 Foreign exchange reserves 150 812.7 155 674.3 162 305.3 155 100.5 159 184.0 157 690.3 162 305.3 156 894.3 1.2 I. Others
New incorporations 5 023 4 392 5 177 1 472 1 229 1 250 1 226 1 453 -1.3
Companies in dissolution 595 780 803 223 195 160 225 264 18.4
Consumption of electricity (Million kWh) 5 016.6 5 293.7 5 416.6 1 068.0 1 434.2 1 684.0 1 230.4 1 093.6 2.4 a day.
b Percentage points.
Nota : 1. "Construction permit issued” refers to projects that were issued the construction permit to start construction, expansion and superstructure works during the reference period. It was referred to as "Construction of new buildings" prior to the second quarter of 2017.
2. "Licence of use issued” refers to projects that were issued the licence of use (also known as occupation permit) during the reference period. It was referred to as "Completion of buildings" prior to the second quarter of 2017.
2015 2016
2018 Q1 year-on-year
% change 2017
II. EXTERNAL MERCHANDISE TRADE
1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE
2017 2017 2017 2017 2018
Q1 Q2 Q3 Q4 Q1
A. Total external trade Million MOP 95 355.3 81 398.3 87 134.3 20 735.9 19 697.5 22 291.2 24 409.7 25 475.7
y-on-y % change -4.5 -14.6 7.0 5.8 4.9 5.6 11.4 22.9
B. Total exports Million MOP 10 692.1 10 046.6 11 283.1 2 947.4 2 675.2 2 940.1 2 720.4 2 971.6
y-on-y % change 7.8 -6.0 12.3 9.0 11.1 12.0 17.8 0.8
1. Domestic exports Million MOP 1 820.8 1 962.9 1 785.6 445.4 443.1 455.2 441.9 397.3
y-on-y % change -10.0 7.8 -9.0 15.3 -2.9 -29.2 -7.4 -10.8
2. Re-exports Million MOP 8 871.2 8 083.8 9 497.6 2 502.0 2 232.2 2 484.9 2 278.5 2 574.4
y-on-y % change 12.4 -8.9 17.5 7.9 14.4 25.4 24.4 2.9
C. Total imports Million MOP 84 663.2 71 351.6 75 851.1 17 788.4 17 022.2 19 351.1 21 689.3 22 504.0
y-on-y % change -5.9 -15.7 6.3 5.3 4.0 4.7 10.6 26.5
D. Trade balance Million MOP -73 971.2 -61 305.0 -64 568.0 -14 841.0 -14 347.0 -16 411.0 -18 968.9 -19 532.4 (Exports - Imports)
E. Exports/Imports ratio 12.6 14.1 14.9 16.6 15.7 15.2 12.5 13.2
F. External merchandise trade index (2016=100) 1. Exports
Value index index 106.4 100.0 112.3 117.4 106.5 117.1 108.3 118.3
y-on-y % change 7.8 -6.0 12.3 9.0 11.1 12.1 17.7 0.8
Unit value index index 100.8 100.0 100.0 99.7 99.3 100.8 100.1 100.6
y-on-y % change -0.7 -0.8 0# -1.1 -0.3 0.3 1.1 0.9
Quantum index index 105.6 100.0 112.3 117.7 107.2 116.2 108.2 117.6
y-on-y % change 8.5 -5.3 12.3 10.1 11.4 11.7 16.5 -0.1
2. Imports
Value index index 118.7 100.0 106.3 99.7 95.4 108.5 121.6 126.8
y-on-y % change -5.9 -15.8 6.3 5.3 4.0 4.7 10.6 27.2
Unit value index index 101.4 100.0 99.8 100.0 98.9 99.7 100.3 100.8
y-on-y % change -1.4 -1.4 -0.2 -0.1 -1.3 0# 0.2 0.8
Quantum index index 117.1 100.0 106.6 99.7 96.5 108.9 121.3 125.8
y-on-y % change -4.5 -14.6 6.6 5.3 5.5 4.8 10.4 26.2
3. Terms of trade index a index 99.5 100.0 100.2 99.6 100.4 101.1 99.9 99.8
y-on-y % change 0.8 0.5 0.2 -1.1 1.0 0.3 1.0 0.2
a Terms of trade index = Unit value index of exports / Unit value index of imports × 100.
2015 2016 2017
II. EXTERNAL MERCHANDISE TRADE
2. PRINCIPAL STATISTICS ON EXPORTS
2017 2017 2017 2017 2018 Structure
Q1 Q2 Q3 Q4 Q1 %
Total exports Million MOP 10 692.1 10 046.6 11 283.1 2 947.4 2 675.2 2 940.1 2 720.4 2 971.6 100.0
y-on-y % change 7.8 -6.0 12.3 9.0 11.1 12.0 17.8 0.8
1. Destination
USA Million MOP 196.6 156.1 185.6 43.0 51.7 39.4 51.5 31.9 1.1
y-on-y % change -33.0 -20.6 18.9 42.2 16.3 12.3 11.2 -25.9
European Union Million MOP 225.8 174.6 189.6 51.0 50.5 41.9 46.3 39.9 1.3
y-on-y % change -27.0 -22.7 8.6 23.3 -0.6 -12.0 33.0 -21.7
Mainland China Million MOP 1 836.8 1 751.1 2 121.4 408.4 509.0 709.9 494.1 470.5 15.8
y-on-y % change 18.2 -4.7 21.1 0.4 3.8 59.9 20.4 15.2
Hong Kong Million MOP 6 326.3 5 559.0 6 598.6 1 942.6 1 559.7 1 524.9 1 571.4 1 920.4 64.6
y-on-y % change 8.8 -12.1 18.7 15.6 18.5 16.6 25.2 -1.1
Taiwan Million MOP 61.1 47.4 37.1 3.8 5.9 12.4 15.1 3.6 0.1
y-on-y % change -13.2 -22.4 -21.7 -85.4 3.9 75.7 70.3 -5.4
Japan Million MOP 236.1 311.0 173.1 71.3 51.6 37.9 12.3 11.5 0.4
y-on-y % change 40.1 31.7 -44.3 6.6 -34.3 -55.8 -84.6 -83.9
Vietnam Million MOP 31.7 30.2 36.3 7.4 5.9 6.8 16.2 12.8 0.4
y-on-y % change 258.3 -4.9 20.4 508.5 -32.6 -42.0 92.2 73.6
Singapore Million MOP 77.3 80.3 55.1 11.6 10.2 12.1 21.2 3.3 0.1
y-on-y % change 15.6 3.9 -31.4 -17.6 -37.8 -15.6 -40.3 -71.6
2. Type of goods
Garment and textile Million MOP 831.3 691.4 859.2 196.5 138.2 400.2 124.3 184.0 6.2
products y-on-y % change 6.4 -16.8 24.3 -8.7 -5.0 114.2 -13.6 -6.3
Garment Million MOP 748.6 638.9 791.9 183.4 119.0 379.6 110.0 158.0 5.3
y-on-y % change 9.5 -14.7 24.0 -9.6 -9.2 117.7 -15.8 -13.8
Knitted or crocheted Million MOP 240.4 215.0 407.5 61.2 53.6 248.7 44.1 73.8 2.5
y-on-y % change -5.6 -10.6 89.6 20.1 24.7 253.1 -12.8 20.7
Not knitted or crocheted Million MOP 508.2 423.9 384.4 122.2 65.4 130.9 65.8 84.2 2.8
y-on-y % change 18.6 -16.6 -9.3 -19.6 -25.7 26.0 -17.7 -31.1
Textile products Million MOP 82.7 52.5 67.3 13.1 19.2 20.6 14.4 26.0 0.9
y-on-y % change -15.5 -36.5 28.3 7.3 32.6 64.7 8.4 98.6
Machines and apparatus, parts Million MOP 1 159.3 825.0 1 326.6 118.6 391.9 403.8 412.4 493.1 16.6 and accessories thereof y-on-y % change -36.9 -28.8 60.8 -53.0 74.7 146.0 124.1 315.8
Tobacco and wine Million MOP 613.4 831.5 717.2 224.0 156.2 134.9 202.1 150.3 5.1
y-on-y % change -7.2 35.6 -13.7 50.4 -40.7 -35.4 -4.0 -32.9
Watches Million MOP 1 222.5 974.2 1 022.1 365.4 223.3 202.5 230.9 362.5 12.2
y-on-y % change 41.7 -20.3 4.9 -4.4 51.4 0.2 -4.7 -0.8
Diamond and diamond Million MOP 577.3 444.6 635.4 313.4 131.0 114.0 77.0 242.5 8.2
jewellery y-on-y % change 17.2 -23.0 42.9 30.2 51.6 60.6 65.2 -22.6
Copper and articles thereof Million MOP 435.0 466.1 465.0 115.9 124.5 113.8 110.7 117.1 3.9
y-on-y % change 0.6 7.2 -0.2 10.4 3.3 1.8 -14.0 1.0
Electronic components Million MOP 978.6 1 151.0 741.1 265.5 211.1 133.6 130.8 111.6 3.8
y-on-y % change 48.7 17.6 -35.6 7.1 -36.8 -59.2 -45.9 -58.0
Others Million MOP 4 874.7 4 662.8 5 516.5 1 348.1 1 299.0 1 437.2 1 432.2 1 310.4 44.1
y-on-y % change 16.3 -4.3 18.3 21.3 19.5 6.3 28.8 -2.8
2015 2016 2017
II. EXTERNAL MERCHANDISE TRADE
3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS
2017 2017 2017 2017 2018 Structure
Q1 Q2 Q3 Q4 Q1 %
Domestic exports Million MOP 1 820.8 1 962.9 1 785.6 445.4 443.1 455.2 441.9 397.3 100.0
y-on-y % change -10.0 7.8 -9.0 15.3 -2.9 -29.2 -7.4 -10.8
1. Destination
USA Million MOP 177.2 139.9 172.5 40.6 47.2 38.0 46.6 31.0 7.8
y-on-y % change -31.8 -21.1 23.3 51.5 22.6 26.7 4.7 -23.7
European Union Million MOP 191.5 147.9 155.7 38.8 45.1 34.7 37.2 29.8 7.5
y-on-y % change -30.4 -22.8 5.3 3.3 -1.2 -8.5 38.3 -23.1
Mainland China Million MOP 341.2 351.4 337.2 87.5 83.1 79.0 87.7 78.2 19.7
y-on-y % change 16.4 3.0 -4.0 8.3 3.5 -12.4 -12.4 -10.6
Hong Kong Million MOP 726.1 675.9 814.6 216.3 185.5 199.4 213.3 218.1 54.9
y-on-y % change -8.5 -6.9 20.5 40.6 -2.9 33.0 17.7 0.8
Taiwan Million MOP 4.7 5.1 8.2 1.4 1.8 0.9 4.1 0.1 0#
y-on-y % change -39.7 8.8 62.3 154.7 97.5 -21.6 65.5 -92.6
Japan Million MOP 131.4 144.6 95.4 36.4 33.3 24.2 1.3 1.9 0.5
y-on-y % change -10.7 10.0 -34.0 12.6 -10.9 -37.5 -96.3 -94.9
Vietnam Million MOP 7.7 12.3 12.5 3.2 2.8 4.1 2.4 1.6 0.4
y-on-y % change 315.9 58.3 2.1 561 681.9 -58.4 200.6 -42.3 -50.6
Singapore Million MOP 57.2 50.6 8.3 0.8 0.8 1.8 4.9 0.6 0.1
y-on-y % change 19.8 -11.5 -83.6 -91.5 -92.4 -78.0 -78.7 -23.4
2. Type of goods
Garment Million MOP 129.1 37.0 45.1 5.1 8.7 17.0 14.2 11.5 2.9
y-on-y % change -45.6 -71.3 21.8 -67.0 -12.7 149.0 201.7 124.9
Knitted or Million MOP 55.6 13.1 23.9 1.2 2.1 11.4 9.2 7.4 1.9
crocheted y-on-y % change -45.2 -76.4 81.9 -84.4 -13.4 540.3 849.8 496.2
Not knitted or Million MOP 73.4 23.8 21.1 3.9 6.6 5.6 5.0 4.1 1.0
crocheted y-on-y % change -46.0 -67.5 -11.3 -48.4 -12.5 11.3 34.6 5.6
Tobacco Million MOP 454.1 477.4 346.0 111.6 72.1 76.0 86.3 79.9 20.1
y-on-y % change -3.5 5.1 -27.5 8.4 -47.7 -35.9 -26.8 -28.4
Copper and articles Million MOP 434.6 465.0 464.2 115.8 124.4 113.5 110.5 117.0 29.4
thereof y-on-y % change 0.7 7.0 -0.2 10.7 3.4 1.7 -14.0 1.0
Others Million MOP 803.1 983.5 930.2 212.9 237.8 248.7 230.9 188.9 47.6
y-on-y % change -9.1 22.5 -5.4 30.4 26.4 -38.7 2.0 -11.2
2015 2016 2017
