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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.

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

3 r d Quarter

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Editor: DSEC

Macao, January 2017

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. GAMING, TOURISM AND MICE ... 19

C. CONSUMPTION AND PRICES ... 22

D. EMPLOYMENT ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 27

G. MONEY AND FINANCE ... 28

H. OTHER ECONOMIC INDICATORS ... 29

III. CONCLUDING REMARKS ... 30

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. 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

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VIII. MONEY AND FINANCE

1. MONETARY SURVEY ... 69

2. RESIDENT DEPOSITS ... 70

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 71

4. MORTGAGE LOANS ... 71

5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 72

6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA ... 73

7. INTEREST RATES OF THE MACAO PATACA ... 73

IX. OTHER ECONOMIC INDICATORS 1. NEW INCORPORATIONS AND COMPANIES IN DISSOLUTION ... 74

2. TRANSPORT ... 75

3. COMMUNICATIONS ... 76

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT ... 76

5. OUTBOUND TRAVEL OF MACAO RESIDENTS ... 77

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THE WORLD ECONOMY

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Global economy saw slower growth in the third quarter of 2016. The US economy grew at a slightly faster pace, the Euro area grew modestly, and the economy of Japan showed signs of a rebound. The impact of Brexit on the financial markets and the global economy was less than expected. Moreover, growth in exports and stablisation in commodity prices were conducive to economic growth. However, the rise of nationalism and anti-globalisation forces brought about political instability in the European and American countries, posing downside risks to economic recovery. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) in October 2016 indicated that global economic growth will pick up on account of the developments in emerging markets and developing economies; meanwhile, developed countries will see subdued growth under the influence of nationalist policies. Global growth projections for 2016 and 2017 remain unchanged from the July WEO forecast, at 3.1% and 3.4% respectively.

The US economy grew slightly faster in the third quarter, with Gross Domestic Product (GDP) rising by 1.6% year-on-year and 3.2% quarter-to-quarter. Private consumption expenditure was the major impetus for growth, adding 1.9 percentage points to the increase, of which the service sector contributed 1.2 percentage points. Merchandise exports continued to rise, pushing up the economic growth by 1.2 percentage points.

Meanwhile, fixed investment lowered the rate of economic increase by 0.2 percentage points on account of declining equipment investment. The unemployment rate rose by 0.2 percentage points quarter-to-quarter to 5.0%; the seasonally adjusted unemployment rate was 4.9%.

With the slowdown in German and French economies, the third quarter GDP of the Euro area increased by 1.7% year-on-year and remained stable quarter-to-quarter.

Change in inventories and government final consumption expenditure each contributed 0.1 percentage point to the economic growth. Consumption expenditure of households and non-profit institutions added 0.2 percentage points to the increase. Meanwhile, imports lowered the rate of economic growth by 0.1 percentage point. The unemployment rate dropped by 0.4 percentage points quarter-to-quarter to 9.6%.

UK economic growth held up better than expected after the Brexit vote, with the third quarter GDP rising by 2.3% year-on-year and 0.5% quarter-to-quarter. Net exports was the main driver of economic growth, contributing 0.7 percentage points to the increase.

Household final consumption expenditure added 0.4 percentage points to the economic growth, while capital formation dragged down the increase by 0.7 percentage points. The unemployment rate decreased by 0.1 percentage point quarter-to quarter to 4.8%.

The Asian region showed steady growth. The October 2016 WEO of IMF indicated

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that the ASEAN 5 economies

a

were projected to grow by 4.8% in 2016, same as the July forecast; the projection for the Middle East, North Africa, Afghanistan and Pakistan held stable as the July forecast at 3.4%; the projection for India was revised upward by 0.2 percentage points from the July forecast to 7.6%, while that for China remained unchanged at 6.6%.

The third quarter GDP of Japan increased by 1.1% year-on-year, with the quarter-to-quarter growth slowing by 0.2 percentage points to 0.3%. The depreciation of the yen stimulated exports which contributed 0.3 percentage points to the economic growth. Private consumption expenditure added 0.2 percentage points to the increase.

Capital spending of enterprises retreated while decrease in inventories of private enterprises dragged down the economic growth by 0.3 percentage points. The unemployment rate dropped by 0.1 percentage point quarter-to-quarter to 3.1%; the seasonally adjusted rate was 3.0%.

The Republic of Korea recorded slower growth compared with the previous quarter.

The third quarter GDP expanded by 2.6% year-on-year and 0.7% quarter-to-quarter. As construction expenditure continued to rise, gross capital formation and final consumption expenditure added 0.9 and 0.5 percentage points respectively to the economic growth.

Both exports of goods and change in inventories pushed up the rate of economic growth by 0.3 percentage points. The unemployment rate fell by 0.2 percentage points from the previous quarter, at 3.6%.

In Mainland China, GDP for the third quarter expanded by 6.7% year-on-year. In the first three quarters of 2016, value added of the above-scale industries rose by 6.0%

year-on-year, the same level as in the first half year of 2016; fixed asset investment increased by 8.2% year-on-year, down by 0.8 percentage points from the first half year;

retail sales of consumer goods rose by 10.4% year-on-year, up by 0.1 percentage point from the first half year, of which sales of construction and decoration materials increased by 15.4%, furniture by 13.9% and communication equipment by 12.7%. Total value of external trade for the first three quarters of 2016 decreased by 8.2% year-on-year, with exports and imports of goods falling by 6.7% and 4.6% respectively, and the trade surplus amounted to USD384.0 billion. Inflation was stable as Consumer Price Index (CPI) for the third quarter increased by 2.0% year-on-year, down by 0.1 percentage point from the first half year of 2016.

The Hong Kong economy maintained moderate growth on account of stronger domestic demand and relative improvements in external trade. The third quarter GDP rose

a

Indonesia, Malaysia, the Philippines, Thailand and Vietnam

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by 1.9% year-on-year and 0.6% quarter-to-quarter. With the notable growth in machinery and equipment acquisition and steady rise in building and construction works, gross fixed capital formation rebounded strongly by 6.0% year-on-year. Total exports of goods increased by 1.9% year-on-year, broadly similar to the growth in the previous quarter.

Exports of services showed a smaller year-on-year decline of 1.8%, owing to a modest recovery in external demand as well as improvements in regional trade and cargo flows.

The third quarter CPI increased by 3.1% year-on-year and 0.4% quarter-to-quarter. The

unemployment rate edged up by 0.1 percentage point quarter-to-quarter to 3.6%, and the

seasonally adjusted rate remained stable at 3.4%.

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2016, the economy of Macao expanded by 4.0% year-on-year in real terms, the first quarterly growth recorded over the past two years, attributable to a pick-up in both exports of services and investment. In terms of external demand, exports of gaming services and other tourism services rebounded, exports of goods declined at a slower pace. As regards domestic demand, private consumption and investment increased.

The following highlights year-on-year comparisons of major segments of the local economy in the third quarter of 2016:

1. Total external merchandise trade (exports plus imports) continued to decline amid economic adjustment. Total value of merchandise trade decreased slower by 9.8%, of which total merchandise exports dropped by 2.8%; meanwhile, total merchandise imports fell by 10.7% on the back of cautious private consumption. A visible trade deficit of MOP16.07 billion was recorded.

2. Exports of gaming and tourism services rebounded. Exports of gaming services rose slightly by 0.2% on account of a 1.1% growth in gross gaming revenue. As visitor arrivals edged up by 0.1%, exports of other tourism services increased by 6.5%.

Consequently, total exports of services expanded by 3.3% and imports of services rose by 6.2%.

3. Consumer spending stayed cautious and inflation continued to ease amid economic adjustment. Labour market remained stable, with the unemployment rate staying extremely low at 1.9%; median monthly employment earnings remained unchanged.

Non-resident workers decreased slightly by 0.3% year-on-year to 180,277 at the end of the third quarter. The Composite Consumer Price Index (Composite CPI) rose by 1.8%, with price increase slowing and inflationary pressures easing. Private consumption expenditure increased slightly by 0.3% while government final consumption expenditure declined by 1.3%.

4. Investment registered growth. Private investment increased by 2.4%, of which construction investment and equipment investment rose by 1.3% and 11.2%

respectively. Public investment expanded by 1.8%. Number of new incorporations decreased by 11.3% and the value of registered capital dropped by 67.1%.

5. Volume of property transactions retreated. Number of building units purchased and

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sold decreased by 18.4% quarter-to-quarter with the total value declining by 10.0%.

The average transaction price per square metre of residential units rose by 12.8%

quarter-to-quarter.

6. Public finances remained sound with a fiscal surplus recorded. Total government revenue and expenditure amounted to MOP26.14 billion and MOP21.96 billion respectively in the third quarter. A fiscal surplus of MOP4.18 billion was registered, down by 37.0% year-on-year owing to a 3.7% drop 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 decreased by 9.8% from MOP23.63 billion in the third quarter of 2015 to MOP21.32 billion in the third quarter of 2016. Merchandise imports declined by 10.7% to MOP18.69 billion, and merchandise exports fell by 2.8% to MOP2.63 billion. The exports-imports ratio increased by 1.1 percentage points year-on-year to 14.0%. Merchandise trade deficit narrowed from MOP18.23 billion in the third quarter of 2015 to MOP16.07 billion.

Total Exports

Total merchandise exports decreased by 2.8% year-on-year in the third quarter of 2016. Domestic exports increased by 52.0% while re-exports dropped by 12.9%.

Analysed by destination, merchandise exports to Japan (MOP85.7 million) and the EU (MOP47.6 million) increased by 25.2% and 21.1% respectively; meanwhile, exports to Taiwan (MOP7.0 million), the USA (MOP35.1 million), Singapore (MOP14.4 million), Hong Kong (MOP1.31 billion) and Mainland China (MOP444.9 million) decreased by 54.7%, 32.7%, 20.6%, 16.9% and 11.1% respectively.

Exports of electronic components decreased by 11.2% to MOP248.7 million,

accounting for 9.5% of the total exports. Exports of tobacco & wine, other products and

copper & articles thereof rose by 46.8%, 7.5% and 4.3% respectively. Meanwhile, exports

of diamond & diamond jewellery, garment & textile products, clocks & watches and

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machines, apparatus & parts decreased by 48.3%, 23.4%, 22.7% and 9.4% respectively.

Domestic Exports

Domestic exports amounted to MOP642.8 million (24.5% of total exports) in the third quarter, up by 52.0% year-on-year and 40.8% quarter-to-quarter. Hong Kong remained the largest market of Macao’s domestic exports (23.3% of total domestic exports), and the value of exports decreased by 4.5% year-on-year; meanwhile, domestic exports to the USA decreased by 38.2% but those to the EU increased by 15.0%. Analysed by principal commodities, exports of garment (1.1% of total domestic exports) decreased further by 71.0%, of which exports to the USA (4.3% of total domestic exports of garment) fell notably by 85.5% and exports to the EU (38.3%) dropped by 63.2%; meanwhile, exports of tobacco & wine (18.5% of total domestic exports) increased by 14.4% and exports of other products (80.5%) rose significantly by 75.1%.

Domestic exports to Mainland China rose by 1.2% to MOP90.1 million (14.0% of total domestic exports), of which tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) increased by 20.3% to MOP23.7 million, consisting mainly of copper-clad boards (64.0% of total) and stamps (23.7%); the amount of tariff saved totalled MOP1.3 million.

In addition, results of the Industrial Exports Survey for the third quarter of 2016 indicated that the average length of time of orders on hand of the interviewed manufacturers was 2.6 months, up by 18.2% from 2.2 months in the same quarter of 2015.

Meanwhile, 18.5% of the enterprises expressed optimism about the domestic industrial

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exports in the coming six months, up by 7.3 percentage points quarter-to-quarter and 12.3 percentage points year-on-year; none of the enterprises anticipated a substantial increase and all of them expected a modest rise. However, 10.1% expected less promising prospects of exports, down by 0.1 percentage point quarter-to-quarter and 24.5 percentage points year-on-year; moreover, 71.4% expected the outlook of exports remained stagnant, down by 7.3 percentage points quarter-to-quarter but up by 12.2 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 declined by 12.9% to MOP1.98 billion (75.5% of total exports) in the third quarter of 2016. Hong Kong was the largest market of Macao’s re-exports (58.4% of total re-exports), which was followed by Mainland China (17.9%). Value of re-exports to Hong Kong and Mainland China decreased by 18.2% and 13.7% respectively.

In terms of the types of commodities, re-exports of consumer goods (53.8% of total re-exports) and other products (42.3%) decreased by 8.0% and 8.8% respectively, whereas re-exports of raw materials & semi-manufactures (3.9%) declined by 60.7%.

Imports

Total value of merchandise imports decreased by 10.7% year-on-year to MOP18.69 billion in the third quarter of 2016. Mainland China was the main supplier of goods imported to Macao, and the value of imports fell by 15.0% to MOP6.54 billion (35.0% of total imports). As regards other places of origin, value of imports from Hong Kong (8.1%), the USA (4.4%), Japan (6.0%) and Taiwan (1.7%) dropped by 32.5%, 28.9%, 13.4% and 11.2% respectively; meanwhile, value of imports from Switzerland (8.8%) and the EU (25.6%) expanded by 6.6% and 4.5% respectively.

Regarding the types of commodities, imports of raw materials & semi-manufactures (10.1% of total imports), capital goods (15.7%), consumer goods (64.6%) and fuels &

lubricants (9.5%) decreased by 34.2%, 9.0%, 6.7% and 4.8% respectively.

Imports of consumer goods declined, of which motor cars & motorcycles (1.7% of total

imports), gold jewellery (8.7%), watches (7.5%) and food & beverages (15.8%) dropped by

52.7%, 17.7%, 7.0%, and 1.5% respectively, while imports of handbags & wallets (3.5%)

and clothing & footwear (8.8%) rose by 0.9% and 0.1% respectively.

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B. Gaming, Tourism and MICE

During the period of continuous adjustment of the gaming and tourism industries, exports of services increased by 3.3% in the third quarter of 2016. Exports of gaming services rose slightly by 0.2% in real terms resulting from a pick-up in gross gaming revenue. Exports of other tourism services increased by 6.5% in real terms owing to a 17.4% rise in total visitor spending. As regards MICE events, a total of 277 meetings/conferences and exhibitions were held, attracting 627,504 participants and attendees.

Gaming

Gross gaming revenue amounted to MOP55.22 billion in the third quarter of 2016, up by 1.1% year-on-year. Gross revenue of game of chance, which took up 99.6% of the total, increased by 1.2% to MOP55.01 billion. VIP Baccarat revenue dropped by 1.2% to account for 52% of the gross revenue of game of chance. Gross revenue of the mass market increased while that of pari-mutuels and lotteries decreased by 6.9% to MOP215.4 million.

There were 38 casinos operating in the third quarter, up by 3 year-on-year and 2

quarter-to-quarter. Number of gaming tables totalled 6,304, up by 8.3% year-on-year and

5.1% quarter-to-quarter; slot machines totalled 15,769, up by 10.9% year-on-year and

15.1% quarter-to-quarter.

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Visitor Arrivals

Visitor arrivals edged up by 0.1% year-on-year to 8,104,498 in the third quarter of

2016, of which Mainland visitors decreased modestly by 0.5%, at 5,396,102. Yet, Mainland

visitors travelling to Macao under the Individual Visit Scheme (IVS) rose by 1.5% to

2,574,455, constituting 47.7% of the total visitors from Mainland China. Visitors from the

Republic of Korea and Taiwan increased by 40.9% and 7.4% respectively, while those

from Hong Kong decreased by 1.9%. Overnight visitors grew by 9.0% year-on-year to

4,244,232; meanwhile, same-day visitors dropped by 8.2% to 3,860,266, accounting for

47.6% of the total, a decrease of 2.4 percentage points from the previous quarter. The

average length of stay of visitors was 1.2 days, up by 0.1 day year-on-year. Package tour

visitors decreased by 20.5% to 1,999,359.

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Hotels and Guesthouses

There were 107 hotels and guesthouses operating in Macao at the end of the third quarter of 2016, an increase of 4 year-on-year. A total of 36,197 guest rooms were available, up by 6,220 (+20.7%) year-on-year; five-star hotel rooms accounted for 60.0%

of the total supply. Number of guests checking into hotels and guesthouses increased by 13.1% to 3,143,213, constituting 69.8% of the total overnight visitors. The average occupancy rate of hotels and guesthouses rose by 3.8 percentage points year-on-year to 86.3%. The average length of stay of guests decreased by 0.1 night year-on-year, at 1.4 nights.

Visitor Spending

Total spending of visitors amounted to MOP14.64 billion in the third quarter of 2016, up by 17.4% year-on-year. Total spending of overnight visitors and same-day visitors increased by 21.5% and 2.1% respectively year-on-year.

Per-capita spending of visitors increased by 17.3% year-on-year to MOP1,806.

Per-capita spending of overnight visitors rose by 11.5% to MOP2,809, and that of same-day visitors increased by 11.2% to MOP703. Mainland visitors spent an average of MOP2,100, up by 18.2%, with IVS visitors spending MOP2,312. Per-capita spending of visitors from Japan (MOP1,751), Thailand (MOP1,194), Taiwan (MOP1,638), Singapore (MOP1,912) and Hong Kong (MOP1,092) rose by 8.1%, 11.0%, 16.9%, 17.1% and 19.7%

respectively. Visitors from Australia had relatively high per-capita spending among the

long-haul visitors, at MOP1,421.

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Analysed by expenditure structure, visitors spent mainly on Shopping (43.4%), Accommodation (27.3%) and Food & Beverage (21.3%). Per-capita shopping spending increased by 16.8% year-on-year, in which spending on Local Food Products and Cosmetics & Perfume rose by 2.3% and 16.5% respectively. Per-capita shopping spending on Handbags & shoes rose notably by 65.6% while that on Jewellery & Watches rose by 33.2%. The preferred shopping items of visitors included Local Food Products and Cosmetics & Perfume, accounting for 28.9% and 17.1% of shopping spending.

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 277 MICE events were held in the third quarter, drawing 627,504 participants and attendees. Among them, there were 257 meetings and conferences, up by 2.4% year-on-year, and number of participants rose by 93.4% to 44,803; meetings and conferences with a duration of 4 hours or more totalled 171, with 37,113 participants.

Concurrently, 17 exhibitions were held, down by 41.4% year-on-year; number of exhibition attendees decreased by 41.9% to 576,989.

C. Consumption and Prices Private Consumption

Private consumption expenditure increased slightly by 0.3% in real terms in the third

quarter of 2016. Household final consumption expenditure in the domestic market and

abroad rose by 0.5% and 4.5% respectively.

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Retail Sales

Value of retail sales amounted to MOP13.57 billion in the third quarter of 2016, down by 7.4% year-on-year but up by 3.2% quarter-to-quarter. Value of retail sales of Motor vehicles (3.6% of total) and Watches, clocks & jewellery (20.0%) declined by 38.7% and 21.2% respectively year-on-year; moreover, retail sales of Communication equipment (2.0%), Goods in supermarkets (7.7%), Goods in department stores (15.1%) and Adults’

clothing (11.7%) decreased by 10.4%, 6.6%, 5.8% and 5.1% respectively. Value of retail sales of Leather goods, Automotive fuels, Goods in pharmacies and Cosmetics & sanitary articles rose by 14.7%, 10.5%, 4.2% and 3.6% respectively year-on-year, and also registered increase quarter-to-quarter.

After removing the effect of prices, volume of retail sales dropped by 5.9%

year-on-year, with marked decrease being observed in the sales volume of Motor vehicles (-42.2%), Watches, clocks & jewellery (-24.6%), and Goods in supermarkets (-8.0%).

Volume of retail sales rose by 3.4% quarter-to-quarter, of which sales volume of Automotive fuels rose notably by 22.6%, but that of Communication equipment dropped by 18.1%.

Prices

The average Composite CPI rose by 1.8% year-on-year in the third quarter.

Inflationary pressures eased slightly upon slowing growth in prices. Notable increase was

observed in the price indices of Education (+8.4%), Alcoholic beverages and tobacco

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(+7.7%), and Transport (+7.4%). In addition, implicit deflator of GDP that measures changes in overall prices rose marginally by 0.2% year-on-year.

D. Employment

The general labour force participation rate increased by 0.6 percentage points from the previous quarter, at 72.9%; the labour force participation rate of local residents was 65.8%, up slightly by 0.9 percentage points quarter-to-quarter. Economically active population (labour force) totalled 402,000, with an employed population of 394,000, both down by 0.2% year-on-year. Employment in Recreational, Cultural, Gaming & Other Services reached 92,000, of which 81,000 were working in Gaming & Junket Activities, accounting for 20.4% of the total employment; employment in Manufacturing and Transport, Storage & Communications saw notable growth, up by 18.8% and 17.4%

respectively. Non-resident workers decreased slightly by 0.3% year-on-year to 180,277 at the end of the third quarter, with 21.8% working in Construction and 27.4% in Hotels, Restaurants & Similar Activities.

Job market remained stable. The general unemployment rate held stable, both

quarter-to-quarter and year-on-year, at 1.9%; the unemployment rate of local residents

remained unchanged quarter-to-quarter and year-on-year at 2.6%. The underemployment

rate was 0.5%. Total number of unemployed was about 7,600, with 23.7% being fresh

labour force entrants searching for their first job. Analysed by the previous industry

engaged of the unemployed, 38.8% had worked in Recreational, Cultural, Gaming & Other

Services and 15.6% in Wholesale and Retail Trade. In terms of educational attainment,

36.0% had tertiary education, 26.8% had senior secondary education and 19.0% had

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junior secondary education.

Median monthly employment earnings of the employed held stable from the previous quarter and the same quarter of 2015, at MOP15,000 in the third quarter of 2016. Median earnings of the employed residents stayed unchanged year-on-year and quarter-to-quarter at MOP18,000. Analysed by industry, median employment earnings in Real Estate &

Business Activities logged the highest year-on-year increase of 18.9%. For Gaming &

Junket Activities that accounted for the largest share of total employment, median employment earnings remained unchanged year-on-year.

E. Investment

Investment in Construction and Equipment

In the third quarter of 2016, construction investment and equipment investment increased by 1.2% and 11.7% respectively year-on-year in real terms, causing overall investment to rise by 2.3%. Investment by the private sector increased by 2.4% and that by the public sector rose by 1.8%.

For the investment by the private sector, number of building completions, units and

gross floor area declined by 33.3%, 70.8% and 58.8% respectively year-on-year in the

third quarter; meanwhile, number of construction of new buildings, units and gross floor

area dropped by 25.9%, 68.8% and 73.2%. Construction investment and equipment

investment by the private sector rose by 1.3% and 11.2% respectively in real terms in the

third quarter.

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As regards investment by the public sector, construction investment decreased slightly by 0.1% and equipment investment rose by 17.5% in the third quarter.

Transactions on Real Estate

Real estate transactions receded in the third quarter, with 3,166 building units and parking spaces being purchased and sold, down by 18.4% quarter-to-quarter; total value of transaction decreased by 10.0% quarter-to-quarter to MOP17.22 billion.

A total of 2,399 residential units (comprising 347 pre-sale units and 2,052 existing units) were purchased and sold at MOP14.54 billion in the third quarter, accounting for 75.8% and 84.5% of the respective total.

As regards status of the buyers, 3,123 units (98.6% of total) were purchased by Macao residents; value of transaction amounted to MOP16.92 billion, with its share in total value going up from 94.9% in the previous quarter to 98.3%. Meanwhile, 24 units were purchased by non-residents, and the value amounted to MOP207.1 million.

The average transaction price of residential units increased by 12.8%

quarter-to-quarter to MOP88,564 per square metre of usable area in the third quarter. The average price of those in the Macao Peninsula decreased slightly by 0.5%

quarter-to-quarter to MOP75,866 per square metre, and the average price of those in

Taipa went up by 32.3% to MOP106,828 per square metre. The average price of office

units decreased by 6.5% quarter-to-quarter to MOP93,524 per square metre. The average

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price of industrial units increased by 24.9% quarter-to-quarter to MOP51,693 per square metre.

Business Investment

Number of new incorporations decreased by 11.3% to 1,087 in the third quarter of 2016; total value of registered capital dropped by 67.1% to MOP123.9 million. Among the new incorporations, 33.5% were operating in Wholesale & Retail Trade, 23.6% in Business Services and 16.3% in Construction. In terms of registered capital, Wholesale & Retail Trade predominated with 22.9% of the total, while Information & Related Activities and Business Services accounted for 19.3% and 14.4% respectively. As regards origin of capital, capital from Macao constituted 67.9% of the total at MOP84.1 million, and that from Mainland China and Hong Kong took up 16.3% and 12.7% respectively.

Number of companies in dissolution totalled 163 in the third quarter, up by 8.7%

year-on-year, with 63 engaging in Wholesale & Retail Trade (38.7% of total), 47 in Business Services (28.8%), 20 in Construction (12.3%) and 9 in Real Estate (5.5%).

F. Public Accounts

In the third quarter of 2016, total government revenue declined by 6.0% to MOP26.14 billion owing to a decrease in property income and direct taxes, of which tax revenue from gaming dropped by 3.7% to MOP19.95 billion.

Meanwhile, total government expenditure rose by 3.7% to MOP21.96 billion, on

(28)

account of an increase of MOP843.9 million in current transfer. Fiscal surplus stood at MOP4.18 billion in the third quarter of 2016, lower than the MOP6.63 billion surplus in the same quarter of 2015.

G. Money and Finance

At the end of September 2016, narrow money supply M1 went up by 10.6%

year-on-year, of which currency in circulation and demand deposits increased by 13.9%

and 9.8% respectively. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) rose by 4.9%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 increased by 1.7 percentage points year-on-year to 55.2%, and its share in M2 rose by 2.5 percentage points to 31.1%. The share of the Hong Kong dollar was 42.9% in M1 and 52.2% in M2.

Resident deposits increased by 4.6% year-on-year to MOP492.47 billion, of which deposits in the MOP and the Hong Kong dollar grew by 14.3% and 11.2% respectively to MOP143.80 billion and MOP263.86 billion; deposits in other foreign currencies dropped by 21.0% to MOP84.81 billion. Meanwhile, public sector deposits with the banking sector increased by 26.2% to MOP160.22 billion.

Domestic loans extended to the private sector rose by 5.7% year-on-year to

MOP412.57 billion, of which the outstanding value of credit to individuals for housing loans

went up by 7.5% to MOP136.29 billion. Within domestic loans to the private sector, the

MOP accounted for 29.4%, valued at MOP121.23 billion, and the Hong Kong dollar took

up 64.7%, valued at MOP267.03 billion.

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The loan-to-deposit ratio of the banking sector for residents was 63.2%, down by 2.1 percentage points from a year earlier, while that for both the resident and non-resident sectors decreased by 5.8 percentage points to 83.9%.

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 of 2016, the US Federal Reserve maintained the range for the Fed funds rate at 0.25% - 0.50%; meanwhile, the Base Rate of the Monetary Authority of Macao was held stable at 0.75%.

In terms of exchange rates, changes in exchange rates of the MOP basically reflect changes in those of the US dollar. In the third quarter of 2016, the exchange rates of the MOP against major currencies exhibited a mixed performance. The average exchange rates of the MOP against the British pound, the Chinese renminbi and the Swiss franc went up year-on-year by 18.0%, 5.4% and 1.2% respectively, while the rates against the Japanese yen, the New Zealand dollar and the South Korean won went down by 16.3%, 9.8% and 4.1% respectively. The effective exchange rate index for the MOP, a gauge of exchange rates of the MOP against currencies of Macao’s major trading partners, rose by 0.49 points year-on-year to 105.88.

H. Other Economic Indicators Transport and Communications

In the third quarter of 2016, gross weight of air cargo (7,683 tonnes) increased by

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3.2%, while gross weight of containerized cargo by land (5,430 tonnes) and seaborne containerized cargo (39,120 tonnes) decreased by 32.0% and 41.0% respectively.

As regards local transport, new registration of motor vehicles decreased by 31.3% in the third quarter, with that of automobiles and motorcycles falling by 40.2% and 24.2%

respectively. At the end of September 2016, number of licensed motor vehicles increased by 1.2% to 249,013, comprising 118,285 automobiles and 130,315 motorcycles.

At the end of the third quarter of 2016, number of Internet subscribers grew by 9.6%

to 357,105; total duration of internet usage reached 288.1 million hours in the third quarter, up by 7.4% year-on-year; mobile phone subscribers rose by 4.4% to 1,895,968;

meanwhile, number of fixed telephone lines dropped by 7.3% to 137,463.

Water and Energy Consumption

Consumption of electricity increased by 5.5% to 1.62 billion kWh in the third quarter of 2016, and that of water rose by 1.6% to 22.9 million cubic metres. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) totalled 97.8 million litres, down by 5.3%; consumption of liquefied petroleum gas (LPG) decreased by 2.0% to 9,389 tonnes;

consumption of natural gas totalled 2.9 million cubic metres.

III. Concluding Remarks

In the third quarter of 2016, the economy of Macao expanded by 4.0% year-on-year in real terms, the first quarterly growth recorded over the past two years. Exports of gaming and tourism services rebounded; the employment situation was satisfactory with the unemployment rate staying relatively low; the public accounts remained in surplus;

meanwhile, CPI growth continued to ease. All of these are conducive to a healthy adjustment of the economy.

Looking ahead to the fourth quarter of 2016, although private consumption and government final consumption expenditure are expected to remain stable, domestic demand may weaken as investment will be dragged down by the successive completion of large-scale tourism and entertainment facilities. As regards external demand, despite a decrease in merchandise exports in October, exports of services is likely to rise further in the fourth quarter on account of the increase in visitor arrivals in October and a 11.3%

year-on-year growth in gross gaming revenue in October and November. Taking into

consideration these factors, the economy of Macao is likely to continue its upward trend in

the fourth quarter of 2016.

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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)

Note: Due to rounding, total may not correspond to the sum of the partial figures.

Figures are subject to regular revisions when required.

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

USA

 Gross Domestic Product 1.7 2.4 2.6 2.2 1.9 1.6 1.3

r

1.6

 Exports of goods 2.1 2.7 -7.3 -8.1 -10.5 -6.8 -6.1 -2.2

 Imports of goods -0.3 3.9 -4.6 -5.1 -6.9 -5.5 -4.7 -2.3

 Consumer Price Index 1.5 1.6 0.1 0.1 0.5 1.1 1.0

r

1.1

 Unemployment rate 7.4 6.2 5.3 5.2 4.8 5.2 4.8 5.0

Euro area

a

 Gross Domestic Product -0.3 1.2

r

2.0 1.9

r

2.0 1.7 1.7

r

1.7

 Exports of goods 0.9

r

2.2 5.3

r

4.3

r

3.4

r

-0.9

r

-0.1

r

-0.3

 Imports of goods -3.0 0.7 2.5

r

0.9

r

2.5

r

-2.7

r

-4.1

r

-2.6

 Consumer Price Index 1.3 0.4 - 0.1 0.2 - -0.1 0.4

 Unemployment rate 12.0 11.6 10.9 10.3 10.6 10.7 10.0 9.6

Germany

 Gross Domestic Product 0.5 1.6 1.7 1.8 2.1 1.5 3.1 1.5

 Exports of goods -0.4 3.3 6.2

r

5.4

r

4.6

r

0.6 2.2 -0.4

 Imports of goods -1.0 2.2 4.3

r

5.2 4.4

r

0.4 0.1 -1.2

 Consumer Price Index 1.5 0.9 0.2 0.1 0.3 0.3 0.1 0.5

 Unemployment rate 6.9 6.7 6.4 6.3 6.0 6.6 6.1 6.0

French

 Gross Domestic Product 0.6 0.7 1.2 1.1 1.3 1.4

r

1.2

r

1.1

 Exports of goods -1.6 0.2 3.8

r

4.1 1.5

r

-

r

-3.9

r

-1.0

 Imports of goods -2.3 -0.8

r

0.8 -1.3 2.3

r

0.5

r

-3.2

r

1.9

 Consumer Price Index 0.9 0.5 - 0.1 0.1 - - 0.3

 Unemployment rate 10.3 10.3 10.4 10.0 10.6 10.7 9.6 9.8

United Kingdom

 Gross Domestic Product 1.9 3.1 2.2 1.9

r

1.7

r

1.9

r

2.1

r

2.3

 Exports of goods 0.5 -3.4 -3.3

r

-4.0

r

-7.2

r

-0.4

r

-0.1

r

12.6

 Imports of goods 2.7 -2.0 -1.4

r

-3.2

r

-4.7

r

-1.4

r

6.2

r

11.2

 Consumer Price Index 2.5 1.5 - - 0.1 0.3 0.3 0.8

 Unemployment rate 7.6 6.2 5.4 5.3 5.1 5.1 4.9 4.8

a Consists 19 member states since 2015.

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

Federal Statistical Office of Germany

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

2013 2014 2015

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

Mainland China

 Gross Domestic Product 7.7 7.4 6.9 6.9 6.8 6.7 6.7 6.7

 Exports of goods 7.8 6.0 -2.9 -6.4 -5.2 -12.4r -6.0r -6.7

 Imports of goods 7.3 0.5 -14.3 -14.4 -11.8 -13.7 -6.9r -4.6

 Consumer Price Index a 2.6 2.0 1.4 1.4 1.4 2.1 2.1 2.0

Hong Kong

 Gross Domestic Product 3.1 2.7 2.4 2.3 1.9 0.8 1.7 1.9

 Exports of goods 3.6 3.2 -1.8 -4.1 -2.9 -6.8 -1.2 0.2

 Imports of goods 3.8 3.9 -4.1 -6.7 -7.0 -8.2 -3.2 1.2

 Consumer Price Index 4.3 4.4 3.0 2.3 2.3 2.8 2.6 3.1

 Unemployment rate 3.4 3.3 3.3 3.5 3.2r 3.3 3.5 3.6

Taiwan

 Gross Domestic Product 2.2 4.0r 0.7 -0.7r -0.8r -0.2r 1.1r 2.0

 Exports of goodsb 1.6 2.8 -10.9 -14.0 -13.9 -12.1 -6.2 0.1

 Imports of goodsb 0.2 1.4 -15.8 -18.5 -15.1 -14.0 -7.6 -0.1

 Consumer Price Index 0.8 1.2 -0.3 -0.3 0.3 1.8 1.3 0.7

 Unemployment rate 4.2 4.0 3.8 3.9 3.9 3.9 3.9 4.0

Japan

 Gross Domestic Product 1.4 0.3r 1.2r 2.1r 1.1r 0.4r 0.9r 1.1

 Exports of goods 9.5 4.8 3.4 3.7 -4.6 -7.9 -9.5 -10.2

 Imports of goods 14.9 5.7 -8.7 -5.9 -13.9 -15.7 -18.8 -19.5

 Consumer Price Index 0.3 2.8 0.8 0.1r 0.2r -r -0.3r -0.5

 Unemployment rate 4.0 3.6 3.4 3.4 3.1 3.2 3.2 3.1

Republic of Korea

 Gross Domestic Product 2.9 3.3 2.6 2.8 3.1 2.8 3.3r 2.6

 Exports of goods 2.1 2.3 -8.0 -9.5 -12.0 -13.6r -6.7r -5.0

 Imports of goods -0.8 1.9 -16.9 -18.7 -17.8 -16.1r -10.3r -5.2

 Consumer Price Index 1.4r 1.4r 0.8r 0.7 1.2r 1.1r 0.9 0.9

 Unemployment rate 3.1 3.5 3.6 3.4 3.1 4.3 3.8 3.6

Singapore

 Gross Domestic Product 4.7 3.3 2.0 1.8 1.8 2.0r 2.0r 1.1

 Exports of goods - 0.8 -7.2 -8.0 -5.7 -11.6 -4.7 -3.5

 Imports of goods -1.6 -0.6 -12.1 -9.1 -9.9 -7.4 -6.7 -6.7

 Consumer Price Index 2.4 1.0 -0.5 -0.6 -0.7 -0.8 -0.9 -0.4

 Unemployment rate 1.9 2.0 1.9 1.7 1.6 1.8 2.8 1.8

a Accumulated year-on-year comparison.

b Imports and exports of goods are compiled according to the general trade system.

Source : National Bureau of Statistics of China

Census and Statistics Department of Hong Kong SAR

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

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

2013 2014 2015

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

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

%

2015 2015 2016 2016 2016

Q3 Q4 Q1 Q2 Q3

USA

 Gross Domestic Product 1.7 2.4 2.6 2.0 0.9 0.8 1.4r 3.2

 Exports of goods 2.1 2.7 -7.3 -1.7 -3.3 -2.9 1.7 4.2

 Imports of goods -0.3 3.9 -4.6 -1.3 -2.3 -2.3 1.2 1.2

 Consumer Price Index 1.5 1.6 0.1 0.3 0.2 -0.1 0.6 0.4

 Unemployment ratea 7.4 6.2 5.3 5.2 5.0 4.9 4.9 4.9

Japan

 Gross Domestic Product 1.4 0.3r 1.2r 0.2r -0.4 0.7r 0.5r 0.3

 Exports of goods 9.7r 4.6 3.5 -0.2r -2.7r -4.5r -2.7r -0.9

 Imports of goods 15.3r 5.5r -8.6 0.1r -7.5r -7.0r -5.1r -1.4

 Consumer Price Index 0.3 2.8 0.8 -0.1r - -0.1r -0.1r -0.2

 Unemployment ratea 4.0 3.6 3.4 3.4 3.3 3.2 3.2 3.0

Hong Kong

 Gross Domestic Product 3.1 2.7 2.4 0.5 0.2 -0.5 1.5r 0.6

 Exports of goods 3.6 3.2 -1.8 -0.1 1.1 -5.9 6.8 1.5

 Imports of goods 3.8 3.9 -4.1 -1.7 0.9 -4.2 4.8 2.9

 Consumer Price Index 4.3 4.4 3.0 -0.1 2.7 0.7 -0.7 0.4

 Unemployment ratea 3.4 3.3 3.3 3.3 3.3 3.4 3.4 3.4

a After seasonal adjustment.

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

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

3. GROSS DOMESTIC PRODUCT OF MACAO

2015 2015 2016 2016 2016

Q3r Q4r Q1r Q2r Q3@

At current prices:

GDP (Million MOP) 411 865 442 070 362 641 88 205 91 782 84 434 83 319 90 864

GDP per capita ('000 MOP) 692.5 710.9 565.3 .. .. .. .. ..

Chain volume measures in chained (2014) dollars:

GDP (Million MOP) 447 444 442 070 346 860 83 355 86 598 79 963 79 656 86 701

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

GDP 11.2 -1.2 -21.5 -21.6 -17.2 -12.4 -7.0 4.0

Private consumption expenditure 6.7 5.9 2.1 0.4 0.9 -2.4 -2.8 0.3

In the domestic market 7.3 6.3 1.5 0.5 0.1 -1.7 -1.8 0.5

Abroad 1.9 3.4 5.3 0.3 2.3 -1.2 -3.1 4.5

Government final consumption expenditure 5.5 6.4 4.2 5.2 1.5 -0.2 6.1 -1.3

Gross fixed capital formation 9.3 37.1 5.4 0.3 -15.6 -35.0 -20.0 2.3

Private sector 33.8 43.7 3.3 -1.0 -24.2 -36.1 -23.2 2.4

Government -47.9 -5.4 27.8 22.4 23.2 -6.3 40.4 1.8

Exports of goods 7.2 20.6 10.2 7.3 -12.8 -24.6 -24.7 -15.6

Exports of services 13.4 -5.3 -28.2 -27.2 -20.4 -11.9 -8.1 3.3

Imports of goods 16.2 14.3 0.6 1.4 -13.7 -21.6 -17.0 -7.3

Imports of services -4.5 6.7 0.4 -5.6 14.4 -6.3 -3.1 6.2

2015

2013r

2013 2014

2014r 2015r

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2016 2015 2015 2016 2016 2016

Q1 - Q3 Q3 Q4 Q1 Q2 Q3

A. External Merchandise Trade (Million MOP)

Total exports 9 093.9 9 914.8 10 692.1 7 738.0 2 700.3 2 530.0 2 704.3r 2 408.2r 2 625.5 -2.8

Textiles and garments 846.9 781.3 831.3 548.5 245.3 207.6 215.1r 145.5 187.9 -23.4

Other products 8 247.0 9 133.5 9 860.8 7 189.5 2 455.0 2 322.4 2 489.2 2 262.7r 2 437.6 -0.7

Total imports 81 013.5 89 952.2 84 663.2 52 031.0 20 928.2 21 152.5 16 940.9r 16 395.3r 18 694.8 -10.7

Trade balance -71 919.6 -80 037.4 -73 971.2 -44 293.1 -18 227.9 -18 622.5 -14 236.6r -13 987.1r -16 069.4 11.8 B. Gaming, tourism and MICE

Gross gaming revenue (excluding gratuities)

(Million MOP) 361 866 352 714 231 811 163 473 54 602 55 061 56 389 51 864 55 220 1.1

y-on-y % change 18.6 -2.5 -34.3 -7.5 -34.3 -27.4 -13.3 -9.2 1.1

Visitor arrivals('000) 29 324.8 31 525.6 30 714.6 22 868.8 8 097.5 7 860.7 7 457.1 7 307.2 8 104.5 0.1

Average length of stay (days) 1.0 1.0 1.1 1.2 1.1 1.2 1.1 1.2 1.2 0.1a

Per-capita spending of visitors (MOP) 2 030 1 959 1 665 .. 1 540 1 660 1 547 1 601 1 806 17.3

Hotel occupancy rate (%) 83.1 86.5 80.8 81.2 82.5 82.8 77.2 80.1 86.3 3.8b

No. of events 1 024 1 050 1 263 905 288 362 310 318 277 ..

No. of participants 2 033.6 2 614.5 2 516.1 1 215.4 1 017.7 828.1 137.0 450.9 627.5 ..

C. Construction and real estate

Expenditure on public works (Million MOP) 5 104.4 5 185.4 7 904.3 2 488.5 1 284.5 5 531.9 325.8 1 074.7 1 087.9 -15.3 Private sector construction

   New buildings - no. of units 2 241 1 900 5 405 3 778 2 815 46 2 339 560r 879 -68.8

   New buildings - gross floor area ('000 m²) 2 396 2 239 1 984 648 465 19 464 59 125 -73.2

   Completion of Buildings - no. of units 1 316 3 001 4 364 387 524 2 415 163 71 153 -70.8

   Completion of Buildings - gross floor area ('000 m²) 562 440 2 578 109 106 1 096 37 28 44 -58.8

No. of building units transacted 19 237 13 230 9 771 8 976 2 323 2 482 1 928 3 882 3 166 36.3

Value of building units transacted (Million MOP) 96 048.4 83 690.3 51 660.1 44 799.0 12 495.0 11 038.8 8 447.2 19 134.6 17 217.3 37.8 D. Transport (tonne)

  Gross weight of seaborne containerized cargo 194 638 246 424 252 160 134 309 66 273 52 874 47 698r 47 491r 39 120 -41.0   Gross weight of containerized cargo by land 28 827 28 719 26 040 17 608 7 986 7 916 6 957 5 221r 5 430 -32.0

  Gross weight of air cargo 26 421 28 770 30 058 22 801 7 445 8 654 7 165 7 952 7 683 3.2

E. Consumption and Prices

Inflation rate (%) 5.5 6.0 4.6 2.7 4.5 3.9 3.7 2.6 1.8 ..

Composite Consumer Price Index (10/2013-9/2014=100) 95.3 101.1 105.7 108.1 106.3 107.1 107.9 108.2 108.2 1.8

Retail sales turnover (Million MOP) 66 799 67 996 61 541r 41 527 14 662r 15 710r 14 807r 13 149r 13 571 -7.4 F. Labour force

Unemployment rate (%) 1.8 1.7 1.8 .. 1.9 1.9 1.9 1.9 1.9 -b

Median monthly employment earnings ('000 MOP) 12.0 13.3 15.0 .. 15.0 15.0 15.0 15.0 15.0 -

Non-resident workers in Macao (end-period) 137 838 170 346 181 646 .. 180 751 181 646 181 436 182 459 180 277 -0.3 G. Public accounts (Million MOP)

Total revenue 175 949.3 161 861.0 116 111.5 74 134.5 27 805.4 26 642.3 24 153.5 23 841.8 26 139.1 -6.0

Tax revenue from gaming 134 382.5 136 709.9 89 572.6 61 985.8 20 720.2 20 357.8 21 637.2 20 398.7 19 949.9 -3.7

Total expenditure 51 388.6 67 078.3 80 753.8 52 551.0 21 174.4 29 422.3 12 386.1 18 203.3 21 961.7 3.7

Balance 124 560.7 94 782.7 35 357.6 21 583.5 6 631.0 -2 780.0 11 767.4 5 638.6 4 177.5 ..

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

  Narrow money supply (M1) 58 937.4 61 863.3 61 661.3 65 315.9 59 041.2 61 661.3 67 097.9 59 894.0 65 315.9 10.6   Broad money supply (M2) 441 410.5 487 471.8 472 829.0 505 799.6 482 321.9 472 829.0 478 129.6 478 843.7 505 799.6 4.9   Resident deposits 432 429.0 476 610.8 460 788.8 492 470.5 470 617.4 460 788.8 465 488.0 465 952.4 492 470.5 4.6   Domestic credit to the private sector 257 512.1 339 352.0 389 393.7 412 911.2 390 492.9 389 393.7 394 122.0 403 619.4 412 911.2 5.7   Net foreign assets 561 495.6 579 930.4 506 936.4 481 240.7 494 569.0 506 936.4 440 946.8 453 656.1r 481 240.7 -2.7 Foreign exchange reserves 128 953.9 131 389.0 150 812.7 154 860.5 145 342.9 150 812.7 152 477.5 151 341.3r 154 860.5 6.5 I. Others

 New incorporations 4 481 5 409 5 023 3 345 1 226 1 048 1 117 1 141 1 087 -11.3

 Companies in dissolution 515 536 595 587 150 171 196 228 163 8.7

 Consumption of electricity (Million kWh) 4 472.3 4 739.9 5 016.6 4 045.6 1 534.1 1 177.9 1 021.6 1 405.6 1 618.4 5.5 a day.

b Percentage points.

2013 2014

2016 Q3 year-on-year

% change 2015

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II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2016 2015 2015 2016 2016 2016

Q1 - Q3 Q3 Q4 Q1 Q2 Q3

A. Total external trade Million MOP 90 107.5 99 866.9 95 355.3 59 769.0 23 628.4 23 682.5 19 645.2r 18 803.5r 21 320.3

y-on-y % change 13.9 10.8 -4.5 -16.6 -2.8 -14.6 -21.2r -18.7r -9.8

B. Total exports Million MOP 9 093.9 9 914.8 10 692.1 7 738.0 2 700.3 2 530.0 2 704.3r 2 408.2r 2 625.5

y-on-y % change 11.4 9.0 7.8 -5.2 19.1 -3.9 0.1r -12.7 -2.8

 1. Domestic exports Million MOP 2 009.2 2 022.7 1 820.8 1 485.4 422.8 465.3 386.2r 456.4 642.8

y-on-y % change -12.1 0.7 -10.0 9.6 -18.1 -13.0 -23.7r 7.0 52.0

 2. Re-exports Million MOP 7 084.7 7 892.0 8 871.2 6 252.5 2 277.4 2 064.7 2 318.1 1 951.8 1 982.6

y-on-y % change 20.6 11.4 12.4 -8.1 30.0 -1.6 5.5 -16.3 -12.9

C. Total imports Million MOP 81 013.5 89 952.2 84 663.2 52 031.0 20 928.2 21 152.5 16 940.9r 16 395.3r 18 694.8

y-on-y % change 14.2 11.0 -5.9 -18.1 -5.0 -15.7 -23.7r -19.5r -10.7

D. Trade balance Million MOP -71 919.6 -80 037.4 -73 971.2 -44 293.1 -18 227.9 -18 622.5 -14 236.6r-13 987.1r -16 069.4 (Exports - Imports)

E. Exports/Imports ratio 11.2 11.0 12.6 14.9 12.9 12.0 16.0r 14.7r 14.0

F. External merchandise trade index (2011=100)  1. Exports

  Value index index 130.5 142.2 153.4 147.9 154.9 145.2 154.8 138.2 150.6

y-on-y % change 11.4 9.0 7.9 -5.3 19.1 -3.8 -0.2 -12.7 -2.8

  Unit value index index 100.1 98.6 98.0 97.5 97.0 97.1 97.9 96.8 97.6

y-on-y % change -0.6 -1.5 -0.6 -0.8 -0.3 -2.7 -2.1 -1.1 0.6

  Quantum index index 130.3 144.2 156.5 151.7 159.8 149.5 158.1 142.7 154.3

y-on-y % change 12.0 10.7 8.5 -4.5 19.5 -1.2 1.9 -11.8 -3.4

 2. Imports

  Value index index 130.1 144.4 135.9 112.9 134.4 135.8 111.1 106.6 120.9

y-on-y % change 14.2 11.0 -5.9 -16.9 -5.0 -15.8 -22.1 -18.5 -10.0

  Unit value index index 102.5 101.5 100.1 98.7 99.7 100.2 98.8 98.9 98.4

y-on-y % change -0.5 -1.0 -1.4 -1.4 -1.8 -1.0 -1.6 -1.1 -1.3

  Quantum index index 126.8 142.3 135.8 114.3 134.8 135.6 112.4 107.7 122.9

y-on-y % change 14.6 12.2 -4.6 -15.9 -3.4 -14.9 -20.8 -17.7 -8.8

 3. Terms of trade index a index 97.6 97.1 97.9 98.7 97.2 96.9 99.1 97.8 99.2

y-on-y % change -0.1 -0.5 0.8 0.5 1.4 -1.7 -0.4 -0.1 2.1

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

2013 2014 2015

(38)

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2016 2015 2015 2016 2016 2016 Structure

Q1 - Q3 Q3 Q4 Q1 Q2 Q3 %

Total exports Million MOP 9 093.9 9 914.8 10 692.1 7 738.0 2 700.3 2 530.0 2 704.3r 2 408.2r 2 625.5 100.0

y-on-y % change 11.4 9.0 7.8 -5.2 19.1 -3.9 0.1r -12.7 -2.8

1. Destination

USA Million MOP 364.6 293.2 196.6 109.8 52.2 47.8 30.2 44.4 35.1 1.3

y-on-y % change -28.1 -19.6 -33.0 -26.2 -34.7 -9.1 -48.2 16.4 -32.7

European Union Million MOP 280.7 309.6 225.8 139.8 39.3 56.0 41.4 50.8 47.6 1.8

y-on-y % change -11.0 10.3 -27.0 -17.7 -36.7 -38.9 -23.1 -33.9 21.1

Mainland China Million MOP 1 606.1 1 554.1 1 836.8 1 341.9 500.3 481.0 406.8r 490.2r 444.9 16.9

y-on-y % change 17.3 -3.2 18.2 -1.0 20.8 10.7 5.2r 4.5 -11.1

Hong Kong Million MOP 4 856.1 5 812.3 6 326.3 4 303.7 1 573.0 1 381.2 1 680.2 1 316.0 1 307.5 49.8

y-on-y % change 18.6 19.7 8.8 -13.0 26.5 -9.0 -0.6 -21.8 -16.9

Taiwan Million MOP 39.0 70.3 61.1 38.5 15.5 12.7 25.8 5.6 7.0 0.3

y-on-y % change -6.8 80.4 -13.2 -20.3 145.2 30.9 39.2 -60.4 -54.7

Japan Million MOP 149.7 168.5 236.1 231.2 68.5 66.4 66.9 78.7 85.7 3.3

y-on-y % change -7.7 12.6 40.1 36.3 59.3 53.0 76.9 24.0 25.2

Vietnam Million MOP 192.2 8.8 31.7 21.7 7.8 12.5 1.2 8.8 11.7 0.4

y-on-y % change 41.6 -95.4 258.3 12.8 289.0 174.8 -88.7 1 120.1 50.7

Singapore Million MOP 51.8 66.9 77.3 44.9 18.1 16.7 14.1 16.4 14.4 0.5

y-on-y % change -18.0 29.3 15.6 -26.0 112.2 -36.1 -56.6 62.6 -20.6

2. Type of goods

Garment and textile Million MOP 846.9 781.3 831.3 548.5 245.3 207.6 215.1r 145.5 187.9 7.2

products y-on-y % change -19.6 -7.7 6.4 -12.0 13.8 2.0 5.8r -16.9 -23.4

Garment Million MOP 713.0 683.4 748.6 508.3 223.6 191.3 202.9r 131.0 174.3 6.6

y-on-y % change -19.8 -4.2 9.5 -8.8 17.7 5.4 9.9r -12.1 -22.0

Knitted or crocheted Million MOP 292.7 254.8 240.4 164.3 57.7 51.5 51.0r 43.0 70.4 2.7

y-on-y % change -28.9 -13.0 -5.6 -13.0 -30.9 -4.3 -37.7r -13.1 22.0

Not knitted or crocheted Million MOP 420.3 428.6 508.2 343.9 165.9 139.8 151.9 88.1 103.9 4.0

y-on-y % change -12.0 2.0 18.6 -6.6 55.8 9.4 47.8 -11.7 -37.4

Textile products Million MOP 133.9 97.9 82.7 40.3 21.7 16.3 12.2 14.5 13.6 0.5

y-on-y % change -18.5 -26.9 -15.5 -39.3 -15.0 -25.7 -34.9 -44.1 -37.4

Machines and apparatus, parts Million MOP 1 511.2 1 836.6 1 159.3 725.0 267.9 275.9 257.4 224.8 242.8 9.2 and accessories thereof y-on-y % change 6.0 21.5 -36.9 -17.9 -26.9 -48.6 -25.1 -17.3 -9.4

Tobacco and wine Million MOP 719.1 661.2 613.4 621.0 142.2 187.4 149.0 263.2 208.8 8.0

y-on-y % change -6.4 -8.1 -7.2 45.8 -31.1 -4.6 -10.8 125.7 46.8

Clocks and watches Million MOP 471.0 872.2 1 229.1 739.5 265.5 171.8 384.8 149.5 205.3 7.8

y-on-y % change 152.8 85.2 40.9 -30.1 208.5 -14.1 5.7 -65.1 -22.7

Diamond and diamond Million MOP 509.6 492.5 577.3 398.1 137.3 57.9 240.7 86.4 71.0 2.7

jewellery y-on-y % change 155.0 -3.3 17.2 -23.4 194.0 -50.5 -6.4 -30.8 -48.3

Copper and articles thereof Million MOP 387.9 432.3 435.0 337.4 107.2 115.4 105.0 120.5 111.9 4.3

y-on-y % change 4.4 11.4 0.6 5.6 4.3 14.5 -1.5 13.9 4.3

Electronic components Million MOP 962.2 657.9 978.6 825.2 280.0 304.2 243.1 333.5 248.7 9.5

y-on-y % change 52.8 -31.6 48.7 22.4 49.3 88.3 47.8 45.0 -11.2

Others Million MOP 3 686.0 4 180.7 4 868.0 3 543.2 1 254.8 1 209.9 1 109.3 1 084.8r 1 349.2 51.4

y-on-y % change 4.6 13.4 16.4 -3.1 18.8 8.4 1.2 -17.0 7.5

2013 2014 2015

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