MACAO ECONOMIC BULLETIN
A joint publication of the Macao Economic Services (DSE), the Statistics and Census Service (DSEC) and the Monetary Authority of Macao (AMCM). The DSE prepares the analysis of the World Economy and the External Merchandise Trade, as well as data on tables I.1, I.2, II.7 and II.8.
The AMCM prepares the analysis of Money and Finance and data on tables VIII.1 to VIII.7. The DSEC prepares the analysis and data on the Macao Economy.
Further information can be obtained from the Documentation and Information Centre of DSEC.!
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Reproduction of these data is allowed provided the source is quoted.
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t hQuarter
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Editor : DSEC April 2011, Macao
Typesetting and design : DSEC Printing : DSEC
INDEX
THE WORLD ECONOMY... 9
ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW... 15
II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL MERCHANDISE TRADE ... 16
B. GAMING, TOURISM AND MICE... 19
C. CONSUMPTION AND PRICES ... 23
D. EMPLOYMENT ... 25
E. INVESTMENT ... 26
F. PUBLIC ACCOUNTS ... 29
G. MONEY AND FINANCE... 30
H. OTHER ECONOMIC INDICATORS... 31
III. CONCLUDING REMARKS ... 32
STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ....35-36 2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD) ... 37
3. GROSS DOMESTIC PRODUCT OF MACAO ... 37
4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 38
II. EXTERNAL MERCHANDISE TRADE 1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE... 39
2. PRINCIPAL STATISTICS ON EXPORTS ... 40
3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS... 41
4. PRINCIPAL STATISTICS ON RE-EXPORTS... 42
5. STRUCTURE OF EXPORTS BY MARKET AND TYPE OF GOODS... 42
6. PRINCIPAL STATISTICS OF IMPORTS…. ... 43
7. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 44
8. EXPORT PERFORMANCE OUTLOOK FOR THE NEXT 6 MONTHS OF SELECTED MANUFACTURING INDUSTRIES... 44
III. GAMING, TOURISM AND MICE 1. INDICATORS OF THE GAMING SECTOR... 45
2. GROSS GAMING REVENUE, TAX REVENUE FROM GAMING AND CONSTRIBUTION TO THE ECONOMY ... 46
3. VISITOR ARRIVALS... 47
4. HOTEL GUESTS... 48
5. PER CAPITA SPENDING AND AVERAGE LENGTH OF STAY OF VISITORS ... 49
6. MICE STATISTICS ... 50
IV. PRICES AND CONSUMPTION 1. PRICE INDICES ... 51
2. RETAIL SALES... 51
V. POPULATION, LABOUR AND EMPLOYMENT 1. PRINCIPAL STATISTICS ON POPULATION AND EMPLOYMENT ... 52
2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 52
3. EMPLOYED POPULATION BY AGE GROUP AND INDUSTRY... 53
4. JOB VACANCIES ... 53
5. UNEMPLOYED POPULATION BY AGE GROUP, INDUSTRY AND REASONS OF UNEMPLOYMENT ... 54
6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS OF UNDEREMPLOYMENT ... 55
7. NON-RESIDENT WORKERS ... 55
VI. CONSTRUCTION AND REAL ESTATE 1. CONSTRUCTION BY THE PRIVATE SECTOR... 56
2. TRANSACTION OF BUILDING UNITS AS PER STAMP DUTY RECORD... 57
3. TRANSACTION OF NEW BUILDING UNITS AS PER STAMP DUTY RECORD... 58
4. TRANSACTION OF OLD BUILDING UNITS AS PER STAMP DUTY RECORD ... 59
5. TRANSACTION OF BUILDING UNITS BY BUYERS' STATUS AND END-USE ... 60
6. THE AVERAGE PRICE PER SQUARE METRE OF TRANSACTION OF RESIDENTIAL UNITS AND OFFICE UNITS ... 61
7. PUBLIC WORKS ... 61
VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 62
2. PUBLIC REVENUE... 63
3. PUBLIC EXPENDITURE ... 64
4. PUBLIC INVESTMENT ... 64
VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 65
2. RESIDENT DEPOSITS... 66
3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 67
4. MORTGAGE LOANS ... 67
5. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 68
6. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 69
7. INTEREST RATES OF THE MACAO PATACA ... 69
IX. OTHER ECONOMIC INDICATORS 1. NEW COMPANIES INCORPORATED AND COMPANIES IN DISSOLUTION ... 70
2. TRANSPORT ... 71
3. COMMUNICATIONS ... 71
4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 72
5. DEPARTURE AND OUTBOUND TRAVEL OF MACAO RESIDENTS... 73
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THE WORLD ECONOMY
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The global economic recovery sustained in the fourth quarter of 2010; nevertheless, downside risks remained amid the sovereign debt crisis in Europe, persistent high unemployment and fiscal deficit in the advanced economies, as well as inflation pressures in the emerging economies. The World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) released in January 2011 indicated that the global recovery was set to proceed, in which the advanced economies grew moderately, while the emerging economies remained buoyant. As global recovery advanced at various speed, economic growth remained uneven. The world economy expanded by 5.0% in 2010, up by 0.2 percentage point from the October WEO; the forecast for 2011 revised upward by 0.2 percentage point to 4.4%.
In the US, sustained economic recovery was largely supported by rising private consumption expenditure and exports. Gross Domestic Product (GDP) expanded by 2.7% year-on-year in the fourth quarter of 2010; quarter-to-quarter growth rose from 2.6% in the third quarter to 2.8%, of which private consumption expenditure and exports contributed 2.9 and 1.2 percentage points respectively, but substantial decrease in inventory dragged the rate of growth down by 3.7 percentage points. The unemployment rate lowered to 9.1% in the fourth quarter, down by 0.4 percentage point from the previous quarter; the seasonally adjusted rate held stable as the preceding quarter, at 9.6%.
The Euro zone economy failed to show further progress owing to the lingering sovereign debt crisis on some member states. Quarter-to-quarter GDP growth held stable as the previous quarter at 0.3%, while year-on-year increase edged up by 0.1 percentage point to 2.0%. Economic expansion in the fourth quarter was still driven by exports that contributed 0.7 percentage point when consumption expenditure of households and non-profit institutions added another 0.2 percentage point to the rate of increase; however, gross fixed capital formation and inventory pulled down the economic growth by 0.1 and 0.2 percentage point respectively. The employment situation remained broadly unchanged, with the unemployment rate rising from 9.7% in the preceding quarter to 9.9%.
In the UK, severe December weather caused disappointing performance of the service and construction sectors; the fourth quarter GDP declined by 0.6% quarter-to-quarter (but up by 1.5%
year-on-year). Netting out the effects of heavy snow, GDP contracted by 0.1% quarter-to-quarter;
gross fixed capital formation and household final consumption expenditure lowered the economic growth by 0.4 and 0.1 percentage point respectively, and external trade balance dwindled away 0.3 percentage point. The unemployment rate rose by 0.2 percentage point to 7.9% amid the under-performed economy.
The Asian economies continued to have an important bearing on the global recovery. IMF pointed out that in 2010 the newly industrialized Asian economiesa expanded by 8.2%, the ASEAN
a Korea; Taiwan, China; Hong Kong and Singapore.
5b by 6.7%, the Middle East and the North African region by 3.9%; the economy of India and Mainland China grew markedly by 9.7% and 10.3% respectively.
In Japan, the fourth quarter GDP shrank by 0.3% quarter-to-quarter (but up by 2.2%
year-on-year), turning back to negative growth since the third quarter of 2009. The economic contraction was mainly attributable to the conclusion of stimulus package, for which domestic demand failed to push forward economic growth as the third quarter; besides, slowing exports caused external trade balance to pull down economic growth by 0.1 percentage point. The unemployment rate improved, down from 5.1% in the previous quarter to 4.8%.
Steady and rapid economic growth in Mainland China sustained on the back of the measures introduced to curb inflation and stabilize the housing prices to prevent overheating of the economy.
The fourth quarter GDP expanded by 9.8% year-on-year, up by 0.2 percentage point from the previous quarter. For the whole year of 2010, GDP registered an increase of 10.3%. In 2010, value added of the above-scale industriesc rose by 15.7% year-on-year, up by 4.7 percentage points from 2009; fixed asset investment increased by 23.8%, down by 6.2 percentage points. Retail sales of consumer goods rose by 18.4%, up by 2.9 percentage points year-on-year, with that of jewellery rising by 46%, household furniture by 37.2% and automobile by 34.8%. Total value of external merchandise trade registered an increase of 34.7% but external trade surplus narrowed by 6.4% to USD 183.1 billion. CPI for the fourth quarter rose further to 3.3%, with the December index rising by 4.6% year-on-year.
Economic expansion in the Asian region supported the Hong Kong economy to maintain steady growth. GDP for the fourth quarter rose by 6.2% year-on-year (as against a 6.7% growth in the third quarter); the economy expanded by 1.5% quarter-to-quarter after seasonal adjustment.
Compared with the fourth quarter of 2009, private consumption expenditure and gross fixed capital formation increased notably by 7.1% and 8.8% respectively; government final consumption expenditure rose by 1.8%; growth in merchandise exports and imports moderated to 15.1% and 14.4% respectively. The job market improved further upon favourable performance of the economy, with the unemployment rate dropping from 4.4% in the previous quarter to 3.7%.
b Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
c According to the definition of the National Bureau of Statistics of China, it refers to industrial enterprises with annual sales revenue of RMB 5 million or over.
GDP of the world's major economies (Year-on-year rate of change)
0.0 2.0 4.0 6.0 8.0 10.0
USA Euro Zone Japan M ainland
China
The United Kingdom
Hong Kong
%
2010 Q3 2010 Q4
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ANALYSIS OF THE MACAO ECONOMY
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I. Overview
In the fourth quarter of 2010, the economy of Macao increased by 27.9% year-on-year in real terms. For the whole year of 2010, the economy expanded by 26.2% in real terms.
Economic growth in the fourth quarter was spurred by the impetus of the gaming and tourism sector, in which soaring gross gaming revenue (excluding gratuities) and total visitor spending (excluding gaming expenses) supported to record favourable growth in exports of services; on the contrary, merchandise exports showed continuous decline. As regards domestic demand, investment rebounded to positive growth; improving employment situation caused private consumption expenditure to increase further, yet at slower pace.
The following highlights year-on-year comparisons of major segments of the local economy in the fourth quarter and the whole year of 2010:
1. As a consequence of the weakening demand in Europe and the US, as well as shrinking demand in major Asian markets like Mainland China and Hong Kong, total value of merchandise exports declined by 11.9% in the fourth quarter, similar to the decrease in the previous quarter, of which exports of garment dropped by 10.5%. Analyzed by destination, exports to the US and the EU decreased by 22.3% and 10.5% respectively, and exports to Hong Kong; Mainland China; and Taiwan, China fell by 13.7%, 4.6% and 42.4% respectively.
Total value of merchandise imports increased by 20.4%, of which imports of consumer goods;
capital goods; and fuels & lubricants rose by 25.9%, 32.3% and 7.1% respectively. A visible trade deficit of MOP 10.68 billion was recorded in the fourth quarter. For the whole year of 2010, merchandise exports decreased by 9.3%, while merchandise imports increased by 19.6%, with visible trade deficit widening further from MOP 29.23 billion in 2009 to MOP 37.16 billion.
2. Gross gaming revenue surged by 51.9% in the fourth quarter; visitor arrivals increased by 8.6% to 6,376,832; hotel guests rose by 5.5%, and per-capita spending of visitors (excluding gaming expenses) edged up by 0.3%, driving exports of services to rise by 41.4% in real terms;
imports of services also increased by 42.6%. For the whole year of 2010, gross gaming revenue soared by 57.5%; total visitor arrivals increased by 14.8% and per-capita spending of visitors went up, causing exports of services to expand by 48.0% in real terms; imports of services also posted an increase of 44.4% in real terms.
3. Unemployment rate stood at 2.7% in the fourth quarter, down by 0.4 percentage point year-on-year and 0.2 percentage point quarter-to-quarter; median monthly employment earnings held stable at MOP 9,000; the Composite Consumer Price Index (Composite CPI)
increased by 3.9%. Private consumption expenditure expanded by 5.5% in real terms, and government final consumption expenditure rose by 12.5%. For the whole year of 2010, the Composite CPI grew by 2.8%; private consumption expenditure and government final consumption expenditure went up by 6.4% and 5.5% respectively.
4. Overall investment reversed the decline started since the fourth quarter of 2007 to register an increase of 13.3% in real terms. Total equipment investment rose by 26.2%, in which investment of the private sector increased by 45.0% but that of the public sector decreased by 14.0%. Total construction investment increased by 10.7%, with construction by the private and public sectors rising by 4.7% and 25.9% respectively. Furthermore, number of new incorporations increased by 9.3% in the fourth quarter, while the value of registered capital went down by 45.6%. Overall investment for the whole year of 2010 declined by 20.0% in real terms; meanwhile, number of new incorporations and value of registered capital increased by 18.3% and 48.8% respectively.
5. Total government revenue rose by 40.3% to MOP 23.82 billion in the fourth quarter, with gaming tax revenue rising by 43.4% to MOP 19.52 billion. Total expenditure increased by 2.4% to MOP 13.85 billion, with current expenditure amounting to MOP 10.81 billion. Fiscal surplus for the fourth quarter stood at MOP 9.96 billion. For the whole year of 2010, public revenue and expenditure expanded by 38.2% and 11.6% respectively, bringing about a fiscal surplus of MOP 41.88 billion.
II. Major Segments of the Economy a
a Unless otherwise specified, the rates of change refer to year-on-year change in nominal terms, i.e. comparison of the fourth quarter of 2010 with the same quarter of 2009.
A. External Merchandise Trade
Overview
Macao’s external merchandise trade continued to grow in the fourth quarter of 2010, with total value of merchandise imports and exports rising by 15.4% to MOP 14.03 billion. Value of merchandise imports rose by 20.4% to MOP 12.36 billion, while that of merchandise exports decreased by 11.9% to MOP 1.67 billion. The exports-imports ratio continued to drop by 5.0 percentage points year-on-year to 13.5%. Trade deficit widened from MOP 8.36 billion in the fourth quarter of 2009 to MOP 10.68 billion.
For the whole year of 2010, total value of merchandise imports and exports grew by 14.6% to MOP 51.08 billion, of which value of merchandise imports rose by 19.6% to MOP 44.12 billion, while that of merchandise exports dropped by 9.3% to MOP 6.96 billion, with the trade deficit widening further to MOP 37.16 billion.
Total Exports
In the fourth quarter of 2010, value of merchandise exports to the US (MOP 155.9 million), the EU (MOP 103.1 million), Mainland China (MOP 260.3 million) and Hong Kong (MOP 741.5 million) decreased by 22.3%, 10.5%, 4.6% and 13.7% respectively; exports to Taiwan, China plunged by 42.4% to MOP 28.8 million and that to Japan dropped by 9.4% to MOP 29.7 million; on the other hand, value of merchandise exports to Vietnam went up by 11.4% to MOP 54.4 million.
Garment and textile products still predominated as the major merchandise of exports, yet the value shrank by 6.8% to MOP 384.0 million, bringing its relative importance to total exports down to 22.9%. Besides, exports of jewellery, sharing 7.6% of total exports, dropped by 35.0%, while exports of machines, apparatus & parts and other products went down by 37.1% and 5.6%, accounting for 6.8% and 62.6% respectively of total exports.
Exports (Year-on-year rate of change)
-90 -80 -70 -60 -50 -40 -30 -20 -10 0
Q4 Q1 Q2 Q3 Q4
2009 2010
%
Total exports USA EU
Domestic Exports
Domestic exports regained positive growth in the fourth quarter of 2010 after a long period of decline. Value of domestic exports increased by 9.1% year-on-year to MOP 627.9 million, sharing 37.5% of the total exports; however, value of domestic exports registered a slight decrease of 0.1%
quarter-to-quarter. Hong Kong overtook the US to become the largest market of Macao’s domestic exports, with the value of exports rising notably by 79.4% year-on-year. Value of domestic exports
to the US decreased further by 24.1%, and that to the EU went down by 5.4%. Value of exports of garment, accounting for 42.6% of the total domestic exports, declined by 13.8%, of which value of exports to the US and the EU dropped by 30.6% and 7.1% respectively to share 46.9% and 33.2%
of the total. Value of domestic exports of other products rose by 35.8% to take up 57.4% of the total domestic exports.
Value of domestic exports to Mainland China increased by 37.6% to MOP 66.5 million, accounting for 10.6% of the total; in particular, value of tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Agreement (CEPA) surged by 54.8% to MOP 19.76 million, consisting mainly of copper-clad board (44.8% of total), garment (18.0%), stamps (31.1%) and cement (1.8%); the amount of tariff saved totalled MOP 1.53 million.
For the whole year of 2010, total value of domestic exports dropped by 19.6% to MOP 2.39 billion to take up 34.3% of the total value of exports, with that to the US and the EU falling by 43.6% and 34.6%.
In addition, results of the Industrial Exports Survey for the fourth quarter of 2010 indicated that the average length of time of orders on hand of the interviewed manufacturers stood at 3.19 months, up by 47.0% from 2.17 months in the same quarter of 2009. Meanwhile, 38.2% of the enterprises expressed optimism about the domestic industrial exports in the coming six months, down by 4.3 percentage points quarter-to-quarter but up by 1.5 percentage points year-on-year, with 5.2% anticipating a substantial increase and 33.0% expecting a modest increase. However, 26.4%
expected less promising prospects of exports, up by 5.1 percentage points quarter-to-quarter and 5.5 percentage points year-on-year; moreover, 35.0% expected the outlook of exports remained stagnant, similar to that of the previous quarter but down by 7.4 percentage points year-on-year.
The findings showed that the manufacturers were still cautiously optimistic about the outlook of exports.
Re-exports
Value of re-exports declined by 21.1% year-on-year to MOP 1.05 billion in the fourth quarter of 2010, accounting for 62.5% of total exports. Hong Kong was the largest market of Macao’s re-exports, constituting 52.7% of the total, which was followed by Mainland China, at 18.5%.
Value of re-exports to Hong Kong dropped notably by 26.8% and that to Mainland China went down by 13.7%.
In terms of the types of merchandise, value of re-exports of consumer goods fell substantially by 29.1% to take up 40.5% of the total, while that of raw materials & semi-manufactures, accounting for 18.6% of the total, increased by 3.3%.
In 2010, re-exports fell by 2.8% to MOP 4.57 billion, accounting for a predominant share 65.7% of the total value of exports.
Imports
Value of merchandise imports increased by 20.4% to MOP 12.36 billion in the fourth quarter of 2010 on account of rising imports of consumer goods. Mainland China continued to be the main supplier of goods imported to Macao and the value of imports rose by 22.4% to MOP 3.82 billion (30.9% of total). Value of imports from the EU (24.2% of total), Hong Kong (10.6%), Japan (7.9%) and the US (6.1%) expanded by 31.3%, 13.0%, 3.3% and 40.1% respectively, while that from Taiwan, China (2.0%) dropped by 4.2%.
Regarding the types of merchandise, value of imports of consumer goods (60.2% of total) rose by 25.9%, capital goods (17.2%) by 32.3% and fuels & lubricants (10.5%) by 7.1%; meanwhile, imports of raw materials & semi-manufactures (12.1%) went down by 2.5%.
In 2010, value of merchandise imports increased by 19.6% to MOP 44.12 billion.
Imports and the main components (Year-on-year rate of change)
-30 -20 -10 0 10 20 30 40
Q4 Q1 Q2 Q3 Q4
2009 2010
%
Total imports Consumer goods Raw materials and semi-manufactures
B. Gaming, Tourism and MICE
Gaming and tourism sector showed favourable performance in the fourth quarter of 2010, of which exports of gaming services rose by 47.0% in real terms; visitor arrivals increased by 8.6%;
per-capita spending of visitors (excluding gaming expenses) rose slightly by 0.3% and hotel guests increased by 5.5%. Exports of gaming services for the whole year of 2010 registered an increase of
54.2% in real terms.
Gaming
Gross gaming revenue (excluding gratuities) amounted to MOP 55.40 billion in the fourth quarter, up by 51.9% year-on-year and 16.1% quarter-to-quarter. Revenue of game of chance rose by 52.4% year-on-year to MOP 55.11 billion (99.5% of total) on account of a 62.0% increase of revenue from VIP Baccarat (73.4% of total revenue of game of chance). Gross revenue of pari-mutuels and lotteries amounted to MOP 292 million, a year-on-year decrease of 7.1%. For the whole year of 2010, gross gaming revenue (excluding gratuities) went up by 57.5% over 2009 to MOP 189.59 billion, with revenue of game of chance, and par-mutuels and lotteries rising by 57.8%
and 22.8% respectively.
Number of casinos held stable at 33 in the fourth quarter, with 4,791 gaming tables (+0.4%) and 14,050 slot machines (-2.2%).
Gross gaming revenue (excluding gratuities)
0 5 10 15 20 25 30 35 40 45 50 55 60
Q4 Q1 Q2 Q3 Q4
2009 2010 Billion M OP
0 10 20 30 40 50 60 70 80
%
Gross gaming revenue Year-on-year rate of change
Visitor Arrivals
Visitor arrivals increased by 8.6% year-on-year to 6,376,832 in the fourth quarter. Visitors from Mainland China rose by 11.1% to 3,421,250, with 1,411,458 (41.3% of total Mainland visitors) travelling to Macao under the Individual Visit Scheme (IVS), up by 13.4%; visitors from Hong Kong grew by 11.9% whereas those from Taiwan, China and Japan dropped by 10.3% and 0.6%
respectively. It is noteworthy that visitors from Republic of Korea increased notably by 60.2% in the fourth quarter, and 62.0% year-on-year to 331,768 to become the sixth principal visitors market after Mainland China; Hong Kong; Taiwan, China; Japan; and Malaysia. Moreover, same-day
visitors increased by 13.8% year-on-year to 3,372,502, sharing 52.9% of the total visitor arrivals.
For 2010 as a whole, visitor arrivals increased by 14.8% over 2009 to 24,965,411, with same-day visitors increased by 14.9% to 13,039,540 (52.2% of total).
In the fourth quarter of 2010, visitor arrivals by sea (40.6% of total) and by land (53.0%) increased by 10.2% and 10.3% year-on-year to 2,590,036 and 3,377,601 respectively, while those by air (6.4%) decreased by 11.0% to 409,195. In addition, visitor arrivals in package tours increased by 0.6% year-on-year to 1,371,316 in the fourth quarter. Visitor arrivals in package tour increased by 23.6% over 2009 to 5,745,222.
Total visitor arrivals
1 2 3 4 5 6 7
Q4 Q1 Q2 Q3 Q4
2009 2010 M illion
Total visitor arrivals
Number of visitors by source markets
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5
Q4 Q1 Q2 Q3 Q4
2009 2010 M illion
M ainland China Hong Kong Taiwan, China Japan
Hotels
The hotel sector had 20,091 available guest rooms at end-December, an increase of 4.3%.
Hotel guests increased by 5.5% to 2,015,278 in the fourth quarter; the average hotel occupancy rate stood at 83.0%, up by 4.8 percentage points year-on-year, with four-star hotels leading at 88.7%.
For the whole year of 2010, hotel guests increased by 15.5% over 2009 to 7,755,214 and the average occupation rate went up by 8.4 percentage points to 79.8%.
Moreover, the average length of stay of guests stood at 1.5 nights in the fourth quarter, same as the same quarter of 2009, with guests of the five-star hotels staying longer, at 1.8 nights. In 2010, average length of stay of guests was 1.54 nights, up by 0.04 night over 2009.
Visitor Spending
Per-capita spending of visitors (excluding gaming expenses) amounted to MOP 1,812 in the fourth quarter, up slightly by 0.3% year-on-year, higher than the MOP 1,648 in the previous quarter.
Mainland visitors still had the highest per-capita spending of MOP 2,902 and that of visitors from Southeast Asia; Taiwan, China; and Hong Kong amounted to MOP 1,864, MOP 1,414 and MOP 1,001 respectively. Per-capita shopping spending rose by 32.6% year-on-year to MOP 947 that was mainly spent on “Local food products” (21% of shopping spending), “Clothing” (21%) and
“Jewellery/watches” (20%). Per-capita non-shopping spending went down by 20.8% to MOP 866, with expenses on “Accommodation” and “Food and beverage” taking up 46% and 33% respectively of non-shopping spending.
Per-diem spending of visitors amounted to MOP 1,812 in the fourth quarter, a year-on-year increase of 7.9%.
Per-capita spending of visitors by source markets
0 400 800 1 200 1 600 2 000 2 400 2 800 3 200 3 600
Q4 Q1 Q2 Q3 Q4
2009 2010 M OP
M ainland China Hong Kong Taiwan, China Southeast Asia
MICE (Meetings, Incentives, Conventions and Exhibitions)
A total of 380 MICE events were held in the fourth quarter of 2010, with 363 meetings &
conferences attracting 37,736 participants, up by 2.0% and 0.5% year-on-year respectively; the average duration was 2.7 days. Analyzed by type, the majority were Corporate Meetings (190), Association Meetings (70), and Incentive Meeting/Travel & Others (41). Meanwhile, a total of 17 exhibitions were held, down by 10.5%, with number of attendees decreasing by 4.6% to 182,427;
average duration of exhibitions was 3.5 days. MICE events held in hotels accounted for 70.5% of the total and the others were held in convention & exhibition centres and other venues. For the whole year of 2010, a total of 1,399 MICE events were held, up by 15.1% year-on-year; average duration of 1,342 meetings & conferences rose from 2.0 days to 2.4 days, with 149,832 participants;
besides, average duration of 57 exhibitions increased from 3.1 days to 4.3 days, with 656,303 attendees.
C. Consumption and Prices
Private Consumption
In the fourth quarter, private consumption expenditure expanded by 5.5% in real terms, with household final consumption expenditure in the domestic market increasing by 5.2% and that abroad rising by 8.8%. Private consumption expenditure for the whole year of 2010 registered an increase of 6.4% in real terms.
Retail Sales
Value of retail sales for the fourth quarter of 2010 amounted to MOP 8.18 billion, up by 25.0%
year-on-year and 8.7% quarter-to-quarter. Value of retail sales of Watches and jewellery (23.4% of total), Goods in department stores (15.8%) and Adults’ clothing (10.5%) amounted to MOP 1.91 billion, MOP 1.29 billion and MOP 861 million respectively. Total value of retail sales for the whole year of 2010 rose by 32.0% to MOP 29.50 billion, with retail sales of Watches and jewellery leading at MOP 7.12 billion when retail sales of Leather goods registered the highest growth of 64.2%.
After removing the effect of price changes, volume of retail sales for the fourth quarter rose by 15.8% year-on-year, with marked increase being observed in the sales volume of Footwear (+47.3%), Leather goods (+43.8%), Cosmetics & Sanitary Articles (+43.6%) and Adults’ clothing (+29.5%). Volume of retail sales in the fourth quarter registered an increase of 5.0%
quarter-to-quarter. For the whole year of 2010, volume of retail sales rose by 21.8%, of which sales volume of Leather goods surged by 55.3%.
Value of Major Retail Sales
0 200 400 600 800 1000 1200 1400 1600 1800 2000
Q4 Q1 Q2 Q3 Q4
2009 2010 M OP million
Adult clothing M otor vehicles Department stores Watches and jewellery
Prices
The Composite CPI (105.6) for the fourth quarter of 2010 rose by 3.9% year-on-year or 1.0%
quarter-to-quarter, indicating an acceleration of the pace of increase. Price indices of Miscellaneous goods & services; Clothing & footwear; Transport; Health; and Food & non-alcoholic beverages rose by 6.7%, 6.1%, 5.8%, 5.8% and 5.0% respectively, while index of Communication decreased by 3.6%. The average Composite CPI for the whole year of 2010 increased by 2.8%. In addition, implicit deflator of GDP that measures changes in prices rose by 5.2% in the fourth quarter and 4.1% for the whole year of 2010.
Composite CPI and Implicit deflator of GDP (Year-on-year rate of change)
-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0
Q4 Q1 Q2 Q3 Q4
2009 2010
%
Global index of the composite CPI Implicit deflator of GDP
D. Employment
Employment situation showed general improvement in the fourth quarter of 2010. Total labour force was 331,000, up by 2.7% year-on-year and 0.4% quarter-to-quarter; the employed population was 322,000, up by 3.1% year-on-year and 0.5% quarter-to-quarter; non-resident workers totalled 75,813 at the end of the fourth quarter, up by 1.2% year-on-year and 1.7% quarter-to-quarter.
Employment in Other Community, Social & Personal Services totalled 78,000, with 64,000 working in the Gaming sector, up by 5.0% year-on-year and 0.3% quarter-to-quarter.
Unemployment rate stood at 2.7%, down by 0.4 percentage point year-on-year and 0.2 percentage point quarter-to-quarter; total number of unemployed was 8,900, with 10.5% being fresh labour force entrants searching for their first job. Analyzed by the previous industry engaged, 24.0% had worked in Construction, 18.3% in Hotels & Restaurants and 16.2% in Other Community, Social & Personal Services. In terms of educational attainment, 26.8% had junior secondary education and 25.9% had primary education. Underemployment rate was 1.7%, down by 0.2 percentage point year-on-year but up by 0.1 percentage point quarter-to-quarter.
Median monthly employment earnings of the employed held stable at MOP 9,000 as the previous quarter and the same quarter of 2009. Median employment earnings of the Manufacturing Sector logged the highest year-on-year increase of 20.0% and that of Wholesale & Retail also went up by 11.4%. For the Gaming Sector that accounted for the largest share of total employment, median employment earnings remained unchanged from the previous quarter and increased by 8.3%
year-on-year.
The job market held up well in 2010 as a whole. The unemployment rate stayed under the 3%
mark, with rising employment and median employment earnings.
Employed population and unemployment rate
300 310 320 330
Q4 Q1 Q2 Q3 Q4
2009 2010 Thousand persons
2.5 3.0 3.5
%
Employed population Unemployment rate
E. Investment
Investment in Construction and Equipment
In the fourth quarter of 2010, equipment investment increased by 26.2% and construction investment rose by 10.7% in real terms, causing overall investment to expand by 13.3%. Investment by the private and public sectors grew by 11.3% and 18.3% respectively in real terms. For the whole year of 2010, equipment investment increased by 9.1% in real terms while construction investment decreased by 26.4%; overall investment went down by 20.0% in real terms, with investment by the private sector falling by 26.1% but that by the public sector rising by 23.5%.
For the investment by the private sector, number of building completions held stable as the fourth quarter of 2009, with number of units surging by 100.7% but gross floor area falling by 13.9%. Construction of new buildings, units and gross floor area soared by 50.0%, 361.0% and 238.9% respectively. For 2010 as a whole, total number of units of building completions increased by 39.2% whereas gross floor area decreased by 9.6%; the number of units and area of new buildings started declined by 43.8% and 19.8% respectively.
Construction investment by the private sector rose by 4.7% in real terms on account of the accelerating progress on construction of some major tourism and gaming facilities for the opening in 2011; moreover, equipment investment increased by 45.0%. On the other hand, construction investment of the government rose by 25.9% whereas equipment investment dropped by 14.0%.
Gross floor areas of buildings started and completed
0 50 100 150 200 250 300 350 400 450 500 550 600 650
Q4 Q1 Q2 Q3 Q4
2009 2010 Thousand m2
Buildings started Buildings completed
Transactions on Real Estate
A total of 8,818 building units were purchased and sold in the fourth quarter of 2010 and the total value amounted to MOP 19.37 billion, up by 33.8% and 82.3% year-on-year and by 51.0% and 83.3% quarter-to-quarter respectively. For the whole year of 2010, a total of 29,617 building units were purchased and sold, up by 71.1% year-on-year, with the total value soaring by 115.8% to MOP 56.75 billion, indicating a thriving real estate market and rising housing prices.
Analyzed by end-use, transaction of residential units totalled 5,084 in the fourth quarter and the total value amounted to MOP 16.00 billion, accounting for 57.7% and 82.6% of the respective total.
As regards status of the buyers, 10,835 buyers (86.2% of total) were Macao residents, with the total value of transaction amounting to MOP 13.15 billion (67.9% of total); 1,731 buyers were non-residents, with the total value amounting to MOP 6.22 billion. For 2010 as a whole, number of resident buyers (36,986) and the value of transaction (MOP 43.77 billion) accounted for 89.7% and 77.1% of the respective total; number of non-resident buyers totalled 4,237 and the value of transaction amounted to MOP 12.98 billion. In spite of the relatively large proportions of resident buyers and value of transaction involved, their relative importance in the fourth quarter dropped notably compared with the first three quarters, particularly in that of transaction value which lowered from about 80% in the first three quarters to 67.9%.
Building units purchased and sold under “intermediate transfer of titleb” surged by 196.4% to
b Intermediate transfer of title is a real estate transaction whose full transfer of ownership has not been completed. For taxation purposes, payment of 0.5% of stamp duty gives legal effects to the respective transaction.
3,462 and the value of transaction soared by 202.3% to MOP 10.70 billion in the fourth quarter.
Among them, the number and value of new units shared 87.3% and 98.3% of the respective total under “intermediate transfer of title”.
The average transaction price of residential units rose by 10.1% quarter-to-quarter to MOP 33,397 per square metre of usable area in the fourth quarter, with the average price of those in the Macao Peninsula edging up by 0.5% to MOP 29,664 per square metre, and the average price of those in Taipa surging by 34.8% to MOP 39,876 per square metre. The average price of office units went up by 15.8% quarter-to-quarter to MOP 27,078 per square metre. For the whole year of 2010, the average price of residential units increased by 33.5% year-on-year to MOP 31,016 per square metre; the average price of office units went up by 5.6% to MOP 22,857 per square metre.
Values of building units transacted
0 2 4 6 8 10 12 14 16 18 20
Q4 Q1 Q2 Q3 Q4
2009 2010 M OP billion
Value of building unit s transacted
Business Investment
Number of new incorporations rose by 9.3% to 737 while the total value of registered capital dropped by 45.6% to MOP 76.23 million in the fourth quarter of 2010. Among the new incorporations, 37.4% were operating in Wholesale & Retail, 17.0% in Business Services and 14.7% in Real Estate. In terms of registered capital, Wholesale & Retail predominated with 34.7%
of the total, while Business Services and Transport, Storage & Communications accounted for 16.2% and 12.7% respectively. As regards origin of capital, capital from Macao shared 64.8% of the total and that from Mainland China and Hong Kong took up 24.2% and 5.5% respectively. For the whole year of 2010, total number of new incorporations increased by 18.3% to 2,991 and the registered capital rose by 48.8% to MOP 507 million.
Number of companies in dissolution decreased by 3.3% to 119 in the fourth quarter, with 35 engaging in Wholesale & Retail (29.4% of total), 23 in Real Estate (19.3%), 19 in Construction (16.0%) and 13 in Business Services (10.9%). Total number of companies in dissolution for the whole year of 2010 increased by 4.9% year-on-year to 492.
F. Public Accounts
In the fourth quarter of 2010, total government revenue rose by 40.3% to MOP 23.82 billion on account of a 41.4% surge of direct taxes, of which gaming tax revenue increased by 43.4% to MOP 19.52 billion.
Total government expenditure grew by 2.4% to MOP 13.85 billion, of which investment rose by 30.5% and goods and services went up by 48.9%. Fiscal surplus stood at MOP 9.96 billion in the fourth quarter of 2010, higher than the MOP 3.45 billion in the same quarter of 2009.
For 2010 as a whole, total government revenue stood at MOP 79.64 billion, up by 38.2%
year-on-year, with gaming tax revenue rising by 55.2% to MOP 68.78 billion; total government expenditure increased by 11.6% to MOP 37.76 billion; fiscal surplus amounted to MOP 41.88 billion.
Total government revenue and expenditure
0 5 10 15 20 25
Q4 Q1 Q2 Q3 Q4
2009 2010 M OP billion
Total government revenue Total government expenditure Balance
G. Money and Finance
At the end of December 2010, narrow money supply M1 went up by 13.4% year-on-year, of which currency in circulation increased by 10.4% and demand deposits rose by 14.0%. Meanwhile, broad money supply M2 (including M1 and quasi-monetary liabilities) swelled by 14.6%. In terms of currency structure, the share of the Macao pataca (MOP) in M1 decreased by 3.2 percentage points to 45.7%, and the respective share in M2 dropped by 0.2 percentage point to 28.0%. The share of the Hong Kong dollar was 49.9% in M1 and 54.7% in M2.
Resident deposits rose by 14.6% to MOP 237.63 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 14.2%, 16.7% and 9.0% respectively to MOP 62.63 billion, MOP 132.80 billion and MOP 42.20 billion.
Domestic loans extended to the private sector rose by 29.3% to MOP 130.45 billion, of which outstanding real estate mortgage loans of residents went up by 41.0% year-on-year to MOP 98.71 billion. For domestic loans to the private sector, the MOP accounted for 28.8%, valued at MOP 37.53 billion, and the Hong Kong dollar took up 64.2%, valued at MOP 83.78 billion.
Resident deposits and loans
0 40 80 120 160 200 240
Q4 Q1 Q2 Q3 Q4
2009 2010 MOP billion (value at
the end of t he period)
Resident deposits M ortgage loans Other loans to the private sector
The loan-to-deposit ratio for the resident sector at the end of December was 50.1%, up by 5.0 percentage points from a year earlier, and that for both the resident and non-resident sectors rose by 11.4 percentage points to 72.3%.
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 fourth quarter, the US Federal Reserve maintained
the range for the Fed funds rate at 0% to 0.25%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.
The changes in the exchange rates of the MOP basically reflect the changes in those of the US dollar. In the fourth quarter, the exchange rates of the MOP exhibited a mixed performance against major currencies. The average exchange rates of the MOP against the Malaysian ringgit, the Japanese yen and the Australian dollar decreased by 9.3%, 8.8% and 8.6% respectively year-on-year, while those against the Euro and the Pound sterling rose by 7.9% and 3.2%.
Consequently, 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 slightly by 0.09 point to 89.13.
H. Other Economic Indicators
Transport and Communications
In the fourth quarter of 2010, containerized cargo by land (11,017 tonnes) rose by 16.6%, while seaborne containerized cargo (44,895 tonnes) and air cargo (13,397 tonnes) decreased by 9.8% and 19.7% respectively year-on-year. For the whole year of 2010, seaborne containerized, containerized cargo by land and air cargo went down by 1.1%, 11.6% and 0.6% year-on-year to 178,380 tonnes, 45,718 tonnes and 52,166 tonnes respectively.
As regards local transport, new registration of vehicles totalled 3,910 in the fourth quarter, up by 3.0% year-on-year, of which new registration of cars increased by 5.5% and that of motorcycles rose by 1.4%. For 2010 as a whole, new registrations of vehicles edged up by 0.6% to 15,915, with the number of motorcycles falling by 12.0% but that of cars rising by 25.6%. At the end of December 2010, number of licensed vehicles totalled 196,634, comprising 90,214 cars and 106,420 motorcycles.
At the end of December 2010, number of Internet users went up by 18.9% to 170,462; mobile phone users increased by 8.2% to 1,122,261. Fixed-line telephone dropped by 1.7% to 168,374.
Fixed-line telephone density for the fourth quarter was 30.5 per 100 population.
Water and Energy Consumption
In the fourth quarter of 2010, consumption of electricity rose by 2.2% year-on-year to 838 million kWh, while that of water dropped by 2.8% to 17.45 million cubic meters. Consumption of liquid fuel (gasoline, kerosene, gas oil & diesel, and fuel oil) decreased by 1.3% to 74.74 million litres due to a decline of consumption of fuel oil; consumption of liquefied petroleum gas (LPG) increased by 1.3% to 10,853 tonnes; consumption of natural gas was 42.17 million cubic meters, up
by 200.9%. For the whole year of 2010, consumption of electricity increased by 5.5% to 3.66 billion kWh whereas that of water decreased by 1.4% to 67.15 million cubic meters; consumption of liquid fuels slid by 29.4% to 299.96 million litres, but that of LPG went up by 2.5% to 40,744 tonnes; consumption of natural gas totalled 154.69 million cubic meters, up by 66.1%.
III. Concluding Remarks
In 2010, the economy of Macao has sustained the growth momentum to expand by 17.2%, 31.7% and 27.4% in real terms in the first three quarters. The fourth quarter GDP expanded by 27.9% upon favourable increase in exports of services, rebound in investment and steady growth in private consumption expenditure. For the whole year of 2010, the economy of Macao expanded by 26.2% in real terms, higher than the 1.5% increase in 2009, which was attributable to soaring net exports of services, increasing private consumption expenditure supported by satisfactory job market, as well as slowdown in the decline in merchandise exports and investment.
Looking ahead to the first quarter of 2011, in terms of domestic demand, investment is expected to maintain positive growth upon resumption of the construction of several major tourism and gaming facilities, as well as commencement of many major public construction projects;
unemployment rate is anticipated to remain low on account of rising demand for human resources;
however, private consumption expenditure is expected to see marginal increase as consumer sentiment is likely to be deterred by rising commodity and fuel prices. As regards external demand, decline in merchandise exports is likely to keep stable; exports of tourism and gaming services are expected to see favourable growth as visitor arrivals in January and February increased by 3.3%
year-on-year when gross gaming revenue rose by 40.1%. In sum, the economy of Macao is projected to sustain steady expansion in the first quarter of 2011.
STATISTICAL TABLES
SYMBOLS AND ABBREVIATIONS
.. Not applicable r Revised figures - Absolute value equals zero
# Confidential data
~ No figure provided
0# Magnitude less than half of the unit employed p Provisional figures
@ Figures are subject to revision later on
TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)
Notes: Due to rounding, the totals may not correspond to the sums of the partial figures.
The figures presented are subject to regular revisions as and when required.
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 1/2
2009 2010 2010 2010 2010
Q4 Q1 Q2 Q3 Q4
USA
ΓGross Domestic Product - -2.6 2.8 0.2 2.4 3.0 3.2 2.7
ΓExports of goods 12.1 -18.0 21.0 -1.0 20.5 25.3 20.6r 18.2
ΓImports of goods 7.5 -25.9 22.6 -7.4 21.2 31.8 22.9r 15.7
ΓConsumer Price Index 3.8 -0.4 1.7 1.4 2.4 1.8 1.2 1.3
ΓUnemployment rate 5.8 9.3 9.6 9.5 10.4 9.5 9.5 9.1
Euro area a
ΓGross Domestic Product 0.4 -4.1 1.7 -2.0 0.8 2.0 1.9 2.0
ΓExports of goods 3.9 -18.1 20.1 -9.4r 12.9 22.3 22.8r 21.8
ΓImports of goods 8.2 -21.7r 21.6 -14.2r 9.1r 26.8r 25.8r 24.9
ΓConsumer Price Index 3.3 0.3 1.6 0.4 1.1 1.5 1.7 2.0
ΓUnemployment rate 7.6 9.4 10.0 9.8 10.4r 9.9 9.7 9.9
Germany
ΓGross Domestic Product 1.0 -4.7 3.6 -1.3 2.3r 4.3 3.9 4.0
ΓExports of goods 2.0 -18.4r 19.4 -8.3r 11.1r 24.4r 21.5r 20.7
ΓImports of goods 4.7 -17.5r 21.3 -13.2r 7.0r 27.8r 24.2r 26.7
ΓConsumer Price Index 2.6 0.3 1.1 0.4 0.8 1.1 1.2 1.5
ΓUnemployment rate 7.8 8.2 7.7 7.7 8.6 7.8 7.5 7.1
French
ΓGross Domestic Product 0.1 -2.5 1.5 -0.5 1.2r 1.6 1.7r 1.5
ΓExports of goods 2.6r -17.3 12.3 -10.3 7.5 12.6r 14.2r 14.7
ΓImports of goods 5.1r -17.7 12.8 -8.7r 6.2r 13.7r 18.8r 12.6
ΓConsumer Price Index 2.8 0.1 1.5 0.4 1.3 1.6 1.5 1.6
ΓUnemployment rate 7.8 9.5 9.8 10.2 10.2 9.4 9.6r 9.9
The United Kingdom
ΓGross Domestic Product 0.5 -4.9r 1.3 -2.8r -0.3 1.5r 2.5r 1.5
ΓExports of goods 14.1 -9.7 16.9 0.4r 12.1r 21.2r 17.4r 17.0
ΓImports of goods 11.1 -10.2 17.2 -0.8r 10.3r 18.9r 21.0r 18.5
ΓConsumer Price Index 3.6 2.1r 3.3 2.1 3.3 3.4 3.1 3.4
ΓUnemployment rate 5.7 7.7r 7.9 7.8 8.0 7.8 7.7 7.9
a The Euro area consists of 16 member states from 2009 onwards.
Source : U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Bureau of Labor Statistics Eurostat
Federal Statistical Office of Germany
National Institute of Statistics and Economic Studies of France; French Customs Office for National Statistics of United Kingdom
2008 2009 2010
I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO
1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)
Year-on-year rate of change (%) 2/2
2009 2010 2010 2010 2010
Q4 Q1 Q2 Q3 Q4
Mainland China
ΓGross Domestic Product 9.0 8.7 10.3 10.7 11.9 10.3 9.6 9.8
ΓExports of goods 17.3 -15.9 31.3 0.2 28.7 40.9 32.2 24.9
ΓImports of goods 18.5 -11.3 38.7 22.4 64.7 43.6 27.3r 29.6
ΓConsumer Price Index a 5.9 -0.7 3.3 -0.7 2.2 2.6 2.9 3.3
Hong Kong
ΓGross Domestic Product 2.3r -2.7r 6.8 2.5 8.1r 6.4r 6.7r 6.2
ΓExports of goods 5.1 -12.6 22.8 -2.0 26.0 24.3 27.8 14.4
ΓImports of goods 5.5 -11.0 25.0 3.4 34.3 29.9 24.1 15.1
ΓConsumer Price Index 4.3 0.5 2.4 1.3 1.9 2.6 2.3 2.8
ΓUnemployment rate 3.6 5.4 4.3 4.7 4.4 4.7 4.4 3.7
Taiwan, China
ΓGross Domestic Product 0.7 -1.9 10.8 9.2 13.6 12.9 10.7r 6.9
ΓExports of goods 3.6 -20.3 34.8 16.9 52.5 46.2 27.1r 20.9
ΓImports of goods 9.7 -27.5 44.1 18.1 78.3 53.7r 31.5r 27.6
ΓConsumer Price Index 3.5 -0.9 1.0 -1.3 1.3 1.1 0.4 1.1
ΓUnemployment rate 4.1 5.9 5.2 5.9 5.7 5.2 5.1 4.8
Japan
ΓGross Domestic Product -1.2 -6.3r 3.9 -1.5r 5.6r 3.1r 4.9r 2.2
ΓExports of goods -3.5 -33.1 24.4 -8.0 43.3 33.2 17.8 10.0
ΓImports of goods 8.0 -34.8 17.7 -20.9 18.9 27.9 14.5 11.2
ΓConsumer Price Index 1.4 -1.4 -0.7 -2.0 -1.2 -0.9 -0.8 0.1
ΓUnemployment rate 4.0 5.1 5.1 5.0 5.1 5.3 5.1 4.8
Republic of Korea
ΓGross Domestic Product 2.3 0.2 6.1 6.0 8.1 7.2 4.4r 4.8
ΓExports of goods 13.6 -13.9 28.6 11.7 35.8 33.1 23.6r 24.0
ΓImports of goods 22.0 -25.8 31.8 1.4 37.4 43.0r 24.6r 25.1
ΓConsumer Price Index 4.6 2.8 2.9 2.4 2.7 2.6 2.9 3.6
ΓUnemployment rate 3.2 3.6 2.9 3.3 4.7 3.5 3.5 3.3
Singapore
ΓGross Domestic Product 1.5r -0.8r 14.5 4.6r 16.4r 19.4r 10.5r 12.0
ΓExports of goods 5.8 -18.0 22.4 4.9 28.2 29.1 20.0r 14.5
ΓImports of goods 13.9 -21.0 18.8 -2.7 25.5 26.4 15.6r 9.7
ΓConsumer Price Index 6.6 0.6 2.8 -0.8 0.9 3.1 3.4 4.0
ΓUnemployment rate 2.2 3.0 2.2 2.1 2.1 2.8 1.8 2.0
a Accumulated year-on-year comparison.
Source : China National Bureau of Statistics
Hong Kong SAR Census and Statistics Department
Directorate-General of Budget, Accounting and Statistics, Executive Yuan, Taiwan, China; Ministry of Economic Affairs, Taiwan, China Economic and Social Research Institute of Japan; Ministry of Finance of Japan; Statistics Bureau of Japan
National Statistics Office of Republic of Korea; Bank of Korea The Singapore Department of Statistics
2008 2009 2010
