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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.6. The DSEC prepares the analysis and data on the Macao Economy.

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

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

1 s t Quarter

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Editor : DSEC July 2010, Macao

Typesetting and design : DSEC

Printing : DSEC

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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 ... 24

E. INVESTMENT ... 25

F. PUBLIC ACCOUNTS ... 28

G. MONEY AND FINANCE... 28

H. OTHER ECONOMIC INDICATORS... 30

III. CONCLUDING REMARKS ... 30

STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON) ... 35

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (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 DOMESTIC EXPORTS AND RE-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. PRINCIPAL INDICATORS OF GAMES OF CHANCE, GROSS GAMING REVENUE AND

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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. MORTAGE CREDITS INVOLVING ACTUAL PROPERTY TRANSACTIONS ... 61

8. PUBLIC WORKS ... 61

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 62

2. PUBLIC REVENUE... 63

3. PUBLIC EXPENDITURE ... 64

4. PUBLIC INVESTMENT ... 64

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VIII. MONEY AND FINANCE

1. MONETARY SURVEY ... 65

2. RESIDENT DEPOSITS... 66

3. DOMESTIC LOANS TO THE PRIVATE SECTOR – SECTORAL DISTRIBUTION ... 67

4. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES AND EFFECTIVE EXCHANGE RATE INDEX OF MACAO PATACA... 67

5. INTEREST RATES OF THE MACAO PATACA ... 67

6. LOAN-TO-DEPOSIT RATIOS OF LOCAL MONETARY INSTITUTIONS ... 68

IX. OTHER ECONOMIC INDICATORS 1. NEW COMPANIES INCORPORATED AND COMPANIES IN DISSOLUTION ... 69

2. TRANSPORT ... 70

3. COMMUNICATIONS ... 70

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 71

5. DEPARTURE AND OUTBOUND TRAVEL OF MACAO RESIDENTS... 72

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THE WORLD ECONOMY

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Underpinned by a series of economic stimulus policies of the major economies, the world economy showed accelerated recovery in the first quarter of 2010. The World Economic Outlook (WEO) of the International Monetary Fund (IMF) released in April 2010 indicated that the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies. The world economy is projected to grow by 4.2% in 2010, an upward revision of 0.3 percentage point from the January WEO Update; moreover, global growth is expected to maintain at 4.3% in 2011.

In the United States, decelerating growth in private investment and export, as well as slowing government spending and investment have offset the positive stimulus from rising private consumption expenditure. The quarter-to-quarter increase of Gross Domestic Product (GDP) tapered off from 5.6% in the fourth quarter of 2009 to 3.0% in the first quarter of 2010, of which private consumption expenditure contributed 2.4 percentage points, up from 1.2 percentage points in the previous quarter; private investment and balance of trade contributed 1.7 and -0.7 percentage point respectively, down from 4.4 and 0.3 percentage point; government spending and investment contracted further, dragging the rate of growth down by 0.4 percentage point. The labour market remained sluggish and the unemployment rate soared further to 10.4%.

In spite of the Greek debt crisis, the first quarter GDP of the Euro zone economy rose slightly by 0.2% quarter-to-quarter, marking three straight quarters of positive growth; the economy grew for the first time since the past six quarters, by 0.6% year-on-year. The growth was mainly spurred by inventory and exports that contributed 0.8 and 0.9 percentage point to the rate of increase;

however, decreasing fixed capital formation and rising imports pulled down the rate of growth by 0.2 and 1.4 percentage points. Conditions of the labour market exacerbated, with the unemployment rate rising from 9.8% in the previous quarter to 10.4%, posing another latent concern to the Euro economy.

Albeit expanding investment, attributable to faltered domestic spending and exports, the first quarter GDP of the UK rose slightly by 0.3% quarter-to-quarter (but down by 0.2% year-on-year), lower than the 0.4% growth in the previous quarter, of which gross capital formation contributed 0.6 percentage point, while balance of trade pulled down the rate of economic growth by 0.4 percentage point. The sluggish economic recovery weighed on the labour market, with the unemployment rate rising from 7.8% in the previous quarter to 8.0%.

With improving condition of the world economy and effective outcome of countries’ stimulus policies, revival of the Asian economies accelerated upon rising global demand. According to IMF’s projections for the major Asian economies in 2010, the newly industrialized Asian economies

a

are expected to grow by 5.2%, the ASEAN 5

b

by 5.4%, the Middle East and North

a

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Africa by 4.5%, while India is projected to rise substantially by 8.8%.

The economy of Japan saw favourable performance amid rising exports and domestic demand.

The first quarter GDP expanded by 1.2% quarter-to-quarter (or 4.6% year-on-year), of which personal consumption and balance of trade contributed 0.5 and 0.7 percentage point respectively, and private inventories turned around from negative to contribute 0.2 percentage point.

Nevertheless, the unemployment rate stayed high at 5.1%, up slightly by 0.1 percentage point.

In Mainland China, the economy sustained steady growth despite government’s control measures to rein the overheated real estate market fuelled by proactive fiscal policy and relaxing monetary policy to withstand the global financial crisis. The first quarter GDP increased by 11.9%

year-on-year, up notably by 5.7 percentage points, of which value added of the above-scale industries

c

rose by 19.6% (an increase of 14.5 percentage points) and fixed asset investment increased by 25.6% (a decrease of 3.2 percentage points). Meanwhile, retail sales of consumer goods went up by 17.9% year-on-year (an increase of 2.9 percentage points), with that of automobile soaring by 39.8%; external trade surplus narrowed continuously (down by 76.8% or USD 14.49 billion), indicating a decline in the relative importance of merchandise exports to economic growth.

Economic recovery of Hong Kong advanced remarkably upon vibrant growth of the Mainland economy, resurgent intra-regional trade and expanding import from Europe and the United States.

The first quarter GDP increased markedly by 8.2% year-on-year, far higher than the 2.5% growth in the fourth quarter of 2009, of which gross fixed capital formation and exports of services rose by 10.5% and 17.9%. In terms of external trade, total value of merchandise exports rose by 26.0%, while that of imports registered a significant increase, bringing the balance of trade down by 81.4%.

The labour market continued to improve, with the unemployment rate falling from 4.7% in the fourth quarter of 2009 to 4.4%.

c

According to the definition of the National Bureau of Statistics of China, it refers to industrial enterprises with an

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GDP of the world's major economies (Year-on-year rate of change)

-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

USA Euro Zone Japan M ainland

China

The United Kingdom

Hong Kong

%

2009 Q4 2010 Q1

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the first quarter of 2010, the economy of Macao rose by 30.1% year-on-year in real terms, marking three consecutive quarters of positive growth.

Economic growth in the first quarter was mainly spurred by the impetus of the gaming and tourism sector, in which gross gaming revenue (excluding gratuities) rose substantially and increase in total visitor spending (excluding gaming expenses) accelerated further from the previous quarter, posting favourable growth in exports of services. On the contrary, total investment continued to decline; decrease in merchandise exports narrowed, yet fell continuously upon shrinking demand of the European, the US and Mainland markets; private consumption expenditure rose modestly in spite of rising median employment earnings and low unemployment rate, suggesting that the economy of Macao is far from a broad-based recovery.

The following highlights the year-on-year comparisons of major segments of the local economy in the first quarter of 2010:

1. Total value of merchandise exports declined by 9.4% in nominal terms in the first quarter of 2010 on account of shrinking external demand from Europe, the US and Mainland China, with exports of garment falling substantially by 57.1%. Analyzed by destination, exports to the US, the EU and Mainland China dropped further by 58.8%, 48.2% and 7.3% respectively, while exports to Hong Kong increased by 24.6%. Total value of merchandise imports rose by 19.3% in nominal terms, apart from the increase in imports of consumer goods and fuels &

lubricants by 40.6% and 23.2%, imports of raw materials & semi-manufactures and capital goods dropped by 7.2% and 14.6% respectively. A visible trade deficit of MOP 8.05 billion was recorded in the first quarter.

2. Gross gaming revenue surged by 57.1% in the first quarter; visitor arrivals increased by 12.1% to 6,115,221; hotel guests rose by 15.2%, and per-capita spending of visitors (excluding gaming expenses) went up by 8.9%, pushing exports of services up by 51.3% in real terms; moreover, imports of services registered an increase of 53.9%.

3. Unemployment rate stood at 2.9% in the first quarter, down by 0.9 percentage point

year-on-year and 0.2 percentage point quarter-to-quarter; median monthly employment

earnings increased by 4.7% year-on-year to MOP 9,000; the Composite Consumer Price

Index (Composite CPI) rose by 1.5%; private consumption expenditure expanded by 2.3% in

real terms, and government final consumption expenditure went up by 1.7%.

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4. Overall investment registered a decrease of 38.9% in real terms in the first quarter. Total equipment investment fell by 3.3% in real terms, in which investment by the private and public sectors by 2.6% and 60.5% respectively. Total construction investment decreased by 55.0% in real terms, with investment by the private sector declining by 55.6% but that by the public sector rising by 17.4%. On the other hand, number of new incorporations and value of registered capital went up by 26.9% and 99.2% respectively in the first quarter.

5. Total government revenue rose by 54.9% to MOP 16.40 billion in the first quarter, with gaming tax revenue rising by 58.6% to MOP 14.90 billion. Total expenditure went down by 18.7% to MOP 3.49 billion, with current expenditure amounting to MOP 3.45 billion. Fiscal surplus for the first quarter stood at MOP 12.91 billion.

II. Major Segments of the Economy

a

A. External Merchandise Trade

Imports and Exports of Goods

External trade of Macao had experienced six consecutive quarters of negative growth since the third quarter of 2008. Rebounded in the first quarter of 2010, total value of merchandise imports and exports registered a double-digit increase of 13.7%, at MOP 11.70 billion. Value of merchandise imports rose by 19.3% to MOP 9.87 billion, while that of merchandise exports fell at a decelerating rate of 9.4%, at MOP 1.83 billion. The exports-imports ratio stayed at 18.5% as in the previous quarter, but declined by 5.9 percentage points year-on-year. Trade deficit widened by 28.6% year-on-year from MOP 6.26 billion to MOP 8.05 billion.

Value of merchandise exports to the US, the EU and Mainland China amounted to MOP 208 million, MOP 96 million and MOP 270 million, down by 58.8%, 48.2% and 7.3% respectively, while that to Hong Kong; Taiwan, China; Japan and Vietnam increased by 24.6%, 40.7%, 7.0% and 8.0% to MOP 840 million, MOP 54.37 million, MOP 24.76 million and MOP 44.57 million respectively. Garment and other textile products still predominated as the major merchandise of Macao’s exports; however, the value of exports shrank further by 55.4% to MOP 382 million, bringing its relative importance to total exports down further to 20.9%. Meanwhile, exports of machines, apparatus & parts declined by 35.4% while exports of jewellery and other products rose

a

Unless otherwise specified, the rates of change refer to year-on-year change in nominal terms, i.e. comparison of the

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markedly by 109.4% and 23.7%, accounting for 6.7%, 16.2% and 56.2% respectively of the total exports.

Exports (Year-on-year rate of change)

-90 -80 -70 -60 -50 -40 -30 -20 -10 0

Q1 Q2 Q3 Q4 Q1

2009 2010

%

Total exports USA EU

Domestic Exports

In the first quarter of 2010, value of domestic exports dropped further by 39.8% year-on-year or 2.3% quarter-to-quarter to MOP 562 million, sharing 30.8% of the total exports. The US remained the largest market of Macao’s domestic exports, yet value of domestic exports registered a decrease of 60.6%. Value of domestic exports to Hong Kong rose by 41.0% year-on-year but that to the EU fell by 49.6%, enabling Hong Kong to overtake the EU as the second largest market of Macao’s domestic exports. Value of exports of garment, accounting for 52.0% of the total domestic exports, declined further by 59.7%, in which the value of exports to the US and the EU dropped by 63.5% and 49.6% respectively to share 67.6% and 29.6% of the total. Value of domestic exports of other products rose by 29.4% to take up 48.0% of the total domestic exports.

Value of domestic exports to Mainland China increased significantly by 42.0% to MOP 50.19 million, accounting for 8.9% of the total; in particular, the value of tariff-free merchandise exports under the Mainland and Macao Closer Economic Partnership Agreement grew substantially by 77.4% to MOP 15.74 million, consisting mainly of copper-clad board (48.7% of total), stamps (19.7%), recycled plastic granules (9.9%) and cement (8.9%); the amount of tariff saved totalled MOP 1 million.

In addition, results of the Industrial Exports Survey for the first quarter of 2010 indicated that

the average length of time of orders on hand of the interviewed manufacturers was 2.5 months,

down by 16.7% from 3.0 months recorded in the same quarter of 2009. Meanwhile, 37.5% of the

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enterprises expressed optimism about the domestic industrial exports in the coming six months, up slightly by 0.8 percentage point quarter-to-quarter and surged by 36.7 percentage points year-on-year, of which 3.5% anticipated substantial increase and 34.0% expected slight increase;

meanwhile, 23.4% expected less promising prospects of exports, up by 2.5 percentage points quarter-to-quarter but down notably by 56.1 percentage points year-on-year; moreover, 38.7%

expected the outlook of exports remained stagnant, down by 3.7 percentage points quarter-to-quarter but up by 19 percentage points year-on-year. The findings showed that the manufacturers were cautiously optimistic about the outlook of exports.

Re-exports

Value of re-exports rose further by 16.7% year-on-year to MOP1.26 billion in the first quarter of 2010; the relative importance of re-exports to total exports has been maintaining at around 70%

since the fourth quarter of 2009. Hong Kong was still the largest market of Macao’s re-exports, constituting 58.2% of the total, which was followed by Mainland China, at 17.4%. Value of re-exports to Hong Kong increased significantly by 22.5% while that to Mainland China dropped by 14.1%.

In terms of the types of goods, value of re-exports of consumer goods rose substantially by 48.0% to take up 48.7% of the total, while that of raw materials & semi-manufactures, accounting for 13.6% of the total, dropped by 14.4%.

Imports

Value of merchandise imports increased by 19.3% to MOP 9.87 billion in the first quarter of 2010 upon a surge of imports of consumer goods, reversing the downward trend in the preceding quarters. Mainland China continued to be the largest supplier of goods imported to Macao, with its value of imports rising by 20.1% to MOP 3.00 billion (30.4% of total value of imports). Value of imports from the EU (22.3% of total), Hong Kong (11.0%) and Japan (8.8%) expanded by 27.1%, 21.4% and 38.4% respectively, whereas that from the US (6.2%) and Taiwan, China (2.6%) decreased by 6.6% and 6.9%.

Regarding the types of goods imported, value of imports of consumer goods, the major merchandise sharing 60.2% of the total imports, rose remarkably by 40.6%; value of imports of capital goods (14.6% of total) and raw materials & semi-manufactures (12.9%) dropped by 14.6%

and 7.2% respectively, whereas that of fuels & lubricants (12.2%) went up by 23.2%.

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Imports and the main components (Year-on-year rate of change)

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

Q1 Q2 Q3 Q4 Q1

2009 2010

%

Total imports Consumer goods Raw materials and semi-manufactures

B. Gaming, Tourism and MICE

Gaming and tourism sector saw favourable increase in the first quarter of 2010, with exports of gaming services surging by 58.5% year-on-year, visitor arrivals rising by 12.1%, per-capita spending of visitors (excluding gaming expenses) going up by 8.9% and hotel guests increasing by 15.2%.

Gaming

Gross gaming revenue (excluding gratuities) amounted to MOP 41.25 billion in the first quarter, up by 57.1% year-on-year and 13.1% quarter-to-quarter. Revenue of game of chance rose significantly by 57.4% year-on-year to MOP 40.95 billion (99.3% of total) on account of a 70.9%

surge of revenue from VIP Baccarat (70.2% of total revenue of game of chance). Gross revenue of pari-mutuels and lotteries amounted to MOP 300 million, a year-on-year increase of 27.2%.

Number of casinos increased by 2 year-on-year to 33 in the first quarter, with a total of 4,811

gaming tables (+20.3%) and 14,503 slot machines (+21.2%).

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Gross gaming revenue (excluding gratuities)

22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0 40.0 42.0 44.0

Q1 Q2 Q3 Q4 Q1

2009 2010 Billion M OP

-20 -10 0 10 20 30 40 50 60

%

Gross gaming revenue Year-on-year rate of change

Visitor Arrivals

Visitor arrivals increased by 12.1% year-on-year to 6,115,221 in the first quarter; visitors from Mainland China rose by 20.9% to 3,334,375, with 1,448,730 (43.4% of total Mainland visitors) travelling to Macao under the Individual Visit Scheme (IVS), narrowing the decrease to 2.1%;

visitors from Hong Kong decreased by 0.3%, while those from Taiwan, China; and Japan rose by 5.2% and 3.0% respectively. Same-day visitors stood at 3,180,860, up by 8.6% to take up 52.0% of the total visitor arrivals.

Analyzed by mode of transport, visitor arrivals by sea (40.4% of total), by land (52.6%) and by air (7.1%) increased by 8.4%, 14.7% and 15.1% to 2,469,347, 3,213,932 and 431,942 respectively.

In addition, inbound visitors in package tours went up by 4.6% year-on-year to 1,433,956.

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Hotels

At the end of March, the hotel sector had 19,408 guest rooms available, a year-on-year increase of 10.4%. Number of hotel guests rose by 15.2% to 1,885,263 in the first quarter; the average hotel occupancy rate was 79.0%, up by 0.8 percentage point quarter-to-quarter and 9.9 percentage points year-on-year, with four-star hotels leading at 84.2%.

Moreover, the average length of stay of hotel guests in the first quarter rose by 0.1 night year-on-year to 1.5 nights, with that in five-star hotels being highest at 1.9 nights.

Total visitor arrivals

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Q1 Q2 Q3 Q4 Q1

2009 2010 M illion

Total visitor arrivals

Number of visitors by source markets

0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6

Q1 Q2 Q3 Q4 Q1

2009 2010 M illion

M ainland China Hong Kong Taiwan, China Japan

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Visitor Spending

Per-capita spending of visitors (excluding gaming expenses) for the first quarter increased by 8.9% year-on-year to MOP 1,783, lower than the MOP 1,807 in the previous quarter. Mainland visitors still had the highest per-capita spending of MOP 2,826 and that of visitors from Southeast Asia; Hong Kong; and Taiwan, China amounted to MOP 1,727, MOP 1,135 and MOP 1,056 respectively. Per-capita shopping spending rose by 34.9% year-on-year to MOP 886 that was mainly spent on “Jewellery/watches” (21% of total shopping spending), “Local food products”

(21%) and “Clothing” (19%). Per-capita non-shopping spending went down by 8.5% to MOP 897, with expenses on “Accommodation” and “Food and beverage” taking up 44% and 35% respectively of the total non-shopping spending.

Per-diem spending of visitors amounted to MOP 1,783 in the first quarter, a year-on-year increase of 16.2%.

MICE (Meetings, Incentives, Conventions and Exhibitions)

A total of 397 MICE events were held in various venues of Macao in the first quarter of 2010.

Among them, 387 were meetings & conferences attracting 36,692 participants, up by 6.0% and 2.4% year-on-year respectively, and the average duration was 2.3 days. Analyzed by type, the majority were Corporate Meetings (184), Association Meetings (94) and Government Meetings (45). Meanwhile, a total of 10 exhibitions were held with 56,045 attendees, down notably by 37.5%

and 51.7% respectively; the average duration was 3.6 days. MICE events held in hotels accounted for 64.7% of the total and the others were held in convention & exhibition centres and other venues.

Per-capita spending of visitors by source markets

0 600 1 200 1 800 2 400 3 000 3 600 4 200

Q1 Q2 Q3 Q4 Q1

2009 2010 M OP

M ainland China Hong Kong Taiwan, China Southeast Asia

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C. Consumption and Prices

Private Consumption

Private consumption expenditure expanded by 2.3% in real terms in the first quarter, with household final consumption expenditure in the domestic market rising by 7.0% but that abroad dropping by 2.1%.

Retail Sales

Value of retail sales for the first quarter of 2010 amounted to MOP 6.85 billion, up by 4.9%

quarter-to-quarter and 36.1% year-on-year. Value of retail sales of “Watches and jewellery” (22.9%

of total), “Goods in department stores” (15.7%) and “Adults’ clothing” (10.0%) amounted to MOP 1.57 billion, MOP 1.08 billion and MOP 682 million respectively.

After removing the effect of price changes, volume of retail sales for the first quarter rose by 25.1% year-on-year, with remarkable increase being observed in the sales volume of “Household electrical appliances” (+68.9%), “Leather goods” (+56.1%), “Motor vehicles” (+40.9%), “Goods in department stores” (+36.7%), “Communication equipment” (+36.3%), “Cosmetics & sanitary articles” (+30.8%) and “Adults' clothing” (+29.5%). Quarter-to-quarter, volume of retail sales registered an increase of 3.0% in the first quarter of 2010.

Sales value of major retail trade

0 200 400 600 800 1000 1200 1400 1600

Q1 Q2 Q3 Q4 Q1

2009 2010 M OP million

Adult clothing Supermarket

Department stores Watches and jewellery

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Prices

The Composite CPI (102.8) for the first quarter of 2010 rose by 1.2% quarter-to-quarter and 1.5% year-on-year. Price indices of “Alcoholic beverages & tobacco”, “Clothing & footwear” and

“Transport” rose by 14.2%, 7.8% and 7.8% year-on-year respectively, while those of “Education”,

“Communication” and “Housing and fuels” decreased by 13.1%, 3.3% and 1.7%.

Prices (Year-on-year rate of change)

-1.0 0.0 1.0 2.0 3.0 4.0

Q1 Q2 Q3 Q4 Q1

2009 2010

%

Composite CPI

D. Employment

Total labour force for the first quarter of 2010 was 323,000, up by 0.3% quarter-to-quarter but down by 3.0% year-on-year; the employed population was 314,000, up by 0.4% quarter-to-quarter but down by 2.1% year-on-year; non-resident workers totalled 72,843, down by 2.8%

quarter-to-quarter and 17.0% year-on-year. The employed population were engaged mainly in Other Community, Social & Personal Services, reaching 74,000; among them, the Gaming sector took on 62,000, up by 0.8% quarter-to-quarter but down by 4.4% year-on-year.

Unemployment rate stood at 2.9%, down by 0.2 percentage point quarter-to-quarter and 0.9

percentage point year-on-year; total number of unemployed was 9,500, with 5.9% being fresh

labour force entrants searching for their first job. Analyzed by the previous industry engaged,

28.5% had worked in Construction, 22.7% in Other Community, Social & Personal Services and

14.4% in Wholesale and Retail. In terms of educational attainment, 31.7% had primary education

and 30.7% in junior secondary education. Underemployment rate was 1.8%, similar to that a year

earlier.

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Median monthly employment earnings of the employed (MOP 9,000) held stable from the previous quarter but rose by 4.7% year-on-year. Among the various economic activities, median employment earnings of the Manufacturing sector logged the highest year-on-year growth of 33.3%, and that of Financial Services and Transport, Storage & Communications also went up by 20.0%

and 11.8% respectively; for the Gaming Sector that accounted for the largest share of the employed population, median employment earnings stayed the same as the first quarter of 2009 but rose by 8.3% quarter-to-quarter.

Employed population and unemployment rate

300 310 320 330

Q1 Q2 Q3 Q4 Q1

2009 2010 Thousand persons

2.5 3.0 3.5 4.0

%

Employed population Unemployment rate

E. Investment

Investment in Construction and Equipment

In the first quarter of 2010, overall investment registered a decrease of 38.9% in real terms, with construction and equipment investment shrinking by 55.0% and 3.3% respectively. Investment by the private sector contracted by 39.2% in real terms, and that by the public decreased by 15.8%.

For the investment by the private sector, number of building completions decreased by 14.3%

year-on-year in the first quarter, and the total number of units and gross floor area went down by 80.6% and 63.6% respectively. Construction of new buildings increased by 30.8%, with the number of units and gross floor area falling by 63.3% and 28.7% respectively.

Construction investment by the private sector reduced by 55.6% year-on-year in real terms

upon a significant decrease of investment in major tourism and gaming facilities, while equipment

(26)

terms, whereas equipment investment dropped by 60.5%.

Transactions on Real Estate

A total of 6,386 building units were purchased and sold in the first quarter of 2010 and the total value was MOP 10.02 billion, up substantially by 283.8% and 371.6% year-on-year but down by 3.1% and 5.6% quarter-to-quarter respectively.

Analyzed by end-use, 3,884 were residential units and the total value amounted to MOP 7.94 billion, accounting for 60.8% and 79.2% of the respective total in the first quarter.

As regards status of the buyers, 8,617 buyers were Macao residents, with the total value of transaction amounting to MOP 7.90 billion; 955 buyers were non-residents, with the total value amounting to MOP 2.12 billion. Since the fourth quarter of 2008, the relative importance of resident buyers and value of transaction involved remained high, indicating that the local residents were the major buyers of Macao’s property.

Building units purchased and sold under “intermediate transfer of title

b

” increased by 76.8% to 1,363 and the value of transaction soared by 273.4% to MOP 3.92 billion in the first quarter.

Among them, the number and value of new units shared 96.3% and 98.5% of the respective total under “intermediate transfer of title”.

b

Intermediate transfer of title is a real estate transaction whose full transfer of ownership has not been completed. For

Gross floor areas of buildings started and completed

0 50 100 150 200 250 300 350 400 450

Q1 Q2 Q3 Q4 Q1

2009 2010 Thousand m

2

Buildings started Buildings completed

(27)

The average transaction price of residential units rose by 4.7% quarter-to-quarter to MOP 26,845 per square metre of usable area in the first quarter, with the average price of those in the Macao Peninsula increasing by 5.0% to MOP 26,674 per square metre, and the average price of those in Taipa rising by 3.4% to MOP 27,342 per square metre. The average price of office units rose by 2.4% quarter-to-quarter to MOP 23,740 per square metre.

In the first quarter of 2010, there were 2,079 cases of mortgage loans on real estate transactions and the amount of loans totalled MOP 2.85 billion, up significantly by 340.5% and 463.0% year-on-year. Quarter-to-quarter, number of cases of mortgage loans on real estate transactions increased by 2.3% but the amount of loans decreased by 5.3%. The majority were mortgage loans ranged from over MOP 1,000,000 to MOP 2,000,000 (30.9% of total), from over MOP 500,000 to MOP 1,000,000 (27.7%), and those that were secured by more than one item of real estate (15.3%).

Business Investment

The number of new companies incorporated rose by 26.9% to 694 and the total value of registered capital went up by 99.2% to MOP 88.17 million in the first quarter of 2010. Among the new incorporations, 36.2% were operating in Wholesale & Retail, 19.2% in Business Services and 14.0% in Construction. In terms of registered capital, Wholesale & Retail predominated with 27.8%

of the total, while Real Estate and Business Services accounted for 23.0% and 22.7% respectively.

As regards origin of capital, capital from Macao shared 74.3% of the total and that from Mainland China and Hong Kong took up 8.3% and 4.8% respectively.

Values of building units transacted and mortgage loans

0 2 4 6 8 10 12

Q1 Q2 Q3 Q4 Q1

2009 2010 M OP billion

Value of building units transacted Value of mortgage loans involving real estate transactions

(28)

Meanwhile, the number of companies in dissolution in the first quarter decreased by 14.1% to 128, with 39 engaging in Wholesale & Retail (30.5% of total), 25 in Business Services (19.5%) and 24 in Construction (18.8%).

F. Public Accounts

In the first quarter of 2010, total government revenue rose by 54.9% to MOP 16.40 billion, mainly due to a 56.6% surge of direct taxes. Gaming tax revenue increased remarkably by 58.6% to MOP 14.90 billion.

Total government expenditure shrank by 18.7% to MOP 3.49 billion, on account of a 25.2%

decrease of current transfers and a 72.0% drop of goods and services.

Public accounts registered a fiscal surplus of MOP 12.91 billion in the first quarter of 2010, far higher than the MOP 6.30 billion in the same quarter of 2009.

Total government revenue and expenditure

0 2 4 6 8 10 12 14 16 18

Q1 Q2 Q3 Q4 Q1

2009 2010 M OP billion

Total government revenue Total government expenditure Balance

G. Money and Finance

At the end of March 2010, narrow money supply M1 (including currency in circulation and

demand deposits) went up by 17.4% year-on-year, of which currency in circulation increased by

14.5% and demand deposits rose by 17.9%. Meanwhile, broad money supply M2 (including M1

and quasi-monetary liabilities) swelled by 9.8%. In terms of currency structure, the share of the

(29)

Macao pataca (MOP) in M1 decreased by 1.6 percentage points to 49.0%, while the respective share in M2 shrank by 0.1 percentage point to 28.2%. Moreover, the share of the Hong Kong dollar was 47.4% in M1 and 54.6% in M2.

Resident deposits rose by 9.7% to MOP 210.81 billion, of which deposits in the MOP, the Hong Kong dollar and other foreign currencies grew by 9.0%, 12.0% and 4.1% respectively to MOP 55.73 billion, MOP 117.90 billion and MOP 37.18 billion.

Domestic loans extended to the private sector rose by 14.4% to MOP 105.05 billion, of which the MOP accounted for 29.2%, valued at MOP 30.64 billion, and the Hong Kong dollar took up 64.5%, valued at MOP 67.76 billion.

The loan-to-deposit ratio for the resident sector at the end of March was 46.3%, up by 1.7 percentage points from a year earlier, while that for both the resident and non-resident sectors rose by 16.8 percentage points to 70.5%.

As the MOP is indirectly pegged to the US dollar, interest rates in the MOP are normally adjusted to be in line with those in the US. In the first quarter, the US Federal Reserve maintained the range for the Federal funds rate at 0% to 0.25%. Meanwhile, Macao’s savings deposit rate was held stable at 0.01%.

As regards foreign currency exchange, as the US dollar weakened in the first quarter compared with the same quarter of 2009, the exchange rates of the MOP against most major currencies went down. The average exchange rates of the MOP against the Australian dollar, the New Zealand

Resident deposits and loans

0 40 80 120 160 200 240

Q1 Q2 Q3 Q4 Q1

2009 2010 MOP billion (value at

the end of the period)

Resident deposits Loans to the private sector

(30)

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, fell by 2.80 points to 90.08.

H. Other Economic Indicators

Transport and Communications

In the first quarter of 2010, seaborne containerized cargo (40,405 tonnes) and containerized cargo by land (9,846 tonnes) decreased by 10.8% and 39.1% respectively year-on-year, while air cargo (13,330 tonnes) rose by 35.7%.

As regards local transport, new registration of vehicles totalled 3,947 in the first quarter, up by 1.5% year-on-year, of which new registration of cars rose by 26.6% but that of motorcycles dropped by 9.9%. At the end of March 2010, number of licensed vehicles totalled 189,757, comprising 87,131 cars and 102,626 motorcycles.

At the end of March 2010, number of Internet users went up by 17.2% to 150,069; mobile phone users increased by 7.1% to 1,055,722. Fixed-line telephone dropped by 2.2% to 170,567.

Fixed-line telephone density for the first quarter was 31.4 per 100 population.

Water and Energy Consumption

In the first quarter of 2010, consumption of electricity rose by 11.7% year-on-year to 740 million kWh, and that of water decreased by 2.2% to 15.81 million cubic meters. Consumption of liquid fuels (gasoline, kerosene, gas oil & diesel, and fuel oil) dropped by 44.7% to 68.47 million litres due to a decline of consumption of fuel oil; consumption of liquefied petroleum gas (LPG) increased by 1.5% to 11,488 tonnes; consumption of natural gas was 26.80 million cubic meters, down by 3.3%.

III. Concluding Remarks

The economy of Macao has resumed positive growth in the second half year of 2009. In the

first quarter of 2010, the economy expanded by 30.1% in real terms, attributable to the robust

exports of tourism and gaming services, as well as a low comparison base in the same quarter of

2009.

(31)

Looking ahead to the second quarter of 2010, the economy is expected to see continuous

upsurge. In terms of domestic demand, the unemployment rate is expected to stay low that helps to

support steady increase in private consumption spending; however, the weakening private

investment is likely to remain. As regards external demand, merchandise exports is likely to shrink

continuously, yet the decrease tends to narrow further with an already low comparison base in the

second quarter of 2009; the tourism and gaming sector is expected to show favourable increase as

visitor arrivals in April and May rose by 21.7% year-on-year when gross gaming revenue surged by

82.1%. Taking into account these factors and the comparison base in the second quarter of 2009

remained low, the economy of Macao is envisaged to register double-digit growth in the second

quarter of 2010.

(32)

白頁

Página vazia Blank page

(33)

STATISTICAL TABLES

(34)

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: Owing to rounding, the totals may not correspond to the sum of the partial figures.

The figures presented are subject to regular revisions as and when required.

(35)

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 2009 2009 2009 2010

Q1 Q2 Q3 Q4 Q1

USA

 Gross Domestic Product 2.1 0.4 -2.4 -3.3 -3.8 -2.6 0.1 2.5

 Exports of goods 11.9 12.1 -17.9 -21.5 -25.8 -21.5 -1.0

r

20.3

 Imports of goods 5.6 7.5 -25.9 -30.1 -34.7 -28.8 -7.6 21.3

 Consumer Price Index 2.8 3.8 -0.4 - -1.2 -1.6 1.4 2.4

 Unemployment rate 4.6 5.8 9.3 8.8 9.1 9.6 9.5 10.4

Euro area

a

 Gross Domestic Product 2.8 0.6 -4.1 -5.1 -4.9 -4.1 -2.1 0.6

 Exports of goods 8.8

r

3.9

r

-18.1 -21.1

r

-22.9

r

-19.5

r

-8.6

r

12.6  Imports of goods 6.4

r

8.1 -22.1

r

-20.9

r

-26.9

r

-25.7

r

-14.5

r

9.2

 Consumer Price Index 2.1 3.3 0.3 1.0 0.2 -0.4 0.4 1.1

 Unemployment rate 7.5 7.5 9.4 9.3 9.2 9.4

r

9.8

r

10.4

Germany

 Gross Domestic Product 2.5 1.3 -4.9

r

-6.4 -7.0 -4.7 -1.5

r

1.7

 Exports of goods 8.1 2.0 -17.9 -20.3 -24.9 -19.0 -6.4 10.3

 Imports of goods 4.9 4.7 -16.4 -13.3 -20.4 -18.9 -12.6 5.6

 Consumer Price Index 2.3 2.6 0.3 0.8 0.3 -0.2 0.4 0.8

 Unemployment rate 9.0 7.8 8.2 8.5 8.3 8.2 7.7 8.6

French

 Gross Domestic Product 2.3 0.1

r

-2.5

r

-3.9

r

-3.1

r

-2.6

r

-0.4

r

1.2  Exports of goods 3.4

r

2.7

r

-17.3 -21.0

r

-20.4

r

-17.1

r

-10.0

r

8.0

 Imports of goods 5.9 5.3 -17.8 -18.5 -21.6

r

-21.7

r

-8.4

r

6.5

 Consumer Price Index 1.5 2.8 0.1 0.6 -0.2 -0.4 0.4 1.3

 Unemployment rate 8.4 7.8 9.5 9.3 9.2 9.4 10.2

r

10.5

The United Kingdom

 Gross Domestic Product 2.6 0.5 -4.9

r

-5.3

r

-5.9

r

-5.3

r

-3.1

r

-0.2

 Exports of goods -9.3 13.9 -9.5 -8.0

r

-15.9

r

-14.4 1.2

r

11.7

 Imports of goods -2.9 11.1 -10.3 -8.7

r

-16.0 -15.1

r

-0.7

r

9.4

 Consumer Price Index 2.3 3.6 2.1 3.0 2.1 1.5 2.1 3.2

 Unemployment rate 5.3 5.7 7.6 7.1 7.8 7.8 7.8 8.0

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

2007 2008 2009

(36)

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 2009 2009 2009 2010

Q1 Q2 Q3 Q4 Q1

Mainland China

 Gross Domestic Product 11.9 9.0 8.7 6.2 7.9 9.1 10.7 11.9

 Exports of goods 25.7 17.3 -15.9

r

-19.7 -23.4 -20.3 0.2 28.7

 Imports of goods 20.7

r

18.5 -11.3

r

-30.8

r

-20.2 -11.7 22.4 64.5

 Consumer Price Index

a

4.8 5.9 -0.7 -0.6 -1.1 -1.1 -0.7 2.2

Hong Kong

 Gross Domestic Product 6.4 2.2

r

-2.8

r

-7.7

r

-3.8

r

-2.4

r

2.5

r

8.2

 Exports of goods 9.2 5.1 -12.6 -21.9 -12.9 -14.3 -2.0 26.0

 Imports of goods 10.3 5.5 -11.0 -22.8 -14.9 -10.4 3.4 34.3

 Consumer Price Index 2.0 4.3 0.5 1.7 -0.1 -0.9 1.3 1.9

 Unemployment rate 4.0 3.6 5.4

r

5.1 5.5 5.6 4.7 4.4

Taiwan, China

 Gross Domestic Product 6.0 0.7 -1.9 -9.1 -6.9 -1.0 9.1

r

13.3

 Exports of goods 10.1 3.6 -20.3 -36.7 -32.0 -20.9 16.9

r

52.5

 Imports of goods 8.2 9.7 -27.4 -47.2 -37.8 -29.6

r

18.1

r

77.6

 Consumer Price Index 1.8 3.5 -0.9 0

#

-0.9 -1.4 -1.3

r

1.3

 Unemployment rate 3.9 4.1 5.9 5.6 5.8 6.1 5.9 5.7

Japan

 Gross Domestic Product 2.4 -1.2 -5.2

r

-8.9

r

-5.7 -5.2 -1.1

r

4.6

 Exports of goods 11.5 -3.5 -33.1 -46.9 -38.6

r

-34.4 -8.0 43.3

 Imports of goods 8.6 8.0 -34.8

r

-36.8

r

-39.9

r

-39.5

r

-20.9 18.9

 Consumer Price Index - 1.4 -1.4 -0.1 -1.0 -2.2 -2.0 -1.2

 Unemployment rate 3.8 4.0 5.1 4.6 5.2 5.4 5.0 5.1

Republic of Korea

 Gross Domestic Product 5.1 2.3

r

0.2 -4.3

r

-2.2 1.0

r

6.0 7.8

 Exports of goods 14.1 13.6 -13.9 -25.2 -21.1 -17.6 11.7 36.2

 Imports of goods 15.3 22.0 -25.8 -32.7 -35.6 -31.0 1.4 37.3

 Consumer Price Index 2.5 4.6 2.8 3.9 2.8 2.0 2.4 2.7

 Unemployment rate 3.2 3.2 3.6 3.8 3.8 3.6 3.3 4.7

Singapore

 Gross Domestic Product 8.5

r

1.8

r

-1.3

r

-8.9

r

-1.7

r

1.8

r

3.8

r

15.5

 Exports of goods 4.4 5.8 -18.0 -27.8 -25.4 -20.0 4.9 28.2

 Imports of goods 4.5 13.9 -21.0 -27.6 -28.4 -22.8 -2.7 25.5

 Consumer Price Index 2.1 6.6 0.6 3.4 0.2 -0.3 -0.8 0.9

 Unemployment rate 2.1 2.2 3.0 3.0 4.1 2.9 2.1

r

2.1

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

2007 2008 2009

(37)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)

Change from preceding period (seasonally adjusted) (%)

2009 2009 2009 2009 2010

Q1 Q2 Q3 Q4 Q1

USA

 Gross Domestic Product 2.1 0.4 -2.4 -6.4 -0.7 2.2 5.6

r

3.0

 Exports of goods 11.9 12.1 -17.9 -14.2

r

-1.2 7.1 9.1 4.1

 Imports of goods 5.6 7.5 -25.9 -20.4 -3.1 9.5

r

9.2 4.8

 Consumer Price Index 2.8 3.8 -0.4 -0.6 0.5 0.9 0.6 0.4

 Unemployment rate

a

4.6 5.8 9.3 8.2 9.3 9.6 10.0 9.7

Japan

 Gross Domestic Product 2.4 -1.2 -5.2

r

-4.2

r

1.8

r

0.1

r

1.0

r

1.2

 Exports of goods 11.6 -3.6

r

-33.2

r

-26.4

r

7.1

r

4.8

r

12.4

r

43.4

 Imports of goods 8.3 7.8 -34.8 -25.2

r

-4.3

r

3.2

r

7.1

r

19.9

 Consumer Price Index - 1.4 -1.4 -0.8 -0.4 -0.5 -0.3 0.2

 Unemployment rate

a

3.9 4.0 5.1 4.5

r

5.1

r

5.4

r

5.2

r

4.9

Hong Kong

 Gross Domestic Product 6.4 2.2

r

-2.8

r

-3.2

r

3.1

r

0.3

r

2.4

r

2.4

 Exports of goods 9.2 5.1 -12.6 -13.1 7.7 -3.6 9.1 8.9

 Imports of goods 10.3 5.5 -11.0 -12.4 7.3 3.2 7.6 9.7

 Consumer Price Index 2.0 4.3 0.5 0.4 -0.2 -1.1 2.2 1.0

 Unemployment rate

a

4.0 3.6 5.4

r

5.2 5.4 5.3 4.9 4.4

a Unemployment rate after seasonal adjustment

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

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

3. GROSS DOMESTIC PRODUCT OF MACAO

2009 2009 2009 2009 2010

Q1 Q2 Q3 Q4 Q1

@

At current prices:

GDP (MOP billion) 150.2 173.5 169.3 38.1 38.8 43.5 48.9 47.4

GDP per capita (MOP thousand) 285.7 316.1 311.1 .. .. .. .. ..

At constant (2002) prices:

GDP (MOP billion) 125.0 141.2 143.1 32.5 32.3 37.0 41.4 42.2

% growth in real terms

GDP 26.0 12.9 1.3 -12.0 -14.8 8.8 27.4 30.1

Private consumption expenditure 11.7 8.5 2.7 4.9 0

#

1.1 4.8 2.3

In the domestic market 10.9 7.7 1.9 0.3 -0.9 2.7 5.4 7.0

Abroad 11.7 7.6 2.4 3.5 4.8 -0.8 2.5 -2.1

Government final consumption expenditure 12.9 0.1 10.4 14.6 2.1 18.9 9.2 1.7

Gross fixed capital formation 24.8 -16.8 -35.6 -35.2 -30.6 -41.8 -34.9 -38.9

Private sector 30.7 -16.4 -39.7 -35.5 -33.9 -46.7 -43.3 -39.2

Government -26.9 -23.0 33.0 8.4 165.8 90.0 6.9 -15.8

Exports of goods 0.5 -25.4 -52.0 -50.2 -58.3 -54.6 -41.8 -12.8

Exports of services 35.2 23.7 5.2 -14.7 -14.7 16.0 41.6 51.3

Imports of goods 14.0 -9.4 -17.8 -22.8 -22.9 -18.5 -7.1 16.5

Imports of services 38.6 26.4 -10.5 -25.4 -22.5 -7.1 16.4 53.9

2009

2008 2007

2007 2008

2009

(38)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2010 2009 2009 2009 2009 2010

Q1 to Q1 Q1 Q2 Q3 Q4 Q1

A. External Merchandise trade (MOP million)

Total exports 20 430.6 16 025.4 7 672.5 1 826.0 2 016.5 1 882.6 1 872.8 1 900.6 1 826.0 -9.4

Textiles and garments 13 394.0 9 145.2 2 469.9 381.9 856.0 650.5 551.3 412.0 381.9 -55.4

Other products 7 036.6 6 880.2 5 202.6 1 444.1 1 160.5 1 232.1 1 321.5 1 488.6 1 444.1 24.4

Total imports 43 113.9 43 034.2 36 902.0 9 871.7 8 272.5 8 666.1 9 702.6 10 260.7 9 871.7 19.3

Trade balance -22 683.3 -27 008.8 -29 229.4 -8 045.8 -6 256.0 -6 783.5 -7 829.9 -8 360.1 -8 045.8 -28.6

B. Gaming and tourism

Gross gaming revenue (excluding gratuities)(MOP million) 83 847 109 826 120 383 41 248 26 252 25 619 32 036 36 476 41 248 57.1

y-on-y % change 45.8 31.0 9.6 57.1 -12.7 -12.2 22.3 49.8 57.1

No. of visitor arrivals b(thousand) 26 993.0 22 933.2 21 752.8 6 115.2 5 454.2 4 916.8 5 509.4 5 872.3 6 115.2 12.1

Average length of stay of visitors (days) 1.1 1.1 1.1 .. 1.1 1.1 1.1 1.1 1.0 -0.1

Visitor spending per capita (MOP) 1 637 1 729 1 616 .. 1 638 1 527 1 621 1 807 1 783 8.9

Hotel occupancy rate (%) 77.2 74.3r 71.4r 79.0 69.1r 64.3r 73.3r 78.2r 79.0 9.9a

C. Construction and real estate

Expenditure on public works (MOP million) 2 938.9 2 415.5 2 887.3 20.8 15.9 481.4 724.3 1 665.7 20.8 31.3 Private sector construction

   Buildings started - no. of units 4 390 2 046 1 547 508 1 383 60 63 41 508 -63.3

   Buildings started - gross floor area (thousand m²) 2 200 533 229 125 175 35 10 9 125 -28.7

   Buildings completed - no. of units 2 051 1 177 3 251 149 768 220 1 245 1 018 149 -80.6

   Buildings completed - gross floor area (thousand m²) 1 926 584 1 406 65 178 378 436 414 65 -63.6

No. of building units transacted c 32 250 21 516 17 310 6 386 1 664 3 713 5 345 6 588 6 386 283.8

Value of building units transacted c(MOP million) 49 080.9 35 024.9 26 298.7 10 024.5 2 125.6 4 572.1 8 977.1 10 623.8 10 024.5 371.6 D. Transport

  Seaborne containerised cargo (tonne) 329 288 328 196 180 413 40 405 45 315 41 847 43 481 49 770 40 405 -10.8

  Containerised land cargo (tonne) 75 835 104 312 51 694 9 846 16 158 13 177 12 908 9 450 9 846 -39.1

  Air cargo (tonne) 180 935 100 767 52 464 13 330 9 824 11 876 14 072 16 692 13 330 35.7

E. Prices and consumption

Inflation rate (%) 5.6 8.6 1.2 1.5 3.3 1.8 -0.2 -0.2 1.5 ..

Composite Consumer Price Index (4/2008-3/2009=100) 92.3 100.2 101.4 102.8 101.3 101.3 101.4 101.6 102.8 1.5 Retail sales turnover (MOP million) 14 195 19 391r 22 339r 6 852 5 034r 5 194r 5 580r 6 530r 6 852 36.1 F. Employment

Unemployment rate (%) 3.1 3.0 3.6 .. 3.8 3.6 3.7 3.1 2.9 -0.9a

Median monthly employment earnings (MOP thousand) 7.8 8.0 8.5 .. 8.6 8.5 8.5 9.0 9.0 4.7

Non-resident workers in Macao (end-period) 85 207 92 161 74 905 .. 87 789 83 616 77 239 74 905 72 843 -17.0 G. Public accounts (MOP million)

Total revenue 53 710.5 62 259.3r 69 870.9 16 399.2 10 585.2 14 940.1 15 145.3 16 970.4 16 399.2 54.9

Revenue from gaming sector 31 919.6 43 207.5r 45 697.5 14 900.0 9 392.0 10 191.0 11 116.3 13 610.0 14 900.0 58.6

Total expenditure 23 346.0 30 443.4r 35 447.9 3 487.4 4 290.1 8 946.0 7 067.2 13 521.2 3 487.4 -18.7

Balance 30 364.5 31 815.9r 34 423.0 12 911.8 6 295.1 5 994.1 8 078.1 3 449.2 12 911.8 ..

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

  Narrow money supply (M1) 22 606.6 24 729.6 30 606.4r 31 452.2 26 797.7 26 966.5 28 725.4 30 606.4r 31 452.2 17.4   Broad money supply (M2) 185 540.6 189 790.3 212 151.2r 215 934.5 196 618.3 203 307.7 208 371.2 212 151.2r215 934.5 9.8   Resident deposits 181 615.4 185 389.8 207 245.3r 210 808.9 192 143.1 198 674.6 203 538.2 207 245.3r210 808.9 9.7   Domestic credit to the private sector 72 053.9 91 801.6 101 067.3r 105 282.6 92 069.6 93 424.0 96 592.0 101 067.3r105 282.6 14.4   Net foreign assets 216 465.6 233 256.6 275 225.6r 284 282.4 243 988.0 254 790.4 265 710.5 275 225.6r284 282.4 16.5 Foreign exchange reserves 106 290.5 127 160.6 146 578.7 156 223.7 134 384.1 141 948.9 142 228.4 146 578.7 156 223.7 16.3 I. Others

 No. of new companies incorporated 3 405 2 738 2 529 694 547 657 651 674 694 26.9

 No. of companies in dissolution 339 447 469 128 149 102 95 123 128 -14.1

 Consumption of electricity (million kWh) 2 984.3 3 311.7 3 463.3 742.6 665.1 882.6 1 095.7 820.0 742.6 11.7

Note: Figures on external merchandise trade for 2010 will be revised later.

a Percentage points

b From 2008 onwards, visitor arrival figures exclude non-resident workers, foreign students, etc.

c Including transaction of residential units valued MOP3,000,000 or less that were exempt from the payment of Stamp Duty according to law.

2007 2008

2010 Q1 year-on-year

% change 2009

(39)

II. EXTERNAL MERCHANDISE TRADE

1. PRINCIPAL STATISTICS ON EXTERNAL MERCHANDISE TRADE

2010 2009 2009 2009 2009 2010

Q1 to Q1 Q1 Q2 Q3 Q4 Q1

A. Imports and exports MOP million 63 544.4 59 059.6 44 574.5 11 697.7 10 289.0 10 548.7 11 575.4 12 161.4 11 697.7

y-on-y % change 11.5 -7.1 -24.5 13.7 -28.5 -32.3 -26.3 -9.2 13.7

B. Total exports MOP million 20 430.6 16 025.4 7 672.5 1 826.0 2 016.5 1 882.6 1 872.8 1 900.6 1 826.0

y-on-y % change -0.2 -21.6 -52.1 -9.4 -49.6 -58.3 -57.1 -39.5 -9.4

 1. Domestic exports MOP million 13 515.7 9 582.3 2 971.1 562.3 933.4 752.6 709.4 575.7 562.3

y-on-y % change -6.0 -29.1 -69.0 -39.8 -63.5 -73.0 -72.0 -66.3 -39.8

 2. Re-exports MOP million 6 914.9 6 443.1 4 701.4 1 263.6 1 083.1 1 130.0 1 163.4 1 324.9 1 263.6

y-on-y % change 13.6 -6.8 -27.0 16.7 -25.0 -34.9 -36.5 -7.5 16.7

C. Total imports MOP million 43 113.9 43 034.2 36 902.0 9 871.7 8 272.5 8 666.1 9 702.6 10 260.7 9 871.7

y-on-y % change 18.0 -0.2 -14.2 19.3 -20.3 -21.6 -14.4 0# 19.3

D. Trade balance a MOP million -22 683.3 -27 008.8 -29 229.4 -8 045.8 -6 256.0 -6 783.5 -7 829.9 -8 360.1 -8 045.8

E. Exports/Imports ratio b 47.4 37.2 20.8 18.5 24.4 21.7 19.3 18.5 18.5

F. External merchandise trade index (2006=100)  1. Exports

  Value index index 99.8 78.3 37.5 35.7 39.4 36.8 36.6 37.2 35.7

y-on-y % change -0.2 -21.5 -52.1 -9.4 -49.6 -58.3 -57.1 -39.4 -9.4

  Unit value index index 99.3 104.4 104.1 107.4 103.5 101.8 104.5 107.0 107.4

y-on-y % change -0.7 5.1 -0.3 3.8 1.3 -0.2 -5.4 4.0 3.8

  Quantum index index 100.5 75.0 36.0 33.2 38.1 36.2 35.0 34.7 33.2

y-on-y % change 0.5 -25.4 -52.0 -12.9 -50.2 -58.2 -54.7 -41.8 -12.9

 2. Imports

  Value index index 118.0 117.8 101.0 109.5 90.6 94.9 106.3 112.4 109.5

y-on-y % change 18.0 -0.2 -14.3 20.9 -20.3 -21.6 -14.4 0.1 20.9

  Unit value index index 103.3 111.7 111.1 114.2 110.9 110.5 110.7 112.2 114.2

y-on-y % change 3.3 8.1 -0.5 3.0 -0.1 -2.6 -2.0 2.7 3.0

  Quantum index index 114.2 105.5 90.9 95.9 81.7 85.9 96.0 100.2 95.9

y-on-y % change 14.2 -7.6 -13.8 17.4 -20.2 -19.4 -12.6 -2.6 17.4

 3. Terms of trade index c index 96.2 93.5 93.7 94.0 93.3 92.1 94.4 95.4 94.0

y-on-y % change -3.8 -2.8 0.2 0.8 1.4 2.4 -3.4 1.2 0.8

Note : Figures on external merchandise trade for 2010 will be revised later.

a Trade balance = Total exports - Total imports

b Exports / Imports ratio = Total exports / Total imports × 100

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

2007 2008 2009

(40)

II. EXTERNAL MERCHANDISE TRADE

2. PRINCIPAL STATISTICS ON EXPORTS

2010 2009 2009 2009 2009 2010 Structure

Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)

Total exports MOP million 20 430.6 16 025.4 7 672.5 1 826.0 2 016.5 1 882.6 1 872.8 1 900.6 1 826.0 100.0

y-on-y % change -0.2 -21.6 -52.1 -9.4 -49.6 -58.3 -57.1 -39.5 -9.4

1. Destination

USA MOP million 8 291.8 6 399.2 1 308.3 207.6 503.9 307.5 296.2 200.7 207.6 11.4

y-on-y % change -8.1 -22.8 -79.6 -58.8 -70.5 -84.1 -82.8 -80.6 -58.8

European Union a MOP million 3 722.0 1 591.1 631.3 95.5 184.5 194.8 136.8 115.2 95.5 5.2

y-on-y % change -6.9 -57.3 -60.3 -48.2 -61.1 -57.1 -60.8 -63.2 -48.2

Mainland China MOP million 3 034.1 1 968.2 1 117.5 269.5 290.6 291.3 262.7 272.9 269.5 14.8

y-on-y % change 0# -35.1 -43.2 -7.3 -38.6 -48.2 -49.4 -34.0 -7.3

Hong Kong MOP million 2 674.4 3 162.7 3 014.6 839.5 673.9 703.4 777.9 859.4 839.5 46.0

y-on-y % change 16.7 18.3 -4.7 24.6 -2.1 -9.5 -11.2 4.6 24.6

Taiwan, China MOP million 254.9 217.6 160.7 54.4 38.6 38.3 33.7 50.0 54.4 3.0

y-on-y % change 88.0 -14.6 -26.2 40.7 -14.6 -26.3 -53.0 2.7 40.7

Japan MOP million 232.8 212.9 105.7 24.8 23.2 19.3 30.5 32.8 24.8 1.4

y-on-y % change 46.5 -8.6 -50.3 7.0 -57.9 -61.5 -58.9 -2.2 7.0

Vietnam MOP million 134.1 170.0 178.3 44.6 41.3 42.6 45.6 48.8 44.6 2.4

y-on-y % change 8.2 26.8 4.8 8.0 17.0 -24.4 11.3 30.3 8.0

2. Type of goods

Garment and textile MOP million 13 394.0 9 145.2 2 469.9 381.9 856.0 650.5 551.3 412.0 381.9 20.9

products y-on-y % change -8.6 -31.7 -73.0 -55.4 -64.0 -76.2 -77.4 -74.2 -55.4

Garment MOP million 11 963.4 8 419.7 2 101.9 328.6 765.9 529.2 460.4 346.5 328.6 18.0

y-on-y % change -6.9 -29.6 -75.0 -57.1 -65.4 -78.6 -79.8 -76.2 -57.1

Knitted or MOP million 7 700.6 4 974.3 1 282.6 198.8 478.4 314.7 274.6 215.0 198.8 10.9 crocheted y-on-y % change -5.0 -35.4 -74.2 -58.5 -63.8 -77.6 -78.9 -77.2 -58.5

Not knitted or MOP million 4 262.7 3 445.5 819.3 129.8 287.5 214.5 185.8 131.5 129.8 7.1 crocheted y-on-y % change -10.3 -19.2 -76.2 -54.9 -67.8 -79.9 -80.9 -74.3 -54.9

Textile products MOP million 1 430.6 725.4 368.0 53.3 90.1 121.4 90.9 65.5 53.3 2.9

y-on-y % change -20.7 -49.3 -49.3 -40.8 -44.0 -52.6 -45.6 -53.7 -40.8

Machines, apparatus and MOP million 2 194.5 1 203.5 626.2 122.8 190.1 149.8 104.8 181.4 122.8 6.7

parts y-on-y % change 56.7 -45.2 -48.0 -35.4 -45.9 -49.0 -65.2 -29.6 -35.4

Jewellery MOP million 388.8 679.8 753.7 295.4 141.1 183.8 233.0 195.8 295.4 16.2

y-on-y % change -12.4 74.9 10.9 109.4 17.6 -7.5 9.9 31.2 109.4

Others MOP million 4 453.3 4 997.0 3 822.8 1 025.9 829.3 898.5 983.6 1 111.4 1 025.9 56.2

y-on-y % change 12.7 12.2 -23.5 23.7 -28.0 -30.8 -30.1 -2.3 23.7

Note : Figures on external merchandise trade for 2010 will be revised later.

a On 1 January 2007, the European Union enlarged again with the accession of two new member states (Romania and Bulgaria), bringing the number of member states to 27. As such, rates of change for 2007 are not comparable with those in 2006.

2007 2008 2009

(41)

II. EXTERNAL MERCHANDISE TRADE

3. PRINCIPAL STATISTICS ON DOMESTIC EXPORTS

2010 2009 2009 2009 2009 2010 Structure

Q1 to Q1 Q1 Q2 Q3 Q4 Q1 (%)

Domestic exports MOP million 13 515.7 9 582.3 2 971.1 562.3 933.4 752.6 709.4 575.7 562.3 100.0

y-on-y % change -6.0 -29.1 -69.0 -39.8 -63.5 -73.0 -72.0 -66.3 -39.8

1. Destination

USA MOP million 8 203.4 6 334.4 1 265.3 194.6 493.9 293.8 285.2 192.4 194.6 34.6

y-on-y % change -7.5 -22.8 -80.0 -60.6 -70.9 -84.6 -83.3 -81.1 -60.6

European Union a MOP million 3 488.1 1 528.6 609.5 91.4 181.3 190.4 131.1 106.7 91.4 16.3

y-on-y % change -10.1 -56.2 -60.1 -49.6 -59.4 -57.0 -61.2 -64.7 -49.6

Mainland China MOP million 264.7 222.7 189.6 50.2 35.3 51.9 54.1 48.3 50.2 8.9

y-on-y % change 6.2 -15.9 -14.9 42.0 -37.2 -10.1 -10.4 -0.2 42.0

Hong Kong MOP million 598.6 524.4 348.0 104.5 74.1 68.6 99.2 106.0 104.5 18.6

y-on-y % change 19.5 -12.4 -33.6 41.0 -49.6 -50.8 -15.9 -11.6 41.0

Taiwan, China MOP million 124.9 124.4 46.8 11.1 13.0 12.1 13.4 8.3 11.1 2.0

y-on-y % change 28.0 -0.4 -62.4 -14.0 -42.0 -55.4 -71.0 -71.2 -14.0

   Japan MOP million 158.5 141.0 87.3 22.2 16.3 16.5 26.9 27.6 22.2 3.9

y-on-y % change 9.6 -11.0 -38.1 36.3 -59.2 -60.7 -27.0 23.3 36.3

Vietnam MOP million 132.3 141.3 155.9 38.5 32.6 39.6 41.8 42.0 38.5 6.8

y-on-y % change 11.8 6.8 10.4 18.1 -3.3 12.3 11.0 20.9 18.1

2. Type of goods

Garment MOP million 11 754.6 8 187.4 1 971.1 292.4 724.8 508.6 427.2 310.5 292.4 52.0

y-on-y % change -6.7 -30.3 -75.9 -59.7 -66.7 -79.0 -80.5 -77.7 -59.7

Knitted or MOP million 7 570.1 4 810.1 1 219.6 184.1 456.1 305.0 258.9 199.7 184.1 32.7 corcheted y-on-y % change -4.9 -36.5 -74.6 -59.6 -64.9 -77.7 -79.2 -77.8 -59.6

Not knitted or MOP million 4 184.5 3 377.3 751.4 108.3 268.7 203.6 168.3 110.8 108.3 19.3 crocheted y-on-y % change -9.8 -19.3 -77.8 -59.7 -69.4 -80.8 -82.3 -77.4 -59.7

Others MOP million 1 761.1 1 395.0 1 000.0 269.9 208.6 244.1 282.2 265.2 269.9 48.0

y-on-y % change -0.7 -20.8 -28.3 29.4 -44.9 -31.8 -17.6 -16.2 29.4

Note : Figures on external merchandise trade for 2010 will be revised later.

a On 1 January 2007, the European Union enlarged again with the accession of two new member states (Romania and Bulgaria), bringing the number of member states to 27. As such, rates of change for 2007 are not comparable with those in 2006.

2007 2008 2009

參考文獻

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