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The Macao economy was boosted by growth in the gaming and tourism industry, real GDP during the first half of 2006 rose by 17.7%1 to MOP46.8 billion, in which, gross fixed capital formation had a strong growth of 60.1%; exports of services rose by 14.1%; and private consumption expenditure grew by 6.7% as well. With the continuous expansion of investment and consumption, the CPI was up 5.8%, and the unemployment rate continued its downward trend, at a record of 3.9%, however, workforce in manufacturing sector continually declined to 32 thousand in the second quarter of 2006, down 10.2%.
As for the construction and real estate sector, the gross fixed capital formation in construction soared by 81.9% to MOP7.9 billion, driven mainly by numerous large-scale construction projects. In the first half of 2006, newly started building area declined 62.3% to 410 thousand square meters, and the transactions of real estate were 10,397 units with a total value of MOP8.1 billion, declined by 46.6% and 33.7% respectively. In finance sector, the continuous expansion of Macao economy drove dramatically the profits of banking industry up 51.0% to MOP1.7 billion in the first half of 2006.
The gaming industry grew rapidly in the first half of 2006 that the gross revenue rose by 12.9% to MOP25.5 billion, and the gaming tax amounted to MOP9.8 billion, up 14.8%. In the aspect of tourism sector, the total number of visitors continued to climb under benefits of the ?individual travel scheme? under The Mainland and Macao Closer Economic Partnership Arrangement (CEPA). During the first half of 2006, the total number of visitor arrivals was 10.4 million, up 16.8%. Visitors from Mainland China grew 16.7% to 5.8 million, while 2.8 million of those were travelled under the individual travel scheme.
For external trade, textiles and garments, the major exports, picked up sharply in the first half of 2006. It rose greatly by 44.4% to MOP7.7 billion and pushed total exports up 40.0% to MOP10.3 billion. Total imports increased by 29.4% to MOP17.4 billion, resulting in a trade deficit of MOP7 billion. Consumer goods, raw materials and semi-processed products were still the dominant imports, and Mainland China, the United States, the European Union and Hong Kong continued to be Macao's major trading partners.
The Mainland and Macao have subsequently entered into consultations to enrich and deepen the CEPA coverage, since its full implementation from 1 January 2004. In June 2006, the two sides signed the Supplement III to CEPA, in which there were 24 products of Macao origin newly included, amounting to a total of 625 product lines whose rules of origin have been confirmed to be eligible to enjoy the zero tariff preference when exported to the Mainland, starting from 1 July. In respect of trade in services, effective from 1 January 2007, the Mainland has agreed to further liberalise and lower the entry threshold for Macao Service Suppliers in services of legal; construction; convention and exhibition; audiovisual; distribution; tourism; transport and individually owned stores. CEPA is an open agreement, which provides a platform for both sides to continuously broaden and ameliorate its contents so as to facilitate economic and trade cooperation and development between the two places.
1 Unless otherwise specified, all rates of change mentioned in this article are comparisons of 2006 corresponding period of 2005.
Last Updated: 2006-11-01
S2upper CHeong ah.....