Economy

Gaming recovery in Macau helps imports

Lawmaker Dominic Sio Chi Wai said on Monday that he believed that the recovery of gaming revenues will help boost Macau’s imports. Sio made these remarks while speaking to reporters on the sidelines of the general meeting of the Macau Importers and Exporters Association on its premises in the city centre. Sio, who chairs the … Continue reading "Gaming recovery in Macau helps imports"

13 Sep, 2016

5th Macau Forum Ministerial Conference to be held in October

The 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macau) will take place on 11 and 12 October 2016, said the Government Information Bureau (GCS). The conference, whose theme is “Towards Consolidation of Economic and Trade Relations between China and the Portuguese-speaking Countries: Joining Efforts for Cooperation, … Continue reading "5th Macau Forum Ministerial Conference to be held in October"

7 Sep, 2016

Macau government rents offices for 4 billion patacas in 10 years

The government spent four billion patacas on leasing office space in private properties for its bureaus and other public entities between 2004 and 2014, the Commission of Audit (CA) said in a report yesterday. The commission criticised the Lands, Public Works and Transport Bureau (DSSOPT) for being responsible for the dilemma by failing to plan … Continue reading "Macau government rents offices for 4 billion patacas in 10 years"

1 Sep, 2016

Car and motorbike imports drop 56 per cent in Jan-July

Macau’s imports of cars and motorcycles dropped by 56.4 per cent year-on-year to 700 million patacas, the Statistics and Census Bureau (DSEC) announced yesterday. Mobile phone imports fell by 47.4 per cent to 2.5 billion patacas. Imports of watches dropped by 42.8 per cent to 2.2 billion patacas. Gold jewellery imports decreased by 27.9 per … Continue reading "Car and motorbike imports drop 56 per cent in Jan-July"

1 Sep, 2016

Macau’s GDP decline slows to 7.1 per cent in Q2

Macau’s gross domestic product shrank by 7.1 per cent year-on-year in real terms in the second quarter of the year, showing signs of improvement compared with the first quarter, the Statistics and Census Bureau (DSEC) said on Tuesday. GDP contracted by 13.3 per cent in the first quarter. A DSEC statement attributed the lower GDP … Continue reading "Macau’s GDP decline slows to 7.1 per cent in Q2"

31 Aug, 2016

Macau inflation continues slowing down

Growth in the city’s composite consumer price index (CPI) continued to slow down last month, rising just 2.08 per cent year-on-year, a decrease of 0.18 percentage points from the 2.26 per cent growth in June, the Statistics and Census Bureau (DSEC) announced on Monday. A DSEC statement attributed last month’s increase mostly to higher rentals … Continue reading "Macau inflation continues slowing down"

23 Aug, 2016

Macau recommends new projects for Hengqin Industrial Park

The Macau government is preparing to recommend a second group of projects for the Guangdong-Macau Industrial Cooperation Park on Hengqin Island, announced the Macau Trade and Investment Promotion Institute (IPIM). IPIM’s statement said that the Board of Management of the Hengqin New Area, in the municipality of Zhuhai, suggested the Macau government should present new … Continue reading "Macau recommends new projects for Hengqin Industrial Park"

20 Aug, 2016

New Secretary-General of the Permanent Secretariat of Forum Macau takes office

The new Secretary-General of the Permanent Secretariat of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macau) took office on Thursday. Xu Yingzhen served for several years as Commercial Counsellor of the Department of American and Oceanian Affairs of the Ministry of Commerce of China (equivalent to Director-General level). Xu replaced Chang … Continue reading "New Secretary-General of the Permanent Secretariat of Forum Macau takes office"

15 Aug, 2016

Macau Monetary Authority: Economy to stabilise next year

A Monetary and Financial Stability Review compiled by the Monetary Authority indicates that Macau’s economy is back on track and could resume growth already next year. “Macau SAR’s current economic adjustment is cyclical, and the sign of bottoming-out is looming. Economic contraction is likely to continue through 2016 but the degree is narrowing as mainly … Continue reading "Macau Monetary Authority: Economy to stabilise next year"

3 Aug, 2016

BNU Macau concludes first six months with net results up 17 per cent

Banco Nacional Ultramarino (BNU Macau) concluded the first half of 2016 with year-on-year growth of 17 percent in net results, which amounted to MOP278.57 million (US$34.8 million), said chief executive officer Pedro Cardoso. Cardoso told Macauhub on Monday that all key banking business indicators showed improvements when half-years were compared. He highlighted, for example, the … Continue reading "BNU Macau concludes first six months with net results up 17 per cent"

3 Aug, 2016

Macau’s imports dropped by 21.1 per cent in H1

Macau’s imports of cars and motorcycles shrank by 56.7 per cent to MOP593 million in the first half of the year, the Statistics and Census Bureau (DSEC) has announced. Imports of watches dropped by 41.6 per cent year-on-year to MOP1.95 billion in the first half of the year. Mobile phone imports decreased by 47.6 per … Continue reading "Macau’s imports dropped by 21.1 per cent in H1"

1 Aug, 2016

Macau's 2016 GDP

Macau’s June annual inflation continues to slow

Annual inflation in Macau in June continued to slow down, posting an increase of 2.26 per cent year on year, or a decrease of 0.38 percentage points compared to May, reported the city’s Statistics and Census Bureau. Growth in June was mainly due mainly to rising car park rates as well as the prices of … Continue reading "Macau’s June annual inflation continues to slow"

22 Jul, 2016

Macau and China add protocol to the agreement to avoid double taxation

The Macau Special Administrative Region (MSAR) and China’s State Administration of Taxation in Beijing signed an additional protocol to the agreement to avoid double taxation and prevent tax evasion, officials said in Macau. The Additional Protocol, the third, according to the statement released by the Office of the Secretary for Economy and Finance includes reducing … Continue reading "Macau and China add protocol to the agreement to avoid double taxation"

21 Jul, 2016

VIP baccarat is the main source of revenue from Macau’s casinos in 1st half

VIP baccarat remained the main source of gross revenue from Macau casinos in the first half of 2016, according to data released Monday by the Gaming Inspection and Coordination Bureau. Gross revenue from Macau casinos amounted to MOP 107.787 billion (US$13.473 billion), and revenues from VIP baccarat totalled MOP 56.980 billion (US$7.1225 billion), accounting for … Continue reading "VIP baccarat is the main source of revenue from Macau’s casinos in 1st half"

20 Jul, 2016

JLL says Macau property prices ‘already’ hit bottom

Property prices have “already” hit rock bottom but there won’t be a sharp rebound unless the city’s infrastructure and the economy are improved, Jones Lang LaSalle (JLL) Macau’s residential property chief Jeff Wong Chi Wai said on Thursday. Wong made the comments during a media briefing at his office about the global real estate services firm’s Macau … Continue reading "JLL says Macau property prices ‘already’ hit bottom"

15 Jul, 2016

Diversifying Macau’s economy with different types of slot machines

The Director of the Gaming Inspection and Coordination Bureau (DICJ), Paulo Martins Chan, stated his belief that if Macau wants to diversify its economy and achieve sustainable development, the gaming industry must undergo a period of structural adjustment, according to a statement released by the DICJ. In achieving economic diversification, Chan suggested that casinos could … Continue reading "Diversifying Macau’s economy with different types of slot machines"

14 Jul, 2016

Macau’s vehicle imports drop 53 per cent in January-May

Macau’s imports of motor cars and motorcycles dropped by 53 per cent year-on-year to 529 million patacas in the first five months of the year, the Statistics and Census Bureau (DSEC) announced on Wednesday. Mobile phone imports fell by 50.5 per cent to 1.97 billion patacas. Imports of watches decreased by 42.3 per cent to … Continue reading "Macau’s vehicle imports drop 53 per cent in January-May"

30 Jun, 2016

Macau government forecasts Brexit impact will be ‘limited’

The impact of Great Britain’s referendum to leave the European Union (EU) will have a “relatively limited” impact on Macau, a statement by the office of Secretary for Economy and Finance Lionel Leong Vai Tac predicts. According to the statement issued on Friday, Leong held a meeting with the Macau Monetary Authority (AMCM) on Friday … Continue reading "Macau government forecasts Brexit impact will be ‘limited’"

27 Jun, 2016

Prices in Macau continue to slow in May

Consumer prices in Macau in May continued to slow, with year on year inflation at a rate of 1.64 per cent, or 38 basis points less than in April, said the region’s Statistics and Census Bureau (DSEC). A chart provided by DSEC in the statement on May’s CPI shows that the general index has been … Continue reading "Prices in Macau continue to slow in May"

23 Jun, 2016

Macau’s GDP to fall 5.9 per cent in 2016, return to growth in 2017

Macau’s real GDP will contract by 5.9 per cent this year because of a fall in gambling revenue but will return to growth in 2017. This is the forecast of a report on Macau for the second quarter of this year by the Economist Intelligence Unit (EIU), published in London on June 20. It said … Continue reading "Macau’s GDP to fall 5.9 per cent in 2016, return to growth in 2017"

21 Jun, 2016