Group 1 - The core viewpoint of the articles indicates that the Macau Composite Consumer Price Index (CPI) has shown a slight increase, with a year-on-year rise of 0.12% in July 2025 and an average increase of 0.28% over the past twelve months [1][2] - The food and non-alcoholic beverages category saw a year-on-year price increase of 0.30%, driven by higher costs for dining out and takeout services, while housing rent adjustments contributed to a 0.22% rise in the housing and fuel category [1][2] - The most significant year-on-year increase was observed in the recreation, sports, and culture category, which rose by 3.21%, while the information and communication category and clothing category experienced declines of 3.00% and 2.54%, respectively [1][2] Group 2 - Month-on-month, the CPI increased by 0.11% in July compared to June, with the food and non-alcoholic beverages category rising slightly by 0.04% [2] - The recreation, sports, and culture category saw a month-on-month increase of 2.03%, influenced by higher tour and hotel prices, while transportation also rose by 0.72% due to increased airfare and gasoline prices [2] - The average CPI for the first seven months of the year increased by 0.18%, with food and non-alcoholic beverages rising by 0.46% [2] Group 3 - The Macau Statistics and Census Service has compiled three series of consumer price indices to reflect the impact of price changes on different household expenditure groups, with Class A and Class B indices covering approximately 50% and 30% of households, respectively [3] - The average monthly expenditure for Class A households ranges from 11,000 to 35,999 MOP, while Class B households range from 36,000 to 71,999 MOP [3] - The categories of housing and fuel, food and non-alcoholic beverages, and transportation have a significant weight in household expenditure, accounting for 34.47%, 29.47%, and 8.33%, respectively [3]

Core Viewpoint - The World Trade Organization (WTO) reported a slowdown in global service trade growth to 5% year-on-year in Q1 2025, which is about half of the growth rates seen in 2024 and 2023 [1][2]. Group 1: Service Trade Performance - In Q1 2025, service exports from Europe and North America grew only by 3%, significantly lower than the 8% and 11% growth rates in Q1 2024 [3]. - In contrast, Asia maintained a strong growth rate of 9% during the same period [3]. - The slowdown in service trade is primarily attributed to "other business services," which encompass a wide range of services delivered mainly in a digital format [5][6]. Group 2: Sector-Specific Insights - The growth of "other business services" in Q1 2025 was slower compared to the same period in 2024, with U.S. exports growing by 4% versus 8% previously, and EU exports remaining flat in dollar terms but increasing by 4% in euro terms [8]. - Financial services exports saw a mere 3% growth, reflecting increased global economic uncertainty and reduced investment activity, with EU and U.S. exports growing by only 2% [8]. - Global intellectual property-related services grew by 4% in Q1 2025, down from 7% in 2024, with the EU and U.S. accounting for nearly 70% of exports [9]. Group 3: Regional Performance - International travel saw a 5% increase year-on-year in Q1 2025, with international tourist numbers surpassing pre-pandemic levels for the first time since 2019 [14]. - In Asia, tourism revenue surged by 13%, with China leading at a remarkable 96% growth, followed by Vietnam (33%), Japan (25%), and Thailand (18%) [15]. - In North America, however, tourism revenue declined by 1% [15]. Group 4: Trade Data from Major Economies - From January to May 2025, China's service trade showed steady growth, with total service trade amounting to 32,543.6 billion yuan, a year-on-year increase of 7.7% [17]. - Travel services experienced the fastest growth, with imports and exports reaching 9,205.5 billion yuan, marking a 12.2% increase [18]. - In North America, the U.S. service exports grew by 5%, while Canada experienced a decline of 6% [19].

Group 1 - In February, 12 out of 20 industries in Canada experienced a decline, while the manufacturing sector grew by 0.6% [1] - The financial and insurance sectors have seen a continuous increase for three months, with a growth rate of 0.7% in February, partially offsetting the overall economic downturn [1] - The winter storms in central, eastern Canada, and British Columbia have negatively impacted the economy, particularly affecting the transportation and warehousing sector, which declined by 1.1% [4] Group 2 - Economists suggest that the unexpected decline in February is likely due to severe weather rather than tariff uncertainties, with significant impacts on mining, oil and gas, transportation, and real estate sectors [6] - The manufacturing sector is highlighted as a "bright spot," with a 0.6% growth in February, driven mainly by durable goods manufacturing, particularly machinery, which grew by 5.9% [7] - Deloitte's economic outlook predicts that the Canadian economy will enter a recession in the second quarter of this year, with a projected GDP growth rate of -1.1% for Q2 and -0.9% for Q3 [11][12] Group 3 - The Bank of Canada indicates that the era of low interest rates may be coming to an end, with a forecasted benchmark interest rate of 2.25% by the end of 2025, which is still higher than most of the 2010s [14] - The unemployment rate is expected to exceed 7% this year, with a projected loss of 75,000 jobs in the next two quarters, particularly in export-sensitive sectors like manufacturing, steel, and aluminum [14] - The current trade threats could lead to a permanent reduction of about 3% in Canada's real GDP by 2030 if exceptions in the USMCA are removed, highlighting the urgency to address long-term economic issues [17]