Chief Executive of the Macao Special Administrative Region (SAR) Chui Sai On said on Monday that he is cautiously optimistic about Macao's economic outlook this year.

In a policy address delivered at the Legislative Council, Chui said although the economic development is faced with difficulties and challenges, the overall economic condition of Macao is favorable and the overall trend of economic development has not changed.

Chui, who started his second five-year term as the Macao SAR chief late last year, said promoting the appropriately diversified economy has obtained the phased goals in recent years, which has laid an important foundation for the steady economic development.

According to the policy address, Macao's gross revenue of gaming industry was 350 billion patacas (about 45.5 billion US dollars) in 2014, while the gross avenue of the non-gaming industries, including wholesale and retail, hotel, catering services, construction and finance, exceeded 190 billion patacas ( about 23.79 billion dollars).

Macao's fiscal reserve has reached 432.427 billion patacas (54. 13 billion dollars), the foreign exchange reserve is 133.343 billion patacas (16.69 billion dollars), and the unemployment rate is still at a low level "in terms of the economic outlook in 2015, " Chui said.

"We will keep the attitude that be prepared for danger in times of safety and be cautiously optimistic," he added.