Macau's gross domestic product (GDP) dipped by 0.9 percent year-on-year in real terms in the first quarter, a much lower contraction compared to the previous quarter when GDP fell 45.9 percent year-on-year, the Statistics and Census Bureau (DSEC) announced today.
According to a DSEC statement, exports of services rebounded by 4.1 percent year-on-year, of which exports of gaming services fell by 20.7 percent while exports of other tourism services surged by 88.1 percent. Exports of goods soared by 137.7 percent year-on-year. Domestic demand reversed its downward trend, rising by 12.9 percent year-on-year. Imports of goods rose by 81.7 percent while imports of services went down by 2.0 percent.
The implicit deflator of GDP, which measures the overall changes in prices, dropped by 2.3 percent year-on-year in the first quarter.
Household final consumption expenditure in the domestic market expanded by 19.2 percent year-on-year, with residents' local economic activities generally returning to the levels in the first quarter of 2019, coupled with a relatively low base of comparison in the first quarter of 2020 due to the novel coronavirus pandemic.
Household final consumption expenditure abroad declined by 13.2 percent owing to the ongoing entry restrictions imposed in many countries and regions. Overall private consumption increased by 14.8 percent year-on-year.
The statement noted that the local government continued to allocate considerable resources for COVID-19 pandemic prevention and control measures in the first quarter. Government final consumption expenditure remained stable, up by 0.2 percent year-on-year. Net purchases of goods and services decreased by 3.0 percent, while compensation of employees grew by 2.2 percent.
Investment in fixed assets rose by 20.3 percent year-on-year, of which construction investment and equipment investment grew by 23.5 percent and 6.8 percent respectively. Public construction investment and equipment investment showed respective increases of 73.8 percent and 13.3 percent year-on-year.
Private investment, private construction investment expanded by 10.5 percent year-on-year on account of larger investment in major hotel projects compared to the first quarter of 2020; besides, equipment investment increased by 6.6 percent.
The pick-up in total demand drove up Macau' external merchandise trade, with imports and exports of goods increasing by 81.7 percent and 137.7 percent year-on-year respectively.
Visitor arrivals fell by 46.0 percent year-on-year in the first quarter. Exports of gaming services decreased by 20.7 percent while exports of other tourism services increased by 88.1 percent. Imports of services dropped by 2.0 percent year-on-year.
