But still just 54.4 pct of GDP in 2Q 2019
Macau’s gross domestic product (GDP) rebounded by 69.5 percent year on year in real terms in the second quarter of this year, the Statistics and Census Bureau (DSEC) announced today.
In the second quarter, Macau's GDP stood at 59.2 billion patacas (US$7.4 billion). In the same quarter of last year it amounted to 35.0 billion patacas, according to DSEC data.
However, in real terms Macau’s GDP of 60.0 billion patacas in the second quarter of this year still amounted to just 54.4 percent of the 110.2 billion patacas recorded in the pre-pandemic second quarter of 2019.
A DSEC statement said that Macau’s economy resumed positive growth on account of a relatively low base of comparison in the same quarter last year when local economic activities were limited due to strict entry restrictions for visitors amid the COVID-19 pandemic. “With the pandemic remaining under control, the pick-up in external demand in the second quarter also contributed to the [economic] growth,” the statement said.
Exports of services grew by 555.6 percent year on year, of which exports of gaming services and other tourism services surged by 1,089.7 percent and 1,328.3 percent respectively. Exports of goods rose by 606.9 percent year on year. Domestic demand maintained its growth, rising by 3.7 percent year on year. Imports of goods increased by 173.5 percent while imports of services rose by 54.2 percent.
The implicit deflator of GDP, which measures the overall changes in prices, dropped by 0.3 percent year on year in the second quarter.
Residents’ economic activities have basically recovered, the statement noted, with household final consumption expenditure in the domestic market increasing by 8.8 percent year on year. Due to the relatively low base of comparison in the same quarter last year, household final consumption expenditure abroad went up by 87.0 percent. The overall private consumption rose by 11.5 percent year on year.
As the local government allocated extra expenditure for pandemic prevention measures and launched a string of economic assistance measures such as a subsidised e-voucher consumption scheme, government final consumption expenditure grew by 0.4 percent year on year, of which net purchases of goods and services went up by 0.4 percent and employees’ compensation increased by 0.5 percent, according to the statement.
Gross fixed capital formation declined by 10.1 percent year on year, of which construction investment decreased by 16.7 percent while equipment investment rose by 25.0 percent. The local government continued to promote a raft of infrastructure projects, with public construction investment and equipment investment expanding by 37.0 percent and 37.3 percent respectively year on year. Private construction investment dropped by 27.7 percent year on year owing to smaller investment in large-scale hotel projects compared to the same quarter last year and fewer private residential projects. However, equipment investment increased by 24.2 percent, the statement noted.
The pick-up in total demand drove up external merchandise trade, with imports and exports of goods surging by 173.5 percent and 606.9 percent respectively year on year.
Macau’s number of visitor arrivals leapt by 4,302.6 percent year on year and 25.9 percent quarter to quarter in the second quarter. Exports of gaming services and other tourism services soared by 1,089.7 percent and 1,328.3 percent respectively, Imports of services increased by 54.2 percent year on year.
