Macau's gross domestic product (GDP) grew by 18.0 percent year-on-year in real terms last year, but it shrank by 4.4 percent year-on-year in the last quarter, the Statistics and Census Bureau (DSEC) announced today.
According to a DSEC statement, exports of gaming services fell by 14.4 percent in the fourth quarter of 2021, while exports of other tourism service rose by 8.9 percent. Gross fixed capital formation decreased by 8.7 percent.
The statement underlined that while the COVID-19 pandemic situation "remained volatile" in 2021, it "improved compared" to 2020.
Total demand picked up last year. Private consumption expenditure expanded by 7.0 percent, compensation of employees increased by 1.2 percent, but net purchases of goods and services dropped by 1.1 percent. Gross fixed capital formation dropped by 1.8 percent due to a decline in private construction investment, the statement pointed out.
Exports of gaming services and other tourism services surged by 45.0 percent and 127.2 percent respectively, driven by a rebound in the number of visitor arrival. As a result, exports of services grew by 62.1 percent. Merchandise exports rose by 91.0 percent.
In 2021, GDP amounted to 239.4 billion patacas, while per capita GDP stood at 350,445 patacas (US$43,774) - one of the highest in the world.
2021 was the first year since 2019 that Macau's GDP grew in real terms. It fell by 2.5 percent in 2019 and 54.0 percent in 2020.
Per capital GDP grew by 17.7 percent last year, after dropping 4.4 percent in 2019 and 54.5 percent in 2020 in real terms.
According to the statement, the rates of change of GDP for the first, second and third quarters of 2021 were revised upward to -1.2 percent, +70.9 percent and +33.8 percent respectively.
Macau confirmed its first COVID-19 case in January 2020. Its COVID-19 tally stays at 82. No COVID-19 deaths have been reported in Macau which has implemented strict novel coronavirus control and prevention measures for more than two years in close coordination with the National Health Commission (NHC) in Beijing.
