Macau's gross domestic product (GDP) decreased by 33.4 percent year-on-year in real terms in the third quarter, owing a COVID-19 outbreak that was confirmed on June 18 but has meanwhile subsided, the Statistics and Census Bureau (DSEC) announced today.
Due to a 50.8 percent decline in the number of visitor arrivals amid the outbreak in the third quarter, exports of services fell by 46.7 percent year-on-year, of which exports of gaming services and exports of other tourism services tumbled by 72.5 percent and 45.9 percent respectively, the bureau said in a statement.
Domestic demand dropped by 14.4 percent year-on-year, dragged down by a decline in gross fixed capital formation (GFCF) and private consumption expenditure.
The implicit deflator of GDP, which measures the overall changes in prices, decreased by 1.1 percent year-on-year.
With Macau's economic activity being affected by the government's COVID-19 control measures in July, household final consumption expenditure in the domestic market and abroad dropped by 13.3 percent and 12.2 percent year-on-year respectively. Overall private consumption expenditure fell by 13.3 percent year-on-year.
Government final consumption expenditure rose by 5.7 percent year-on-year, due to an increase in the government's expenditure on its healthcare subsidy scheme and novel coronavirus pandemic prevention measures. Net purchases of goods and services grew by 10.2 percent while compensation of employees decreased by a mere 0.1 percent.
Gross fixed capital formation decreased by 34.3 percent year-on-year, of which construction investment and equipment investment dropped by 38.2 percent and 18.8 percent respectively.
Concerning public investment, public construction investment rise by 19.6 percent, thanks to increased investment in construction of public housing, the fourth Macau-Taipa bridge and the Islands District Medical Complex in Cotai; however, the statement pointed out, equipment investment reduced by 44.4 percent. Regarding private investment, construction investment declined by 56.4 percent year-on-year due to reduced investment by gaming operators; besides, equipment investment fell by 14.0 percent.
In the third quarter, Macau's GDP at current prices amounted to 37.0 billion patacas
External merchandise trade was impacted amid the pandemic, with imports and exports of goods dropping by 27.9 percent and 43.0 percent. year-on-year respectively.
For the first three quarters of 2022, GDP declined by 27.8 percent in real terms.
