Due to the impact of the COVID-19 pandemic, Macau's gross domestic product (GDP) shrank 26.8 percent year-on-year in real terms last year, the Statistics and Census Bureau (DSEC) has announced.
According to a DSEC statement yesterday, Macau's tourism and other economic activities were hindered last year by border entry curbs and lockdown measures imposed by the local government in response to the novel coronavirus pandemic as well as the large-scale infections in the local community in June.
Domestic demand fell 9.3 percent year-on-year; private consumption expenditure dropped 8.9 percent and government final consumption expenditure dipped 0.1 percent. Gross fixed capital formation (GFCF) showed a year-on-year decrease of 18.9 percent, resulting from reduced investment in private construction, the bureau said.
Concerning external demand, exports of gaming services and other tourism services declined 52.7 percent and 29.6 percent year-on-year respectively, dragged down by a 26.0 percent drop in the number of visitor arrivals; as a result, exports of services shrank 32.1 percent, while merchandise exports dipped 18.1 percent.
In 2022, GDP amounted to 177.3 billion patacas and per-capita GDP stood at 261,459 patacas (US$32,415). The implicit deflator of GDP, which measures the overall changes in prices, grew 0.4 percent year-on-year for the whole year of 2022 and 1.1 percent for the fourth quarter.
In the fourth quarter, GDP fell 23.4 percent year-on-year in real terms in the fourth quarter of 2022.
The DSEC statement noted that its GDP figures for the first, second and third quarters of 2022 were revised to -10.9%, -40.2% and -32.3% respectively.
Macau confirmed its first COVID-19 case in January 2020. The local government lifted most COVID-19 curbs early this year.
MOP = Macao patacas
Source: DSEC
