Macau’s gross domestic product (GDP) rose by 116.1 percent year-on-year in real terms in the third quarter of this year, the Statistics and Census Bureau (DSEC) has announced.
A DSEC statement on Friday attributed the strong growth “to the thriving exports of services, of which the growth in exports of gaming services and other tourism services accelerated to 781.4 percent and 255.4 percent respectively.”
In addition, the statement noted, “domestic demand increased by 15.7 percent owing to the continued rebound in gross fixed capital formation and private consumption expenditure,” adding that “all these contributed to Macau’s sustained and strong economic recovery.”
The statement also pointed out that “the improving economic environment and employment situation continued to boost private consumption activities.”
Regarding service trade, the number of visitor arrivals in the third quarter soared by 821.3 percent year-on-year to 8.3 million, corresponding to 83.5 percent of the visitor number in the same quarter of pre-pandemic 2019.
For the first three quarters, GDP grew by 77.7 year-on-year in real terms.
Meanwhile, the bureau said, GDP’s rate of change for last year was revised to -21.5 percent. The rates of change for the first quarter, second quarter and first half of this year were revised to +33.0 percent, +102.0 percent, and +62.3 percent respectively.
