Macau’s gross domestic product (GDP) grew by 11.5 percent year-on-year in real terms to 301.0 billion patacas in the first three quarters of the year, the Statistics and Census Bureau (DSEC) announced yesterday.
According to a DSEC statement, overall economic output returned to 86.3 percent of the level in the same period in prep-pandemic 2019, with GDP surpassing 300.0 billion patacas again since the first three quarters of 2019. Exports of services and domestic demand (including private consumption expenditure, government final consumption expenditure and investment) showed respective growth of 11.4 percent and 2.7 percent year-on-year.
Exports of services grew by 11.4 percent year-on-year in the first three quarters.
In view of the rising number of visitor arrivals during the peak summer season, exports of services grew by 11.4 percent year-on-year in real terms in the first three quarters, of which exports of gaming services went up by 28.4 percent; meanwhile, exports of other tourism services dropped by 6.1 percent due to the high comparison base in the same period last year, but increased by nearly 15 percent compared to the same period in 2019. With respect to external merchandise trade, exports and imports of goods fell by 15.1 percent and 8.3 percent year-on-year respectively.
Private consumption expenditure sustained solid growth, driven by an increase in the income of residents amid the positive local economic situation and the improving job market. In the first three quarters, private consumption expenditure rose by 5.8 percent year-on-year, with household final consumption expenditure in the domestic market and abroad rising by 4.8 percent and 13.6 percent respectively. On the other hand, government final consumption expenditure fell by 10.1 percent year-on-year following the cessation of the government’s livelihood subsidy scheme, the statement underlined. Net purchases of goods and services dipped by 21.9 percent year-on-year, while compensation of employees remained virtually unchanged.
Gross fixed capital formation increased by 9.2 percent year-on-year in the first three quarters, as enterprises continued to step up their investments in Macau amid the improving local business environment, the bureau said.
Private investment showed substantial growth, according to the statement, with private equipment investment and construction investment expanding by 31.5 percent and 11.6 percent respectively during the period. Besides, government equipment investment recorded an uplift of 27.3 percent year-on-year, whereas public construction investment dipped by 8.6 percent due to the completion of some large public works.
In comparison with the third quarter of 2023, GDP expanded by 4.7 percent year-on-year in real terms in the third quarter of this year. The overall economic output corresponded to 87.3 percent of its size in the same quarter of 2019. Exports of services and domestic demand increased by 1.3 percent and 4.6 percent respectively.
The implicit deflator of GDP, which measures the overall changes in prices, went up by 1.5 percent year-on-year to 106.7.
Residents shop at a 24-hour convenience store on Rua dos Mercadores (營地大街) late last night. – Photo: Carl Leong
