Macau's Statistics and Census Bureau (DSEC) has announced today that the Gross Value Added (GVA)* of the city's tertiary sector, i.e., its service sector, such as wholesale and retail trade, restaurants and similar activities, financial activities and gaming, rose by 76.4 percent year on year in real terms in 2023, driven by a 395 percent growth in the number of visitor arrivals.
Its relative importance in the industrial structure, according to a DSEC statement, grew by 3.6 percentage points to 94.4 percent. GVA of the secondary sector. e.g., industrial production, manufacturing and construction, rose by 6.8 percent in real terms, while its relative importance in the industrial structure dropped by 3.6 percentage points to 5.6 percent. Analysed by economic activity, GVA of non-gaming industries increased by 20.7 percent year on year in real terms to 220.7 billion patacas, which accounted for 61.7 percent of Macau's total GVA, up by 12.9 percentage points compared to 2019.
Tertiary sector's GVA showed a real growth of 76 percent, rising to 95 pct
GVA of all economic activities expanded by 70.0 percent year on year in real terms, underpinned by the resumption of local economic activities. GVA of the tertiary sector soared by 76.4 percent in real terms on account of the revival of tourism activity, with GVA of most of the economic activities recording year-on-year growth. A notable rise was recorded in the GVA of tourism-related industries such as Gaming (+354.8 pct), Restaurants & Similar Activities (+112.5 pct), Hotels & Similar Activities (+88.1 pct) and Wholesale & Retail Trade (+79.4 pct). Meanwhile, GVA of the secondary sector increased by 6.8 percent in real terms, with that of the Manufacturing sector, the Electricity, Gas & Water Supply sector and the Construction sector rising by 42.7 pct, 8.1 pct and 1.6 pct respectively.
As regards industrial structure, the relative importance of the tertiary sector expanded by 3.6 percentage points year on year to 94.4 percen t due to a relatively large growth in GVA, whereas the relative importance of the secondary sector decreased by 3.6 percentage points to 5.6 percent With respect to the structure of economic activities, the share of the Gaming sector (38.3 percent) rebounded by 23.5 percentage points; meanwhile, the share of the non-gaming industries receded to 61.7 percent, which represented an increase of 12.9 percentage points when compared to 2019. The proportions of Hotels & Similar Activities (5.9 pct) and Restaurants & Similar Activities (2.1 pct), which are under the tertiary sector, grew by 3.5 percentage points and 0.4 percentage points respectively year-on-year. On the other hand, the proportions of the Construction sector (4.0 pct), the Electricity, Gas & Water Supply sector (0.9 pct) and the Manufacturing sector (0.8 pct), which are in the secondary sector, decreased by 2.9 percentage points, 0.5 percentage points and 0.1 percentage point respectively.
- DSEC, MPD
*Gross Value Added (GVA) is an economic measure that represents the value of goods and services produced in an area, sector, or economy, minus the value of goods and services used in production.
GVA can be calculated using the formula: GVA = Gross Output − Intermediate Consumption, where Gross Output includes the total value of production, and Intermediate Consumption comprises the costs of materials and services consumed in the production process. GVA is closely related to Gross Domestic Product (GDP); GDP can be derived from GVA by adding taxes and subtracting subsidies on products. - Source: Poe
