GDP falls slightly in first quarter
However, figures show a marked improvement from the final months of 2020, while exports of services are growing again.
Secretary for Economy and Finance Lei Wai Nong has revealed that Macao’s gross domestic product (GDP) in the first quarter of this year dropped 0.9 per cent year-on-year in real terms, significantly less than in the fourth quarter of 2020, when the city’s GDP contracted 45.9 per cent year-on-year in real terms.
According to the Statistics and Census Bureau (DSEC), Macao’s real GDP contracted 56.3 per cent last year. The city’s output in real terms declined 48.3 per cent, 67.9 per cent, 63.8 per cent and 45.9 per cent year-on-year in the first, second, third and fourth quarters of 2020 respectively, The Macau Post Daily reported.
Lei also said that Macao’s exports of services returned to year-on-year growth in the first quarter of this year, a change from declines in previous quarters. The city’s exports of tourism services increased 88.1 per cent year-on-year in the first quarter of 2021.