Macao’s gross domestic product (GDP) grew by 18 per cent year-on-year in real terms last year, but shrank by 4.4 per cent year-on-year in the last quarter, the Statistics and Census Bureau (DSEC) announced.
Exports of gaming services fell by 14.4 per cent in the fourth quarter of 2021, while exports of other tourism services rose by 8.9 per cent. Gross fixed capital formation decreased by 8.7 per cent. While the Covid-19 pandemic situation “remained volatile” in 2021, it “improved compared” to 2020, the statement read.
Total demand picked up last year with private consumption expenditure expanding by 7 per cent. Compensation of employees increased by 1.2 per cent, but net purchases of goods and services dropped by 1.1 per cent.
Gross fixed capital formation dropped by 1.8 per cent due to a decline in private construction investment. Exports of gaming services and other tourism services surged by 45 per cent and 127.2 per cent respectively, driven by a rebound in the number of visitor arrivals. As a result, exports of services grew by 62.1 per cent. Merchandise exports rose by 91.0 per cent.
In 2021, GDP amounted to MOP 239.4 billion, while per capita GDP stood at MOP 350,445 (US$43,774) – one of the highest in the world.
Last year was the first year since 2019 that Macao’s GDP grew in real terms. Per capital GDP grew by 17.7 per cent last year, after dropping 4.4 per cent in 2019 and 54.5 per cent in 2020 in real terms.