Macao’s gross domestic product (GDP) rebounded by 69.5 per cent year-on-year in real terms in the second quarter of this year, the Statistics and Census Bureau (DSEC) announced today.
In the second quarter, Macao’s GDP stood at MOP 59.2 billion (US$7.4 billion). In the same quarter of last year it amounted to MOP 35 billion (US$4.3 billion). Prior to the Covid-19 pandemic, the second quarter of 2019 amounted to a GDP of MOP 108.9 billion (US$13.5 billion).
A DSEC statement said that Macao’s economy resumed positive growth due to a relatively low base of comparison in the same quarter last year when local economic activities were limited due to strict entry restrictions for visitors amid the Covid-19 pandemic.
“With the pandemic remaining under control, the pick-up in external demand in the second quarter also contributed to the [economic] growth,” the statement said.
Exports of services grew by 555.6 per cent year-on-year, of which exports of gaming services and other tourism services surged by 1,089.7 per cent and 1,328.3 per cent respectively.
Exports of goods rose by 606.9 per cent year-on-year. Domestic demand maintained its growth, rising by 3.7 per cent year-on-year. Imports of goods increased by 173.5 per cent, while imports of services rose by 54.2 per cent.
The implicit deflator of GDP, which measures the overall changes in prices, dropped by 0.3 per cent year-on-year in the second quarter.
As the government allocated extra expenditure for pandemic prevention measures and launched a string of economic assistance measures such as a subsidised e-voucher consumption scheme, government final consumption expenditure grew by 0.4 per cent year-on-year, of which net purchases of goods and services went up by 0.4 per cent and employees’ compensation increased by 0.5 per cent.
The local government continued to promote a raft of infrastructure projects, with public construction investment and equipment investment expanding by 37 per cent and 37.3 per cent respectively year-on-year. Private construction investment dropped by 27.7 per cent year-on-year owing to smaller investment in large-scale hotel projects compared to the same quarter last year and fewer private residential projects. However, equipment investment increased by 24.2 per cent.
The pick-up in total demand drove up external merchandise trade, with imports and exports of goods surging by 173.5 per cent and 606.9 per cent respectively year-on-year.
Macao’s number of visitor arrivals leapt by 4,302.6 per cent year-on-year and 25.9 per cent quarter-to-quarter in the second quarter. Exports of gaming services and other tourism services soared by 1,089.7 per cent and 1,328.3 per cent respectively, Imports of services increased by 54.2 per cent year-on-year.