Macau’s gross domestic product (GDP) shrank by 2.1 percent year on year in real terms last year, an improvement from the 21.5 percent drop in 2015, the Statistics and Census Bureau (DSEC) said on Thursday.
According to a DSEC statement, GDP contracted by 9.7 percent in the first half of 2016, but rebounded by 5.7 percent in the second half.
The statement attributed last year’s economic contraction mainly to the weakening of total demand. Domestic demand dropped 5.8 percent, private consumption expenditure fell 1.3 percent and gross fixed capital formation shed 13.3 percent.
The statement pointed out that external demand recovered significantly in the second half of last year. Total exports of services declined at a slower rate of 2.5 percent amid continued growth in visitor arrivals and spending.
Last year, the city’s GDP at current prices amounted to 358.2 billion patacas, the lowest annual figure since 2012. Per capita GDP at current prices stood at 554,619 patacas (US$69,372) last year, a decline of 2.8 percent year-on-year.
Net exports of goods and services accounted for 41.1 percent of GDP last year. Private consumption expenditure and investment accounted for 26.6 percent and 22 percent respectively, while government final consumption expenditure accounted for 10.3 percent.
Macau has suffered negative GDP in real terms over the past three years.
(Macau News / The Macau Post Daily)
