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Macao GDP rises 32.9% year-on-year in third quarter

GDP now stands at MOP 55.4 billion as exports show significant increase and visitor arrivals pick up after a dismal 2020.

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GDP now stands at MOP 55.4 billion as exports show significant increase and visitor arrivals pick up after a dismal 2020.

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UPDATED: 22 Dec 2023, 4:41 am

Macao’s gross domestic product (GDP) rose by 32.9 per cent year-on-year in real terms in the third quarter of this year, the Statistics and Census Bureau (DSEC) has announced.

The DSEC said that Macao’s economy “has shown positive growth for two consecutive quarters.” In the second quarter, GDP grew by 68.8 per cent year-on-year, whereas in the first quarter it fell by 1.6 per cent year-on-year, according to previous DSEC data.

In 2020, Macao’s GDP declined by 56.3 per cent.

In the third quarter of this year, GDP stood at MOP 55.4 billion at current prices. It stood at MOP 61.8 billion in the second quarter and at MOP 58.3 billion in the first quarter.

Exports of services increased by 181.3 per cent year-on-year in the third quarter, driven by a rebound in the number of visitor arrivals. Exports of gaming services and other tourism services soared by 302.6 per cent and 303.3 per cent respectively.

The DSEC stressed that ”the pick-up in exports of services drove up imports of goods.” Imports and exports of goods recorded respective growth of 43.7 per cent and 51.4 per cent year-on-year.

Visitor arrivals surged by 143.6 per cent year-on-year.

In the first three quarters of this year, GDP rose by 27.5 per cent in real terms.

 

UPDATED: 22 Dec 2023, 4:41 am

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