Macao’s gross domestic product (GDP) increased by 25.7 percent in the first quarter of this year, according to data published today by the Statistics and Census Service (also known by its Portuguese abbreviation DSEC).
The department said that the growth was a result of “the revival of the local economy underpinned by thriving exports of services as well as steady private consumption and gross fixed capital formation.”
While the SAR’s economy has not fully recovered to pre-pandemic levels, DSEC pointed out that it had reached roughly 87 percent of the level recorded in the first quarter of 2019.
Visitor arrival numbers have also bounced back strongly in a boon for the city’s tourism-dependent economy, reaching almost 9 million during the first three months of this year, a jump of around 79 percent year-on-year.
[See more: Gambling contributed to less than 40 percent of Macao’s GDP last year, Ho says]
The bureau meanwhile said there was around a 30 percent increase in service exports year-on-year, with gaming service exports and tourism service exports both rising by around 63 percent and 15 percent respectively.
In contrast, service imports experienced a 3.5 percent drop. Similarly, foreign trade fell during the first quarter, with a nearly 14 percent decrease in the goods exported and a 1.4 percent drop in the import of goods.
Consumption rose, with a nearly 11 percent increase in private consumption expenditure year-on-year. The net purchases of goods and services fell almost 41 percent.
Investment rose by 13 percent year-on-year, marking the fourth straight quarter of growth in this area, which DSEC attributes to “positive economic sentiments.”
