Macau’s gross domestic product grew 11.5 per cent year-on-year in real terms in the second quarter of the year, according to data published by the Statistics and Census Bureau (DSEC).
‘The economic growth was attributable to the increases in exports of services and private consumption’ reads a comment by the DSEC on the double digit growth.
External demand continued to expand, pushing up exports of services by 18.8 per cent, of which exports of gaming services and other tourism services grew by 19 per cent and 22.1 per cent yearly, respectively.
Meanwhile private consumption expenditure saw the largest increase, with stable economic conditions, easing inflation and favourable employment leading to a 3.4 per cent year-on-year increase, higher than the 1.6 per cent rise in the first quarter.
Second quarter household final consumption expenditure in the domestic market and abroad increased year-on-year by 2.5 per cent and 5 per cent, respectively.
However, government final consumption saw a decline, going down by 2.4 per cent between April and June of this year when compared to the same period last year.
This decrease was caused by an 11 per cent yearly fall in net purchases of goods and services, while compensation paid to employees went up 2.7 per cent year-on-year.
The level of investment registered a slight slow down, with the ‘completion of large-scale tourism and entertainment facilities, gross fixed capital formation and the gauge of investment’ leading to a 2.4 per cent yearly decrease.
Despite the slowdown, government investment rose considerably by 73.1 per cent yearly, due to an 84.1 per cent ‘surge’ in public construction investment.
With private construction investment and equipment investment going down by 7.3 per cent and 20.2 per cent, respectively, private investment dropped 8.8 per cent yearly.
More visitors, more money
The hike in visitor arrivals and higher visitor spending between April and June drove the year-on-year growth rate of total exports of services up by 18.8 per cent yearly, with service imports going up 15.1 per cent year-on-year.
In the first half of this year, the Macau economy grew by almost 11 per cent yearly, with imports and exports of goods increasing by 5.5 per cent and 3.8 per cent, respectively.