Macao GDP grows for two consecutive quarters

MACAO, Nov. 19 (Xinhua) -- Macao's gross domestic product (GDP) increased by 32.9 percent year on year in real terms in the third quarter of 2021, the special administrative region's (SAR) statistics department said here on Friday.

The latest report from the Statistics and Census Service (DSEC) showed that Macao's economy has resumed positive growth for two consecutive quarters.

The implicit deflator of the GDP, which measures the overall changes in prices, rose by 1.1 percent year on year in the third quarter, showed the report.

Exports of services surged by 181.3 percent year on year, of which exports of gaming services and other tourism services soared by 302.6 percent and 303.3 percent, respectively. Exports of goods recorded a year-on-year growth of 51.4 percent.

Domestic demand edged down by 0.7 percent year on year. Imports of goods rose by 43.7 percent while imports of services went up by 16 percent.

Private consumption increased by 3 percent year on year, with household final consumption expenditure in the domestic market and abroad rising by 3.2 percent and 1 percent, respectively.

Government final consumption expenditure dropped by 3.8 percent year on year as the SAR government's spending on pandemic prevention and medical and health services in the third quarter of 2021 was less than that in the same quarter last year.

Gross fixed capital formation decreased by 4.1 percent year on year, of which construction investment and equipment investment fell by 3.7 percent and 5.9 percent respectively. Public construction investment declined by 20.5 percent, whereas equipment investment grew by 32.9 percent.

As regards private investment, construction investment rose by 2 percent year on year, which was attributed to increased investment in some large construction projects, whereas equipment investment reduced by 10.8 percent.

The pick-up in exports of services drove up imports of goods. Imports and exports of goods recorded respective growth of 43.7 percent and 51.4 percent year on year.

The number of visitor arrivals to Macao leapt by 143.6 percent year on year in the third quarter.

For the first three quarters of 2021, the GDP rose by 27.5 percent in real terms.