Gross domestic product for the 2nd quarter of 2018


Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) in the second quarter of 2018 grew by 6.0% year-on-year in real terms attributable to the steady growth in exports of services and private consumption; the economic growth in the second quarter was lower than the 9.2% rise in the previous quarter due to a smaller increase in exports of services and a notable decline in investment. External demand maintained growth, which pushed up total exports of services by 13.0% year-on-year, with exports of gaming services and other tourism services rising by 13.7% and 13.0% respectively; meanwhile, exports of goods went up by 30.0%. Domestic demand eased slightly owing to an 11.9% decrease in investment; private consumption expenditure and government final consumption expenditure rose by 5.3% and 5.1% respectively year-on-year; imports of goods increased by 10.0%. The implicit deflator of GDP, which measures the overall changes in prices, went up by 3.5% year-on-year.

Private consumption expenditure showed solid growth. Total employment and employment earnings increased amid satisfactory employment situation, driving private consumption expenditure up by 5.3% year-on-year, higher than the 4.8% rise in the previous quarter. Household final consumption expenditure in the domestic market and abroad increased by 4.9% and 3.3% respectively.

Government final consumption expenditure registered increase, up by 5.1% year-on-year, higher than the 2.2% growth in the previous quarter; compensation of employees and net purchases of goods and services went up by 3.3% and 8.8% respectively.

Private investment decreased, leading to a larger drop in gross fixed asset investment. Gross fixed asset investment contracted by 11.9% year-on-year, a much greater decline compared to the 1.9% drop in the previous quarter. Private investment in fixed assets fell markedly by 18.9% year-on-year following the successive completion of large-scale tourism and entertainment facilities and residential buildings; private construction investment dropped by 22.0% whereas equipment investment rose by 7.4%. As regards investment by the public sector, government investment in fixed assets went up by 28.9% year-on-year with the huge investment in infrastructure; public construction and equipment investments grew substantially by 21.8% and 154.7% respectively.

Merchandise trade continued to increase. Total demand maintained growth, with exports and imports of goods rising by 30.0% and 10.0% respectively year-on-year, higher than the respective growth of 12.8% and 7.0% in the previous quarter.

Exports of services remained the major driving force for economic growth despite a smaller rate of increase. The growth in total exports of services slowed from 16.0% in the first quarter to 13.0%, with exports of gaming services and other tourism services rising by 13.7% and 13.0% respectively. Meanwhile, imports of services increased by 19.3% year-on-year, much lower than the 34.2% rise in the previous quarter.

For the first half of 2018, the economy of Macao grew by 7.6% year-on-year in real terms. In terms of the major expenditure components of GDP, private consumption expenditure and government final consumption expenditure rose by 5.1% and 3.7% respectively year-on-year, whereas investment dropped by 7.1%. Exports and imports of goods increased by 20.3% and 8.5% respectively. Meanwhile, exports of services went up by 14.5%, with exports of gaming services and other tourism services rising by 15.1% and 16.3% respectively; imports of services rose by 26.5%.



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