Gross domestic product for the 1st quarter of 2021

Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) dropped by 0.9% year-on-year in real terms in the first quarter of 2021, a milder contraction compared to the previous quarter (-45.9%). Exports of services rebounded by 4.1% year-on-year, of which exports of gaming services fell by 20.7% while exports of other tourism services surged by 88.1%; moreover, exports of goods soared by 137.7% year-on-year. Domestic demand reversed its downward trend, rising by 12.9% year-on-year. Imports of goods swelled by 81.7% while imports of services went down by 2.0%.

The implicit deflator of GDP, which measures the overall changes in prices, dropped by 2.3% year-on-year in the first quarter.

Household final consumption expenditure in the domestic market expanded by 19.2% year-on-year, with local economic activities of residents generally restoring to the levels in the first quarter of 2019, coupled with a relatively low base of comparison in the first quarter of 2020 due to the novel coronavirus pneumonia. On the other hand, household final consumption expenditure abroad declined by 13.2% owing to the ongoing entry restrictions imposed in different places. The overall private consumption increased by 14.8% year-on-year.

The SAR Government continued to allocate resources for pandemic prevention. Government final consumption expenditure remained stable, up by 0.2% year-on-year. Net purchases of goods and services decreased by 3.0%, while compensation of employees climbed by 2.2%.

Investment in fixed assets rose by 20.3% year-on-year, of which construction investment and equipment investment grew by 23.5% and 6.8% respectively. Public construction investment and equipment investment showed respective increases of 73.8% and 13.3% year-on-year. As regards private investment, private construction investment expanded by 10.5% year-on-year on account of larger investment in major hotel projects compared to the first quarter of 2020; besides, equipment investment increased by 6.6%.

The pick-up in total demand drove up merchandise trade, with imports and exports of goods soaring by 81.7% and 137.7% year-on-year respectively.

Number of visitor arrivals to Macao fell by 46.0% year-on-year in the first quarter. Exports of gaming services decreased by 20.7% while exports of other tourism services leapt by 88.1%. Meanwhile, imports of services dropped by 2.0% year-on-year.

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