Gross Domestic Product (GDP) for the 3rd Quarter 2009

The Statistics and Census Service (DSEC) released the summary of the GDP for the third quarter of 2009. The rates of change refer to the year-on-year change in real terms, unless otherwise specified. Performance of the gaming and tourism sector showed improvement in the third quarter of 2009, with gross gaming revenue (excluding gratuities) surging by 22.3% year-on-year in nominal terms; decline of total visitor spending (excluding gaming expenses) tapered significantly from 20.6% in the second quarter to 10.2%; gross fixed capital formation and merchandise exports saw protracted decrease, down substantially by 41.3% and 54.4% respectively. Integrating the respective information, GDP for the third quarter of 2009 expanded by 8.2% in real terms, ending the economic downturn in the previous three quarters. Moreover, GDP for the first quarter, second quarter and first half of the year was revised downward to -12.0%, -15.3% and -13.6% in real terms respectively and GDP growth for 2008 also revised downward to 12.9% in real terms. As regards major GDP components, private consumption expenditure dropped by 1.2% in the third quarter, moderating from the 2.1% decrease in the previous quarter. On account of the shrinking population, household final consumption expenditure in the domestic market fell marginally by 0.1% and that abroad also declined by 0.9%, with the expenditure in Mainland China amounting to MOP 745 million. Government final consumption expenditure increased notably by 17.4%, higher than the 2.1% growth in the second quarter, with compensation of employees, and net purchases of goods and services rising by 6.3% and 55.4% respectively. As a gauge of investment, gross fixed capital formation contracted by 41.3%, slackening further from the 30.3% decrease in the second quarter. Total private investment shrank by 46.1%, with construction and equipment investment decreasing by 54.2% and 14.4% respectively. Total government investment expanded by 89.3%, in which construction investment surged by 145.5%, while that of equipment went down by 5.6%. Integrating data of both sectors, decline of the overall construction investment widened further from 32.4% in the second quarter to 48.5%; however, decrease of equipment investment narrowed from 22.7% in the previous quarter to 13.9%. In terms of visible trade, decline of the total value of merchandise exports tapered off from the second quarter to register decrease of 56.9% in nominal terms or 54.4% in real terms. Analyzed by destination, merchandise exports to the United States, the European Union, Mainland China and Hong Kong decreased by 82.7%, 60.8%, 48.5% and 11.1% respectively in nominal terms. Total merchandise imports also saw smaller decline from the previous quarter to drop by 20.2% in nominal terms or 18.5% in real terms. As regards invisible trade (exports of services), exports of gaming services increased by 22.6%, with decrease of total visitor spending (excluding gaming expenses) slowing to 10.2% upon the 2.1% fall in visitor arrivals and the 8.6% decrease of their per-capita spending. Integrating the principal data on exports of services, overall exports of services grew by 15.8%, putting an end to the deceleration for three consecutive quarters since the fourth quarter of 2008; meanwhile, decline of imports of services also narrowed noticeably from 22.4% in the second quarter to 7.2%.

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