Information from the Statistics and Census Service (DSEC) indicated that economic growth sustained in 2011, of which Gross Value Added, Intermediate Consumption and Compensation of Employees of all economic activities increased by 29.0%, 35.2% and 16.9% respectively year-on-year. Analysed by industry, respective indicators of Gaming increased by 40.3%, 45.0% and 14.2%; industries relative to the gaming and tourism sector, namely Wholesale & Retail, and Hotel registered favourable increase in Gross Value Added, up by 43.8% and 33.6%. Gross Value Added of Construction reversed the decrease in 2010 on account of rising public investment when Gross Value Added of Manufacturing posted a rebound. Ratio of Gross Value Added to Gross Output of all economic activities declined from 46.2% in 2010 to 45.1% in 2011; moreover, ratio of Compensation of Employees to Gross Value Added decreased from 34.4% in 2010 to 31.1% in 2011. Regarding changes in the industrial structure, Gross Value Added of Manufacturing and Construction rose by 4.1% and 14.8% respectively, yet the rate of increase was lower than that of economic growth, thus bringing the relative importance of the secondary sector to GDP to drop by 1.0 percentage point to 6.4%. Relative importance of Construction (4.9%) decreased by 0.6 percentage point, and that of both Electricity, Gas & Water Supply (0.8%) and Manufacturing (0.7%) fell by 0.2 percentage point year-on-year. Gross Value Added of the tertiary sector increased by 30.4%, with the notable increase in Wholesale & Retail (43.8%), Gaming (40.3%) and Hotel (33.6%). Consequently, relative importance of the tertiary sector to GDP increased further from 92.6% in 2010 to 93.6% in 2011. Analysed by industry, relative importance of Gaming (44.7%), Wholesale & Retail (7.8%) and Hotel (4.8%) rose by 3.6, 0.8 and 0.2 percentage point respectively year-on-year. However, relative importance of the remaining economic activities decreased, of which that of Real Estate Activities declined by 0.6 percentage point over 2010. Industrial structure of Macao is the compilation of GDP under the production approach, which equals the sum of Gross Value Added (Gross Output minus Intermediate Consumption) of all economic activities, plus taxes on products.
