Macao's GDP leaps 117.5 pct year on year in Q2

MACAO, Aug. 25 (Xinhua) -- Macao's gross domestic product (GDP) leaped by 117.5 percent year on year in real terms in the second quarter of 2023, marking the highest quarterly growth since the second 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 the economy of Macao continued to recover in the second quarter, driven by the thriving tourism and gaming sectors.

The implicit deflator of the GDP, which measures the overall changes in prices, went up by 0.9 percent year on year in the second quarter.

Exports of services surged by 211.9 percent year on year, of which exports of gaming services and other tourism services soared by 463.6 percent and 157.5 percent respectively. Meanwhile, exports of goods reduced by 32.8 percent.

Domestic demand grew by 18.4 percent year on year, attributable to an increase of 47.8 percent in gross fixed capital formation. Imports of goods and services rose by 49.8 percent and 0.1 percent respectively.

For the first half of 2023, the GDP grew by 71.5 percent year on year in real terms, and the overall economic output of Macao returned to 71.0 percent of its level in the same period of 2019.

The improving economic sentiment and employment environment facilitated an increase in private consumption activities. Household final consumption expenditure in the domestic market rose by 9.7 percent year on year, and household final consumption expenditure abroad jumped by 69.2 percent. The overall private consumption went up by 15.1 percent year on year.

Government final consumption expenditure swelled by 3.0 percent year on year. Net purchases of goods and services increased by 5.2 percent and compensation of employees rose by 1.6 percent.

Gross fixed capital formation expanded by 47.8 percent year on year, of which construction investment grew by 70.4 percent while equipment investment dropped by 5.3 percent. Public construction investment and equipment investment went up by 47.4 percent and 70.7 percent, respectively.

As regards private investment, construction investment swelled by 86.6 percent owing to a significant increase in investments by gambling enterprises. Meanwhile, equipment investment fell by 12.9 percent.