Macao GDP contracts 8.9% on year in Q1
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E-mail Xinhua, May 28, 2022
Macao's gross domestic product (GDP) contracted by 8.9% year on year in real terms in the first quarter of 2022, as a result of the weakening total demand, the special administrative region's (SAR) statistics department said on Friday.
The latest report from the Statistics and Census Service (DSEC) showed that the implicit deflator of the GDP, which measures the overall changes in prices, went up by 0.3% year on year in the first quarter.
Exports of services decreased by 4.7% year on year, of which exports of gaming services dropped by 25.15 while exports of other tourism services increased by 1.9%. Meanwhile, exports of goods expanded by 56.8%.
Domestic demand shrank by 1.2% year on year on account of a decline in private consumption. Imports of goods and services rose by 29.0% and 2.8% respectively.
In the face of an uncertain economic outlook and a sluggish job market, residents' spending on durable and semi-durable goods declined, which led to a year-on-year drop of 2.2% in household final consumption expenditure in the domestic market.
Moreover, household final consumption expenditure abroad fell by 10.8% owing to the resurgence of the pandemic in the mainland. The overall private consumption slid by 2.7% year on year.
Government final consumption expenditure showed a decrease of 2.0% year on year, attributable to a reduction in the expenditure on pandemic prevention by the SAR government. Net purchases of goods and services dropped by 6.9% while compensation of employees rose by 1.3%.
Gross fixed capital formation increased by 3.4% year on year, of which construction investment dropped by 1.9% while equipment investment grew by 30.5%. Public construction investment and equipment investment leapt by 40.6% and 242.4% respectively.
As regards private investment, construction investment fell by 19.4% owing to reduced investment in casinos. Yet, equipment investment showed an uplift of 22.4%.
Merchandise trade continued to thrive, with imports and exports of goods rising by 29.0% and 56.8% year on year respectively.
The number of visitor arrivals to Macao rose by 8.0% year on year in the first quarter.
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