The Statistics and Census Service (DSEC) releases the summarized information on the expenditure-based GDP for the fourth quarter and the whole year of 2005 (Growth rates mentioned in the text below refer to the year-on-year growth rates unless otherwise specified) as follows: Expenditure-based GDP for the fourth quarter and the whole year of 2005 In 2005, the world economy performed fairly well in general, whereas development became less balanced among different countries. Macao’s exports of goods in 2005 were adversely affected by the cancellation of the global textile and garment quota system, however, exports of services continued to be bolstered by the strong growth of the tourists from Mainland China. Moreover, the prosperity in the gaming and tourism sector brought about large amount of investment, which soared on the back of the construction in gaming and tourism facilities and became one of the impetus for economic growth. Macao’s economy settled to a sustainable and solid growth in 2005, after a rapid expansion in 2004, the real growth rate of GDP resumed to a normal pace at 6.7% in 2005, the annual GDP amounted to MOP 92.59 billion. Per-capita GDP was MOP 194,458. In the fourth quarter of 2005, a real growth of 8.9% was registered, while the growth rates for the first, second and third quarters were revised to 7.8%, 7.6% and 2.5%. In addition, the growth rate of 2004 was also revised to 28.3%. The factors that contributed to Macao’s economic growth in 2005 were as follows: -- The robust performance in gaming and tourism sector spurred significant growth in private and public investments. As a consequence, total investment went up 56.9% in real terms over 2004; -- the annual gross gaming receipts (excluding gratuities) rose 8.3% compared with 2004; -- the annual number of visitor arrivals totalled 18,711,187, a rise of 12.2% over 2004, offsetting the effect from the decrease in per-capita spending of visitors; thus total visitor spending (excluding gaming services) could maintain the level of 2004; -- the improvement in residents’ employment condition and the rise in income brought about a real growth of 7.5% in private consumption expenditure over 2004; On the other hand, the cancellation of the global textile and garment quota system and a weak economy in the Euro Zone resulted in a 11.5% fall in real terms in Macao’s exports of goods over 2004, hindering the economic performance of Macao in 2005. GDP registered real growth of 8.9% in the fourth quarter of 2005, on the back of rapid growth in investment and rebound of exports of goods. In addition, gaming and tourism sector maintained stable growth. Evolution in the structure of Macao’s economy between 2001 and 2005 Since the liberalization of the gaming industry by the Government of Macao in 2002, the economy had been expanding rapidly in the past few years. Consequently, the economic structure changed markedly, mainly represented by the significant changes in the shares of gross capital formation and private consumption expenditure. The share of gross capital formation rose from 10.6% in 2001 to 21.9% in 2005 on the back of large amount of investment. While GDP grew strongly in recent years with an average real growth rate of 12.1% between 2000 and 2005, the average real growth rate of investment and exports of services reached 27.5% and 18.7% respectively, but that of private consumption expenditure was 5.2%. As a consequence, the share of private consumption expenditure dropped from 38.9% in 2001 to 28.6% in 2005. Besides, the share of government final consumption expenditure reduced from 12.4% in 2001 to 8.6% in 2005. In terms of net exports of goods and services, an increase in net exports of services contributed by the prospering gaming and tourism sector was offset by the expanding trade deficit in goods recorded in 2005. Therefore, the share of net exports of goods and services rose slightly, only from 38.1% in 2001 to 40.9% in 2005.
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