Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the third quarter of 2011 expanded by 21.1% in real terms; economic growth was driven by the impetus of exports of services, private consumption expenditure and investment. Exports of gaming services surged by 39.8%, total visitor spending (excluding gaming expenses) increased by 9.1%, private consumption expenditure expanded by 9.0%, investment went up by 5.7% and government final consumption expenditure rose by 6.9%; however, merchandise exports decreased by 4.4%. In addition, implicit deflator of GDP that measures changes in overall prices increased by 7.9% year-on-year. For the first three quarters of 2011, GDP grew by 21.8% year-on-year. GDP growth for the first and second quarters of 2011 is revised downward from 21.6% and 24.0% to 20.9% and 23.4% respectively; besides, economic growth for 2011 is revised upward from 26.4% to 27.1%. Favourable improvements in the job market, further decrease in unemployment rate and marked increase in employment income helped to support private consumption expenditure to rise by 9.0% in the third quarter of 2011, higher than the 8.4% increase in the last quarter. Household final consumption expenditure in the domestic market increased by 9.4%; at the same time, household final consumption expenditure abroad registered an increase of 7.8%, with that in Mainland China amounting to MOP 1.84 billion. Government final consumption expenditure went up by 6.9%, higher than the 6.4% rise in the second quarter, of which compensation of employees, as well as net purchases of goods and services increased by 4.3% and 10.0% respectively. Gross fixed capital formation, the gauge of investment, expanded by 5.7%, slowing down significantly from the 20.6% increase in the second quarter. Private investment rose by 1.8%, of which construction investment shrank by 8.8% while equipment investment increased by 30.8%. Government investment registered an increase of 19.8%, of which construction investment expanded by 4.2% and equipment investment soared substantially by 234.4%. Merchandise exports saw continuous decline, down by 4.4% in the third quarter, decelerating from the 8.3% decrease in the previous quarter. On the contrary, merchandise imports rose by 29.5%, higher than the 24.3% increase in the second quarter, attributable to the expansion in private consumption and visitor spending. As regards trade in services, exports of services surged robustly by 33.5% on the back of rising visitor arrivals and visitor spending, slightly higher than the 33.0% increase in the second quarter. Exports of gaming services expanded by 39.8% and total visitor spending went up by 9.1%. In addition, imports of services increased by 35.7%, slightly lower than the 35.8% increase in the second quarter.
