Gross Domestic Product for the third Quarter 2013

Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the third quarter of 2013 expanded by 10.5% year-on-year in real terms. Economic growth in the third quarter was mainly led by increase in exports of services, of which exports of gaming services grew by 13.3% and exports of other tourism services went up by 8.1%. The implicit deflator of GDP that measures changes in prices increased by 7.5% year-on-year. In the first three quarters of 2013, GDP grew by 10.5% year-on-year in real terms. Total employment and working income sustained growth, and the unemployment rate remained low at 1.9%, driving private consumption expenditure up by 5.3% year-on-year. Household final consumption expenditure in the domestic market increased by 4.6% and consumption expenditure abroad went up by 1.2%. Government final consumption expenditure increased by 3.4% year-on-year, of which compensation of employees and net purchases of goods and services grew by 1.0% and 6.3% respectively. As the gauge of investment, gross fixed capital formation held stable as the third quarter of 2012. Private investment increased by 15.1%, attributable to a 23.4% increase in construction investment; however, equipment investment shrank by 12.7%. Government investment declined significantly by 51.4%, owing to a notable decrease of 57.8% in public construction after the completion of construction of the Hengqin Campus of the University of Macau in the first half year of 2013; on the contrary, equipment investment went up by 67.8%. Growth in merchandise exports slowed down to 6.8% year-on-year; meanwhile, merchandise imports expanded further by 16.2% on account of the increase in visitor spending, private consumption expenditure and private construction investment. In respect of trade in services, the tourism and gaming sector showed satisfactory performance, causing exports of services to increase by 11.9% year-on-year, of which exports of gaming services rose by 13.3% and exports of other tourism services grew by 8.1%. On the other hand, imports of services decreased by 0.6% year-on-year, due to a significant decline in Government expenditure abroad after the completion of construction of the Hengqin Campus of the University of Macau.