Industrial structure of Macao 2022

Industrial structure reflects the relative importance of different economic activities in terms of their respective value-added contribution to the economy. Value added refers to the value created in the process of production of an economic activity (e.g. a sector or an industry), i.e. the value of goods and services produced in the economic activity, less the value of goods and services consumed in the production process. Sectors of industries are classified as primary (e.g. fishing, agriculture and animal husbandry), secondary (e.g. mining & quarrying, industrial production and construction) and tertiary (i.e. service sector, such as wholesale & retail trade, restaurants & similar activities, financial activities and gaming).

The economic activities of Macao continued to be plagued by the pandemic in 2022, with the tertiary sector exhibiting relatively less satisfactory performance in particular, resulting in a real-term decrease of 18.8% in the Gross Value Added of all economic activities compared to 2021.

Changes in Industrial Structure

Gross Value Added of the secondary sector declined by 5.6% year-on-year in real terms in 2022, and yet its relative importance to total Gross Value Added rose by 1.7 percentage points to 9.5%. The shares of the Construction sector and the Electricity, Gas & Water Supply sector increased by 1.3 percentage points and 0.3 percentage points to 7.1% and 1.5% respectively, while the share of the Manufacturing sector edged up by 0.1 percentage point to 1.0%.

Gross Value Added of the tertiary sector diminished by 19.9% year-on-year in real terms, with its relative importance to total Gross Value Added falling by 1.7 percentage points to 90.5%. The share of Gaming & Junket Activities dropped by 10.7 percentage points year-on-year to 15.2%, while that of non-gaming services grew by 9.0 percentage points to 75.3%.

Primary Distribution of Income

Primary distribution of income refers to the distribution of Gross Domestic Product (GDP) among the three sectors, namely the government (taxes on production and imports), employers (operating surplus) and employees (compensation of employees).

Taxes on Production & Imports, Operating Surplus and Compensation of Employees amounted to MOP21.7 billion, MOP59.5 billion and MOP116.1 billion respectively in 2022, accounting for 11.0%, 30.2% and 58.8% of GDP. Compensation of Employees recorded a drop of 2.4% year-on-year, but its relative importance to GDP grew by 10.5 percentage points as its decrease was smaller than the decline in Taxes on Production & Imports and Operating Surplus. Meanwhile, the shares of Taxes on Production & Imports and Operating Surplus fell by 6.2 percentage points and 4.3 percentage points respectively.

Primary distribution of income

Changes in Gross Value Added

Gross Value Added of the secondary sector went down by 5.6% year-on-year in real terms in 2022, with that of the Electricity, Gas & Water Supply sector, the Manufacturing sector and the Construction sector falling by 5.3%, 7.9% and 5.4% respectively.

Gross Value Added of the tertiary sector dipped by 19.9% year-on-year in real terms. Most of the economic activities in the tertiary sector recorded a fall in Gross Value Added, and notable decreases were observed in Gaming & Junket Activities (-53.4%), Hotels & Similar Activities (-32.5%), Restaurants & Similar Activities (-24.7%) and Wholesale & Retail Trade (-16.4%); meanwhile, growth was only recorded in Real Estate Activities (+1.1%), Public Administration (+0.9%) and Health & Social work (+0.6%).

Statistical Discrepancy between Production Approach and Expenditure Approach

The GDP calculated based on the production approach and the expenditure approach, which reflect the results of the same production activities, should be consistent in theory. However, in practice, the results calculated may differ owing to various factors such as data sources, statistical coverage, calculation methods, etc. This discrepancy is known as statistical error, which is acceptable within a specific margin. In the context of Macao, the margin of statistical error is basically maintained within 3.0%.

GDP at producers’ prices by the production approach

- Absolute value equals zero .. Not applicable p.p. Percentage point

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Note: Due to rounding, total may not correspond to the sum of partial figures.