The Statistics and Census Service (DSEC) released the summary of the GDP for the first quarter of 2009. The rates of change mentioned in the text refer to the year-on-year change in real terms, unless otherwise specified. In the first quarter of 2009, gross gaming revenue (excluding gratuities) declined by 12.7% year-on-year in nominal terms; total visitor spending (excluding gaming expenses) went down by 16.7%; gross fixed capital formation plunged by 32.1% upon suspension or slowing down of some large-scale construction projects, and merchandise exports shrank substantially by 49.9%. Integrating the respective information, as well as the high base of comparison in the same quarter of 2008, GDP for the first quarter of 2009 contracted by 12.9% in real terms, decelerating further from the 7.6% decline in the previous quarter. As regards major GDP components, private consumption expenditure increased by 3.4% in the first quarter of 2009, lower than the 9.4% growth in the previous quarter. Household final consumption expenditure in the domestic market rose by 1.8%, and that abroad expanded by 4.4%, with the expenditure in Mainland China amounting to MOP 766 million. Government final consumption expenditure recovered from the negative growth in the last two quarters of 2008 and increased by 7.1%, with compensation of employees, and net purchases of goods and services rising by 5.5% and 22.4% respectively. As a gauge of investment, gross fixed capital formation contracted by 32.1%, down drastically from the 15.1% decrease in the previous quarter. In the private sector, total investment declined by 32.4%, attributable to a 35.7% decrease in construction investment and a 23.6% drop in equipment investment. Total government investment expanded by 14.8%, in which construction and equipment investment grew by 3.2% and 37.9% respectively. Integrating the data of both sectors, overall construction investment decreased by 35.5% in the first quarter of 2009, down further from the 11.8% decline in the previous quarter; however, decrease of overall equipment investment moderated from the 24.5% drop in the previous quarter to 23.2%. In terms of visible trade, total value of merchandise exports shrank by 49.2% in nominal terms or 49.9% in real terms, deteriorating further from the 42.4% decrease in nominal terms or 44.6% in real terms in the previous quarter. Analysed by major destination, merchandise exports to the United States, the European Union and Mainland China contracted by 70.5%, 61.1% and 35.6% respectively in nominal terms. Total merchandise imports slid notably by 22.5% in nominal terms or 22.4% in real terms, decelerating from the 11.8% decline in nominal terms or 14.3% in real terms in the previous quarter. As regards invisible trade (exports of services), exports of gaming services dropped by 13.3%, and total visitor spending (excluding gaming expenses) went down by 16.7% upon the 9.6% fall in the number of visitor arrivals and the 5.3% decrease of their per-capita spending. Integrating the principal data on exports of services, overall exports of services dropped by 14.6%, declining sharply from the 5.5% decrease in the previous quarter; moreover, imports of services contracted by 21.6%, far worse than the 3.1% decline in the previous quarter.
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