Gross Domestic Product (GDP) for the 3rd Quarter 2010

The Statistics and Census Service (DSEC) publishes the first release of the chain volume measures of Gross Domestic Product (GDP) for the third quarter of 2010. In addition, data users can download the original series of GDP prior to the major revision from the DSEC website. In the third quarter of 2010, the economy of Macao expanded by 27.1% in real terms that was spurred by favourable performance of the tourism and gaming sector. Analyzed by major components, exports of gaming services soared by 45.4% when total visitor spending (excluding gaming expenses) increased by 24.6%; though investment continued to shrink, yet the decrease narrowed considerably; however, decline in merchandise exports plunged further. In the third quarter, implicit deflator of GDP that measures the change in overall prices rose by 3.3% year-on-year. As the unemployment rate held stable at low level and total employment increased in the third quarter, private consumption expenditure increased by 7.5%, of which final consumption expenditure in the domestic market rose by 4.8%; at the same time, final consumption expenditure abroad surged by 24.7%, with that in Mainland China amounting to MOP 1.195 billion. Government final consumption expenditure increased by 9.2%, of which compensation of employees and net purchases of goods and services rose by 9.7% and 8.5% respectively. In view of the recommencement of several major construction projects in the private sector, gross fixed capital formation, the gauge of investment, shrank by 11.6%, moderating from the decrease in the second quarter. Private investment contracted by 18.7%, attributable to the 26.3% decrease in construction investment, while equipment investment rose by 9.8%. Government investment increased by 36.9%, in which construction and equipment investment grew by 41.0% and 1.7% respectively. Merchandise trade continued to fall in the third quarter, of which the decline in merchandise exports widened further from the second quarter to decrease by 13.2%. Merchandise imports rose by 9.9%. As regards trade in services, rising visitor arrivals and visitor spending boosted total exports of services to expand by 41.6% in the third quarter, with exports of gaming services soaring by 45.4% and total visitor spending (excluding gaming expenses) rising by 24.6%. Moreover, imports of services increased by 33.6%.