The Statistics and Census Service (DSEC) released summary of GDP for the fourth quarter and the whole year of 2010. (The rates of change mentioned in the text refer to the year-on-year change, unless otherwise specified.) Revival of the growth momentum of the world economy and robust economic growth in Mainland China created favourable conditions to support a rapid rebound of the economy of Macao. Gross gaming revenue and total visitor spending soared substantially upon outstanding performance of the tourism and gaming sector; declines in gross fixed capital formation and merchandise exports slowed down. Integrating the respective information, Macao's GDP for the whole year of 2010 increased by 26.2% in real terms, totalling MOP 217.32 billion; per-capita GDP amounted to MOP 398,071 (about US$ 49,745). At the same time, economic growth for the fourth quarter stood at 27.9% in real terms; the rate of increase for the second and third quarters revised upward from 31.5% and 27.1% to 31.7% and 27.4% respectively. Moreover, the implicit deflator of GDP that measures the change in overall prices rose by 4.1% over 2009. In 2010, major factors that were conducive to the economic growth of Macao included: - gross gaming revenue (excluding gratuities) surged by 57.5% compared with 2009; - total visitor arrivals increased by 14.8%, with per-capita spending of visitors rising in every quarter; - total hotel guests increased by 15.5%; average occupancy rate of hotel rose by 8.43 percentage points; average length of stay of guests stood at 1.54 nights, up by 0.04 night; ] increase in value of retail sales and median monthly employment earnings. GDP Indicators of Macao
(Please see the attached file.) In respect of the GDP structure, relative importance of the major components to GDP registered changes. The notable increase in exports of tourism and gaming services pushed up net exports of goods and services (exports of goods and services less imports of goods and services) to surge by 66.8%, far higher than the level of economic growth, bringing its relative importance to GDP to rise apparently from 41.9% in 2009 to 55.4% in 2010. However, relative importance of private consumption expenditure decreased from 27.6% to 23.3% in 2010, government final consumption expenditure from 9.6% to 8.0% and total investment from 20.9% to 13.3%.
