Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the first quarter of 2012 expanded by 18.4% in real terms from a year earlier. The economic growth was powered by the increase in exports of services and investment, as well as the low comparison base in the first quarter of 2011; meanwhile, exports of gaming services rose by 19.6%, visitor spending by 21.2% and investment by 43.8%. Moreover, the implicit deflator of GDP that measures overall changes in prices increased by 7.7% year-on-year in the first quarter of 2012. In respect of private consumption expenditure, the vigorous job market sustained, increase in both total employment and working income encouraged private consumption expenditure to grow by 5.4% year-on-year. Household final consumption expenditure in the domestic market went up by 5.8%, while consumption expenditure abroad increased by 8.7%, with MOP 1.85 billion being spent in Mainland China. Government final consumption expenditure increased by 11.6% year-on-year, of which compensation of employees rose by 3.1% when net purchases of goods and services surged by 30.1%. As the gauge of investment, the increase in gross fixed capital formation widened to expand by 43.8% year-on-year, far higher than the 15.8% rise in the preceding quarter. Private investment increased by 21.2%, of which construction investment and equipment investment went up by 22.3% and 19.2% respectively. Government investment soared by 449.8%, attributable to the construction, in full swing, of the Hengqin Campus of the University of Macau and the public housing projects, driving public construction investment recorded an upsurge of 524.4%; however, equipment investment shrank by 83.0%. Merchandise exports rose by 23.8% year-on-year, higher than the 7.7% rise in the previous quarter. Merchandise imports increased by 27.3% upon rising private consumption expenditure and visitor spending, as well as expansion in total investment. Regarding the trade in services, exports of services grew by 19.2% on the back of rising visitor arrivals and visitor spending, of which exports of gaming services increased by 19.6% and total visitor spending went up by 21.2%. In addition, imports of services increased by 11.9%.
