Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the third quarter of 2012 expanded by 5.1% year-on-year in real terms, attributable to the decline in exports of gaming services and slowing increase in total visitor spending. The economic growth was fuelled by the increase in private consumption expenditure and investment, of which private consumption expenditure increased by 9.1%, investment expanded by 10.3%, merchandise exports and imports rose by 28.3% and 7.1% respectively, total visitor spending went up by 2.3%, government final consumption expenditure edged up by 1.2%; however, exports of gaming services decreased by 0.1%. In addition, the implicit deflator of GDP that measures changes in prices increased by 6.4% year-on-year. In the first three quarters of 2012, GDP increased by 10.0% year-on-year in real terms. Rate of economic growth for the first and second quarters of 2012 revised to 18.5% and 7.8% respectively, while economic growth for the whole year of 2010 and 2011 revised upward to 27.5% and 21.9%. As a consequence to the increase in total employment and working income, as well as low unemployment rate, private consumption expenditure for the third quarter of 2012 soared by 9.1% year-on-year. Household final consumption expenditure in the domestic market increased by 8.6%, and consumption expenditure abroad rose by 10.0%, and the spending in Mainland China amounted to MOP2.07billion. Government final consumption expenditure increased by 1.2% year-on-year, of which compensation of employees rose by 6.6% but net purchases of goods and services declined by 4.4%. As the gauge of investment, gross fixed capital formation increased by 10.3% year-on-year. Private investment expanded by 14.3%, of which construction investment surged by 28.0%, while equipment investment shrank by 14.6%. Government investment decreased by 0.6% that was triggered by a notable decline of 66.3% in equipment investment; however, construction of the Hengqin Campus of the University of Macau, and the public housing brought about a 10.9% increase in public construction investment. Merchandise exports rose by 28.3% year-on-year, while increase in merchandise imports receded to 7.1% on account of the decelerating growth in visitor spending. In respect of trade in services, slowdown in visitor arrivals and visitor spending, as well as the decline in exports of gaming services contributed to a marginal rise of 0.6% in exports of services, far lower than the 19.1% increase in first quarter and the 5.6% rise in second quarter. In addition, imports of services contracted by 7.0% year-on-year.
