Information from the Statistics and Census Service (DSEC) indicated that the economy of Macao continued its downward trend, with Gross Domestic Product (GDP) for the first quarter of 2015 shrinking by 24.5% year-on-year in real terms, down further from the 17.2% drop in the previous quarter. Economic contraction was mainly due to a substantial decline in exports of services, of which exports of gaming services plunged by 39.7% year-on-year and exports of other tourism services dropped by 17.7%. On the other hand, domestic demand remained resilient; private consumption expenditure and government final consumption expenditure increased by 6.7% and 6.8% respectively, while private investment rose by 28.1%, alleviating the impact of the economic downturn; merchandise exports also increased by 32.5% year-on-year. The implicit deflator of GDP that measures changes in prices rose by 5.6% year-on-year. Private consumption expenditure saw steady growth. Despite the lingering downward pressures on the economy, the employment situation remained satisfactory. Total employment and working income reached record high, supporting private consumption expenditure to grow by 6.7% year-on-year. Household final consumption expenditure in the domestic market and abroad increased by 4.7% and 10.6% respectively. Government final consumption expenditure expanded by 6.8% year-on-year. Compensation of employees increased by 3.6%, and net purchases of goods and services rose by 11.6%. Investment maintained robust growth. Gross fixed capital formation, the gauge of investment, increased by 32.2% year-on-year. Owing to the construction of major tourism and gaming facilities in progress, private investment expanded by 28.1% year-on-year, with investment in construction and equipment rising by 30.6% and 12.9% respectively. Government investment surged by 208.7%, of which public construction investment soared by 221.0% but equipment investment shrank by 23.9%. Merchandise trade registered slower growth. Despite a 32.5% increase in merchandise exports, decrease in visitor arrivals and shrinking spending caused merchandise imports to grow at a slower rate of 10.4%, the smallest quarterly growth in the recent two years. Service trade continued to decline. Exports of services remained sluggish; exports of gaming services deteriorated, down further by 39.7% year-on-year; exports of other tourism services decreased by 17.7% upon the negative growth in visitor arrivals and spending. The simultaneous decline in exports of gaming services and other tourism services dragged down total exports of services by 35.6% year-on-year. Imports of services also tumbled by 37.9% amid stagnant exports of services.
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