Information from the Statistics and Census Service (DSEC) indicated that owing to rising exports of services, GDP for the fourth quarter of 2016 expanded by 7.0% year-on-year in real terms, higher than the 4.4% growth in the previous quarter. Total exports of services increased by 8.2% year-on-year, underpinned by the continued expansion in tourism and gaming services, with exports of gaming services and exports of other tourism services rising by 8.1% and 8.4% respectively; meanwhile, exports of goods weakened, declining further by 21.2%. Domestic demand slipped slightly, as private consumption expenditure dropped by 0.5%, government final consumption expenditure remained stable, and gross fixed capital formation rose marginally by 0.2%; imports of goods declined by 8.0% while imports of services went up by 1.6%. Moreover, the implicit deflator of GDP that measures changes in prices increased by 1.0% year-on-year in the fourth quarter of 2016. Economic growth for the second and third quarters was revised upwards to -6.8% and 4.4% respectively.
For the whole year of 2016, the economy of Macao shrank by 2.1% year-on-year in real terms, an apparent improvement from the 21.5% drop in 2015. The economy contracted by 9.7% in the first half of the year, followed by a rebound of 5.7% in the second half.
The economic contraction in 2016 was mainly due to the weakening of total demand. Domestic demand slackened, diminishing by 5.8% year-on-year; private consumption expenditure and gross fixed capital formation reduced by 1.3% and 13.3% respectively whereas government final consumption expenditure rose by 1.7%. External demand recovered significantly in the second half of the year; total exports of services declined at a slower rate of 2.5% amid continued growth in visitor arrivals and spending; exports of gaming services and exports of other tourism services shrank by 4.4% and 1.0% respectively whereas exports of goods dropped by 21.8%.
In 2016, GDP amounted to MOP358.2 billion and per-capita GDP was MOP 554,619 (about USD 69,372). The implicit deflator of GDP increased by 0.9% year-on-year.
Principal Indicators of GDP
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