Macau’s GDP set to grow more than 10 percent in 2006, says official

27 November 2006

Macau, China, 27 Nov – The Gross Domestic Product of Macau will expand by over 10 percent this year, driven by boosted exports and investment, the territory’s finance and economy secretary, Francis Tam, has said.

Addressing the Legislative Assembly Friday on the government’s policy plans for 2007, Tam said exports of services in the first six months of this year showed a real increase of 14 percent in a year-on-year comparison and that from January to September these sales reached a value of patacas 15.9 billion, an increase of 18.7 percent over the same period in 2005.

Tam emphasized Macau’s major vitality in terms of investment, noting, for example, that 2,310 companies had been created in this period with some 2,125 of these being a success and having a combined share capital of patacas 410 million.

He also told lawmakers that Macau’s rapid development had brought some problems due to insufficient human resources, “whose seriousness is becoming increasingly acute,” pledging that the government’s Human Resources Office would be operational in the first quarter of 2007.

The new office will ease the bureaucratic process of requests for manpower, as well as introduce mechanisms to raise efficiency, transparency and oversee the system of importing labor.

The office will also be responsible for running professional training schemes, said Tam.

The same official also informed lawmakers about the imbalance in Macau’s economic development, which has led to growth problems in some sectors. Small and medium enterprises continue to be “subjected to most difficulties in operating their businesses,” he added.

Increased inflation was also among the problems registered in the first nine months of 2006. During this period the Consumer Price Index climbed 5.41 percent in an annual comparison.

This increase was reflected in the worsening of “operating costs of companies and subsistence expenses for the population in general,” concluded Tam. (macauhub)