Macau’s GDP rises 24 percent in second quarter of the year

31 August 2011

Macau, China, 31 Aug –Macau’s Gross Domestic Product (GDP) posted real annual growth of 24.0 percent in the second quarter of 2011, mainly driven by export of services, investment and private consumer spending, according to figures from the Statistics and Census Bureau (SEC).

The SEC noted that exports of gaming services rose 39.0 percent, total visitor spending (except for gaming spending) rose 5.9 percent, investment grew by 23.1 percent and private spending rose 11.3 percent, but said that goods exports saw a drop of 8.2 percent.

The implicit GDP-deflator in the second quarter of this year, which reflects changes in prices, rose 6.0 percent against the same quarter of the previous year.

In the first half of 2011, GDP growth was 22.9 percent in real terms, despite economic growth in the first quarter having been revised upwards, from 21.5 percent to 21.6 percent.

In the second quarter consumer spending rose 11.3 percent. This growth rate was slower than in the first quarter (13.0 percent) as the number of employees and their income continued to rise whilst the unemployment rate remained low.

Family spending in the territory rose 7.6 percent and outside the territory rose 21.3 percent, specifically in Mainland China and totalling 1.66 billion patacas.

Government spending rose 8.1 percent as a result of 7.2 percent rises in employee salaries and 10.2 percent in net acquisitions of goods and services. (macauhub)