Macau’s Gross Domestic Product (GDP) posted real growth of 20.7 percent in 2011 rising to 291.1 billion patacas (US$36.4 billion), the Statistics and Census Bureau said in Macau Friday.
According to the Bureau, per capita GDP stood at 531,700 patacas, or around US$66,300.
Growth of Macau’s economy was mainly driven by increased export of services and domestic demand, as gaming services exports posted growth of 34.6 percent and total expenditure by visitors rose 7.2 percent.
Gross fixed capital formation (investment) rose 14.5 percent due to increased public investment and exports saw weak performance, posting a decrease of 2.9 percent.
In the fourth quarter of 2011, Macau’s GDP rose 17.5 percent in real terms, once again driven by services exports, by investment and by consumer spending.
Real GDP growth rates for the first three quarters of 2011 were revised from 20.9 percent, 23.4 percent and 21.1 percent to 20.8 percent, 23.8 percent and 21.4 percent, respectively, whilst economic growth for 2010 was revised from 27.1 to 27.0 percent.
The implicit GDP deflator, which measure price development, totalled 7.6 percent and 6.9 percent year-on-year in the fourth quarter and against 2010, respectively. (macauhub)