Macau’s economy grows 10.5 pct from January through to September

2 December 2013

Macau’s economy posted real growth of 10.5 percent in the in the first nine months of 2013, compared with the same period of 2012, the Statistics and Census Bureau said in Macau.

In the third quarter, in which the implicit GDP inflator, which measures average inflation, totalled 7.5 percent, GDP also grew by 10.5 percent year on year, driven by gaming and gambling (+13.3 percent) and by other tourist services (+8.1 percent).

From July to September gross fixed capital formation (GFCF), which is a reflection of investment levels, remained stable compared to the same quarter of 2012, as private investment rose by 15.1 percent mainly driven by the 23.4 percent rise in investment in the construction sector.

Investment by the public sector fell by 51.4 percent, due to a significant drop in construction investment (-57.8 percent), after conclusion of the construction project of Macau University on Hengqin island in the first half of this year.

Consumer spending, in its turn, rose by 5.3 percent year on year due to income continuing to rise and the unemployment rate remaining low, at just 1.9 percent. (macauhub)