Macau economy posts real year-on-year growth of 12.4 pct in 1st quarter

3 June 2014

Macau’s gross domestic product (GDP) posted real growth of 12.4 percent in the first quarter of this year, against the same period of 2013, driven by a rise in services exports and investment, the Statistics and Census Bureau said.

According to the Bureau, gaming services exports, other tourist services, private investment and goods exports rose 13.0 percent, 6.6 percent, 39.8 percent and 13.4 percent, respectively, and the GDP deflator, which measures overall inflation, posted year-on-year growth of 8.5 percent.

Services exports rose by an annual 11.9 percent in the first quarter based on growth in gross gaming revenues – 13 percent – the number of visitors to Macau and visitor spending.

Gross fixed capital formation, or investment, rose by 30.9 percent year on year, and investment by the private sector rose 39.8 percent based on construction of large tourism and entertainment facilities.

Public investment, on the other hand, contracted by 49.2 percent, as the project for construction of Macau University on Hengqin Island was finished in 2013 and no new large public construction project was launched in the first quarter of this year. (macauhub/MO)