Macau’s economic growth accelerated in the first quarter of 2017 to 10.3% in real terms, after growth of 7.0% in the fourth quarter of 2016, according to the region’s Statistics and Census Bureau.
The growth was due to continued improvement in exports of services and investment and the fact that the comparison is made with the first quarter of 2017, when there was a real contraction of 12.4%.
“Trade in services was the main driver of economic growth, that is, exports of services accelerated from a year-on-year increase of 8.2% in the fourth quarter of 2016 to 13.4% in the first quarter of 2017, due to a rise in the number of visitors and spending, notably increases of 11.3% in exports of gaming services of and of 20.9% in exports of other tourist services,” said the Bureau’s statement.
Domestic demand increased, with on year rises of 1.6% in private consumption, 4.8% in government expenditure and 4.6% in gross fixed capital formation (reflecting investment), in addition to a 5.2% rise in goods imports.
The implicit GDP deflator, which measures overall price variation, increased by 0.5% over the same quarter of 2016. (macauhub)