Macau’s economy registered a real growth of 6.1% in the third quarter, compared to the Gross Domestic Product (GDP) recorded in the same period of 2016, said the region’s Statistics and Census Bureau (DSEC).
The growth rate in the third quarter is a slowdown compared to growth of 11.3% in the first quarter and 10.8% in the second, which DSEC argues is due to the high basis of comparison, as in the same period of 2016 the economy had returned to growth.
In the period under review external demand grew strongly, with exports of services increasing 14.6% on year, driven mainly by the year on year increases of 18.4% in gaming exports of services and 9.4% in exports of other tourist services.
Exports of goods increased by 18.9%, but internal demand saw a significant slowdown, dragged essentially by the year on year contraction of 25.1% in investment, while the government’s final consumption expenditure and the import of goods fell 0.7% and 6.8%, respectively.
In the third quarter of this year, the implicit GDP deflator, which measures the overall price variation, posted on year growth of 2.8%, DSEC said.
DSEC also said that the Macau economy recorded an annual increase of 9.3% in real terms in the first three quarters of this year.
Economic growth for 2015 was revised down to -21.6% and for 2016 was revised upwards, to -0.9%.
Fpr 2017, economic growth in the first quarter was revised upwards to 11.3%, while it was revised downwards in the second quarter to 10.8% and was reviewed in the first half to 11.0%. (macauhub)