Macau’s economy grew by 9.1% in real terms in 2017, with gross domestic product (GDP) per capita growth slightly lower, at 8.6%, also in real terms, according to the region’s Statistics and Census Bureau (DSEC).
Figures released by DSEC showed that GDP amounted to 404.2 billion patacas (US$50.5 billion) in 2017, with per capita GDP of 622,803 patacas or US$77,850, one of the highest in the world.
The rise in GDP in 2017 brought an end to economic contraction recorded in the previous three years, with -1.2% in 2014, -21.6% in 2015 and -0.9% in 2016, with an increase of 11.2% in the first half and 7.2% in the second half of the year.
DSEC said that while domestic demand remained weak, with an annual contraction of 2.7%, the economy returned to growth, with increases of 1.6% in private spending and 1.7% in Government expenditure, however, gross fixed capital formation decreased by 10.0% year-on-year.
The implicit GDP deflator, which measures overall price changes, rose 2.3% year-on-year and 3.4% in the fourth quarter.
In the fourth quarter of last year, GDP grew by 8.0% year-on-year in real terms, up from 6.3% in the third quarter, benefiting from a steady increase in services exports.
Foreign demand remained strong in this period, with continued growth of the tourism and gambling sector, which drove an annual increase of 15.7% in services exports, with a notable increase of 16.3% in gaming services exports and 15.4% in exports of other tourist services.
DSEC also reported a review of economic growth rates for the first quarter (11.5%), second quarter (11.0%) and third quarter (6.3%). (macauhub)