Macau’s gross domestic product (GDP) posted growth of 9.2% year-on-year in the first quarter of 2018, up from 8.0% in the fourth quarter of 2017, according to the region’s Statistics and Census Bureau.
Economic growth in the first quarter was mainly driven by exports of services and private consumption, of which 16.5% was growth in gaming exports and services and 19.6% in exports of other tourist services.
In the first three months of the year, exports of goods increased by 12.8%, domestic demand rose again, with annual increases of 4.8% in private consumption and 2.2% in government final consumption, with gross fixed capital formation (investment) falling by 1.9%.
Investment in public sector fixed assets rose sharply by 132.5%, benefiting from the growing investment in the Macau Administration Zone on the artificial border island of the Hong Kong-Zhuhai-Macau Bridge, but private sector investment fell by 16.4% due to conclusion of the works of several major tourist and entertainment enterprises, as well as residential buildings.
The implicit GDP deflator, which measures overall price changes, rose 3.4%on year, the Statistics and Census Bureau reported. (macauhub)