In the second quarter of 2018, Macau’s gross domestic product (GDP) rose by 6.0% year-on-year in real terms, according to figures released by the region’s Statistics and Census Bureau (DSEC).
DSEC said second-quarter growth was linked to the steady rise in services exports and rising private consumption spending.
Economic growth in the second quarter was lower than in the previous quarter (+9.2%), mainly due to the drop in the increase in services exports and the sharp decrease in investment.
External demand, however, remained on the rise, with an annual increase of 13.0% in services exports, with a 13.7% increase in exports of gaming services and 13.0% in exports of other tourist services, with goods exports up 30.0%.
Domestic demand declined, driven essentially by an annual contraction of 11.9% in investment.
Private consumption expenditure and government final consumption increased by 5.3% and 5.1%, respectively, while imports of goods rose by 10.0%.
The favourable employment situation, with increases in the total number of employees and employment income, led to a year-on-year increase of 5.3% in private consumption expenditure, up from 4.8% in the first quarter. Final household consumption expenditure also increased: 4.9% in the local market and 3.3% abroad.
In the first half of 2018, Macau’s economy grew by 7.6% year-on-year in real terms according to DSEC figures. (macauhub)