Macau recorded real growth of 4.7% in 2018, a significant slowdown compared to the 9.7% growth recorded in 2017, according to the region’s Statistics and Census Bureau.
The bureau said that economic growth was driven by exports of services and private consumption, which increased by 7.6% in the first half of the year and slowed to 2.0% in the second half.
External demand continued to rise, with exports of services increasing by 5.2% year-on-year, with increases of 6.7% in exports of gaming services and 1.4% in exports of other tourism services.
Domestic demand remained subdued, with a sharp annual decline of 14.3% in investment, with year-on-year increases of 2.8% in private consumption, 3.4% in government consumption and 2.3% in imports of goods.
Macau’s Gross Domestic Product (GDP) reached 440.3 billion patacas (US$55 billion) in 2018 and GDP per capita was 666 893 patacas (about US$82,609).
The implicit GDP deflator, which measures global price changes, increased by 3.6% in 2018 and 3.3% in the fourth quarter.
In the last quarter of 2018 Gross Domestic Product registered year-on-year growth of 2.1% in real terms.
The Statistics and Census Bureau also lowered the economic growth rate for the first quarter of 2018 (9.3%) and increased figures for the second (6.0%) and third (1.9%), quarters. (Macauhub)