CHINA Macao GDP drops 0.9 pct in Q1

CHINA

Macao GDP drops 0.9 pct in Q1

Xinhua

21:43, May 28, 2021

MACAO, May 28 (Xinhua) - Macao's gross domestic product (GDP) dropped by 0.9 percent year on year in real terms in the first quarter of 2021, a milder contraction compared to the previous quarter's 45.9 percent drop, the special administrative region's (SAR) statistics department said here on Friday.

(File photo: CFP)

The latest report from the Statistics and Census Service (DSEC) showed that the implicit deflator of GDP, which measures the overall changes in prices, dropped by 2.3 percent year on year in the first quarter.

Exports of services rebounded by 4.1 percent year on year, of which exports of gaming services fell by 20.7 percent while exports of other tourism services surged by 88.1 percent, showed the report. Moreover, exports of goods soared by 137.7 percent year on year.

Domestic demand reversed its downward trend, increasing by 12.9 percent year on year. Imports of goods swelled by 81.7 percent while imports of services went down by 2.0 percent.

Household final consumption expenditure in the domestic market expanded by 19.2 percent year on year, with local economic activities of residents generally restoring to the levels in the first quarter of 2019, coupled with a relatively low base of comparison in the first quarter of 2020 due to COVID-19.

On the other hand, household final consumption expenditure abroad declined by 13.2 percent owing to the ongoing entry restrictions imposed in different places. The overall private consumption increased by 14.8 percent year on year.

The SAR government continued to allocate resources for the COVID-19 pandemic prevention. Government final consumption expenditure remained stable, up by 0.2 percent year on year. Net purchases of goods and services decreased by 3.0 percent, while compensation of employees climbed by 2.2 percent.

Investment in fixed assets rose by 20.3 percent year on year, of which construction investment and equipment investment grew by 23.5 percent and 6.8 percent, respectively. Public construction investment and equipment investment recorded increases of 73.8 percent and 13.3 percent year on year, respectively.

As regards private investment, private construction investment expanded by 10.5 percent year on year on account of larger investment in major hotel projects compared to the first quarter of 2020. Besides, equipment investment increased by 6.6 percent.

The pick-up in total demand drove up merchandise trade, with imports and exports of goods soaring by 81.7 percent and 137.7 percent year on year, respectively.

The number of visitor arrivals in Macao fell by 46.0 percent year on year in the first quarter.

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