Principal indicators
%Gross Domestic Product -1.2 -1.4
Exports of gaming services -2.3 -2.5
Exports of other tourism services -0.8 -0.6
Investment -1.6 -1.7
Major expenditure components of GDP
%Private consumption expenditure 0.5 0.1
0.8 0.2
Gross fixed capital formation -1.7 -1.7
Private -2.4 -2.6
Government 2.0 2.0
Changes in inventories -1.6 -1.5
Exports of goods and services -1.8 -1.9
Exports of goods -1.5 -1.3
Exports of services -1.8 -1.9
Imports of goods and services -1.3 -1.3
Imports of goods -1.4 -1.4
Imports of services -0.6 -0.8
www.dsec.gov.mo 2016.03
Alameda Dr. Carlos d' Assumpção No. 411-417, Dynasty Plaza, 17th floor, Macao Tel: (853) 8399 5311 Fax: (853) 2830 7825 E-mail: info@dsec.gov.mo Official Statistics. Reproduction of these data is allowed provided the source is quoted.
Nominal growth
Nominal growth Real growth
Real growth
Government final consumption expenditure
-7.2 -18.7
-35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
% Year-on-year growth of domestic demand and external demand in real terms
Domestic demand External demand -30
-25 -20 -15 -10 -5 0 5 10 15
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
% Economic growth and implict deflator of GDP
Economic growth Implicit deflator of GDP Government of Macao Special Administrative Region
Statistics and Census Service
GROSS DOMESTIC PRODUCT
4
THQUARTER / 2015
2014 2015 2014 2015
Private consumption expenditure increased slightly by 1.3% year-on-year, of which household final consumption expenditure in the domestic market and abroad rose by 1.5% and 6.2% respectively, while final consumption expenditure of non-profit institutions serving households (NPISHs) fell by 19.9%.
Government final consumption expenditure expanded by 1.6% year-on-year.
Investment declined. Gross fixed capital formation decreased by 17.4% year-on- year, mainly due to a 25.6% drop in private investment. Owing to the completion or slowdown in construction of buildings and some major tourism and entertainment facilities, together with a decrease in real estate developers’ margin, private investment in construction dropped by 26.7% and investment in equipment fell by 15.2%. On the other hand, government investment increased by 19.6%, with public construction investment rising by 51.0% and equipment investment falling by 45.1%.
Merchandise trade was stagnant. Imports of goods declined by 13.8% year-on-year upon slowdown in investment and continuous decrease in visitor arrivals and spending; meanwhile, exports of goods fell by 12.7%.
Service trade declined at a much slower pace. Total exports of services diminished by 19.1% year-on-year, of which exports of gaming services dropped by 25.4% and exports of other tourism services shrank by 6.1%. Imports of services decreased by 7.9% year-on-year amid sluggish exports of services.
In the fourth quarter of 2015, Gross Domestic Product (GDP) contracted by 14.4% year-on-year in real terms, a notable deceleration from the 21.0% decline in the previous quarter. Total exports of services shrank by 19.1%, as decrease in visitor arrivals and total visitor spending dragged down exports of other tourism services and gaming services by 6.1% and 25.4% respectively.
Domestic demand weakened, with private consumption expenditure and government final consumption expenditure rising marginally by 1.3% and 1.6%
respectively, and gross fixed capital formation falling by 17.4%. Exports and imports of goods decreased by 12.7% and 13.8% respectively, while imports of services dropped by 7.9%.
Economic growth for the first three quarters of 2015 was revised upwards to -21.9%, -23.7% and -21.0% respectively.
The implicit deflator of GDP that measures changes in prices increased by 3.0% year-on-year in the fourth quarter.
Year-on-year GDP growth for previous quarters
%Nominal growth Real growth
For additional information:
http://www.dsec.gov.mo/e/gdp_quarterly.aspx
2｜GROSS DOMESTIC PRODUCT
1.2
1.3 0.6 -2.4
4TH QUARTER / 2015 -2.1
-0.3 -1.6 -2.2
-2.0 Q2 Q4
-1.7 -1.8
1.6
Q3 2.2
2.3
Q1
0.5 Q2
-0.9
2013 2014 2015
Q1
Q3 Q4
-4.1
-10.3
-35 -30 -25 -20 -15 -10 -5 0 5 10 15
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
% Contribution of demand to economic growth
Domestic demand Net external demand 0.6
4.2 -14.5
-0.6 -0.2 -4.4
0.2 0.3
-20 -10 0 10
Imports of services Imports of goods Exports of services Exports of goods Changes in inventories Gross fixed capital formation Government final consumption expenditure Private consumption expenditure
Percentage point Contribution of major expenditure components to
economic growth
2014 2015
Major revision of GDP
Major revision of GDP is conducted once around every five years, which includes the incorporation of the latest international statistical standards, the application of up- to-date statistical results and new data sources to ensure the quality and comparability of statistics in order to reflect in a more accurate way the local economic evolution.
This major revision covers the following main areas：
(1) Enhancing the computation methods for imports and exports of gaming services;
(2) Improving the estimation method for the gaming expenditure of local residents; and revising private consumption expenditure with reference to the latest results of the Household Budget Survey;
(3) Revising the non-gaming expenditure of visitors in accordance with the principle of balancing supply and demand in the supply and use table;
(4) Adopting new data sources, i.e. incorporating the estimates for offshore merchanting activities.
From the fourth quarter of 2015 onwards, the GDP time series are the figures after major revision.
