GROSS DOMESTIC PRODUCT1

(1)

Principal indicators

^%

Gross Domestic Product -11.6 -13.3

Exports of gaming services -14.2 -17.1

Exports of other tourism services -15.5 -11.0

Investment -31.9 -31.4

Major expenditure components of GDP

^%

Private consumption expenditure 1.2 -2.3

5.0 1.5

Gross fixed capital formation -32.4 -31.9

Private -33.5 -33.0

Government -6.0 -5.5

Changes in inventories -22.2 -20.7

Exports of goods and services -13.6 -14.3

Exports of goods -26.1 -24.6

Exports of services -12.8 -13.7

Imports of goods and services -17.0 -16.7

Imports of goods -21.2 -19.9

Imports of services -1.6 -4.8

www.dsec.gov.mo 2016.05

Government final consumption expenditure

Alameda Dr. Carlos d' Assumpção No. 411-417, Dynasty Plaza, 17^th floor, Macao Tel: (853) 8399 5311 Fax: (853) 2830 7825 E-mail: [email protected] Official Statistics. Reproduction of these data is allowed provided the source is quoted.

Nominal growth

Nominal growth Real growth

Real growth

-14.0 -14.3

-30 -25 -20 -15 -10 -5 0 5 10 15 20 25

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

% Year-on-year growth of domestic demand and external demand in real terms

Domestic demand External demand -25

-20 -15 -10 -5 0 5 10

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

% 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

1

^ST

QUARTER / 2016

2014 2015 2016 2014 2015 2016 Private consumption expenditure dropped by 2.3% year-on-year, with a notable decline in expenditure on durable goods. Household final consumption expenditure in the domestic market fell by 2.3% while that abroad rose by 3.9%.

Government final consumption expenditure, the only expenditure component that registered growth, expanded by 1.5% year-on-year.

Investment declined apparently. Gross fixed capital formation, the gauge of investment, contracted by 31.9% year-on-year, owing to the substantial decline in private investment.

Private investment in construction and equipment diminished by 35.0% and 18.9%

respectively, bringing total private investment down by 33.0%, which was attributable to the slowdown in construction of major tourism and entertainment facilities, as well as the high comparison base last year driven by construction. On the other hand, government investment decreased by 5.5% year-on-year, of which public construction investment fell by 6.5% while equipment investment grew by 91.1%.

Merchandise trade continued to deteriorate. Slowdown in investment, as well as decline in private consumption and visitor spending, drove imports of goods down by 19.9% year-on- year; meanwhile, exports of goods dropped by 24.6% year-on-year.

Service trade stayed weak. Exports of services contracted by 13.7% year-on-year, of which exports of gaming services dropped by 17.1%; besides, decrease in visitor spending brought exports of other tourism services down by 11.0%. Total exports of services declined year-on-year, while imports of services shrank by 4.8%.

Economy of Macao contracted by 13.3% year-on-year in real terms in the first quarter of 2016, mainly due to the continuous decline in exports of services and decrease in investment.

External demand showed no sign of improvement, exports of goods and services fell by 24.6% and 13.7% respectively, of which exports of gaming services dropped by 17.1%.

Domestic demand slackened, private consumption expenditure declined by 2.3%; investment and imports of goods shrank by 31.4% and 19.9% respectively whereas government final consumption expenditure rose by 1.5%.

The implicit deflator of GDP that measures changes in prices rose by 1.9% year-on-year.

(2)

Year-on-year GDP growth for previous quarters

Nominal growth Real growth

For additional information:

http://www.dsec.gov.mo/e/gdp_quarterly.aspx -17.4

Q2

Q4 Q1

2｜

6.0

12.2 -3.2 -15.7 -21.9 -23.7 -21.0

GROSS DOMESTIC PRODUCT 1^ST QUARTER / 2016

-11.8 -14.4 Q4

2014 2015

-18.0 Q3 Q1

-20.1 5.5

16.2 22.0

Q2

-8.9 Q3

-7.8

-5.5

-30 -25 -20 -15 -10 -5 0 5 10

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

% Contribution of demand to economic growth

Domestic demand Net external demand 0.4

5.7 -10.4

-1.1 -0.2 -7.1

0.1 -0.6

-15 -10 -5 0 5 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 2016