Principal indicators
%
Gross Domestic Product -8.6 -8.9
Exports of gaming services -24.5 -25.1
Exports of other tourism services 1.7 1.9
Major expenditure components of GDP
%
Private consumption expenditure -2.1 -2.7
-0.5 -2.0
Gross fixed capital formation 10.9 3.4
Private -4.7 -10.6
Government 58.2 45.5
Changes in inventories -31.2 -29.4
Exports of goods and services 7.8 8.3
Exports of goods 59.2 56.8
Exports of services -6.1 -4.7
Imports of goods and services 25.8 24.0
Imports of goods 30.5 29.0
Imports of services 6.7 2.8
www.dsec.gov.mo 2022.05
10.8 3.2
Real growth Nominal growth
Investment
Nominal growth Real growth
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.
Government final consumption expenditure
-1.2 8.3 -100
0 100 200 300 400 500 600
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 -80
-60 -40 -20 0 20 40 60 80
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
%
Economic growth and implicit deflator of GDP
Economic growth Implicit deflator of GDP
2020 2021 2022 2020 2021 2022
GROSS DOMESTIC PRODUCT
1
STQUARTER 2022
統 計 暨 普 查 局
Government of Macao Special Administrative Region Statistics and Census Service
•
•
•
•
•
Gross Domestic Product (GDP) contracted by 8.9% year-on-year in real terms in the first quarter of 2022, as a result of the weakening total demand.
Exports of services decreased by 4.7% year-on-year, of which exports of gaming services dropped by 25.1% while exports of other tourism services increased by 1.9%; meanwhile, exports of goods expanded by 56.8%.
Imports of goods and services rose by 29.0% and 2.8% respectively.
Domestic demand shrank by 1.2% year-on-year on account of a decline in private consumption.
The implicit deflator of GDP, which measures the overall changes in prices, went up by 0.3% year -on-year.
In the face of an uncertain economic outlook and a sluggish job market, residents’ spending on durable and semi-durable goods declined, which led to a year-on-year drop of 2.2% in household final consumption expenditure in the domestic market. Moreover, household final consumption expenditure abroad fell by 10.8% owing to the resurgence of the pandemic in mainland China. The overall private consumption slid by 2.7% year-on-year.
Government final consumption expenditure showed a decrease of 2.0%
year-on-year, attributable to a reduction in the expenditure on pandemic prevention by the SAR Government. Net purchases of goods and services dropped by 6.9% while compensation of employees rose by 1.3%.
Gross fixed capital formation increased by 3.4% year-on-year, of which construction investment dropped by 1.9% while equipment investment grew by 30.5%. Public construction investment and equipment investment leapt by 40.6% and 242.4% respectively, mainly due to the increased investments in construction of public housing, the fourth Macao-Taipa bridge and the Islands District Medical Complex. As regards private investment, construction investment fell by 19.4% owing to reduced investment in casinos; yet, equipment investment showed an uplift of 22.4%.
Merchandise trade continued to thrive, with imports and exports of goods rising by 29.0% and 56.8% year-on-year respectively.
Despite a rise (+8.0%) in the number of visitor arrivals in the first quarter, exports of other tourism services grew by a mere 1.9% and exports of gaming services fell by 25.1%, ascribable to a decrease in the number of overnight visitors; as a result, exports of services dropped by 4.7% year-on-year. Meanwhile, imports of services increased by 2.8%.
Year-on-year quarterly GDP growth
Nominal growth Real growth
Year-on-year cumulative GDP growth
Nominal growth Real growth
For additional information:
http://www.dsec.gov.mo/e/gdp_quarterly.aspx
2020 2021 2022
2020 2021 2022
% -44.0
-1.2 70.9
69.8 -42.6
-61.8 -4.0
-66.3 -8.9
Q1 Q3
%
Q2 Q4 Q1 Q2 Q3 Q4
-8.6 23.7
35.1
-4.4
-4.1 -8.6
Q1
-55.7Q2 Q3 Q4
-66.2
Q2
33.8 -61.6
27.1 17.1
-57.7 -54.1 -4.0
Q3 Q4 Q1
-56.2
2｜Gross Domestic Product
1stQuarter / 2022
-8.9 18.0
26.3 28.6
-58.0 -54.0 -1.2
-0.9
-7.9
-80 -60 -40 -20 0 20 40 60 80
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
%
Contribution of net demand to economic growth
Domestic demand Net external demand -0.3
-14.3 -3.0
9.7 0#
0.6 -0.3 -1.2
-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
2020 2021 2022
