Principal indicators
%
Gross Domestic Product -2.2 -4.5
Exports of gaming services -1.6 -4.2
Exports of other tourism services -12.6 -12.4
Major expenditure components of GDP
%
Private consumption expenditure 3.9 2.8
7.2 4.3
Gross fixed capital formation -9.3 -8.5
Private -22.4 -21.9
Government 81.8 84.3
Changes in inventories 1.7 1.3
Exports of goods and services -2.2 -4.5
Exports of goods 0.7 0.5
Exports of services -2.3 -4.7
Imports of goods and services 2.1 1.8
Imports of goods 1.6 1.6
Imports of services 3.2 2.1
www.dsec.gov.mo 2019.11
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Government final consumption expenditure
Nominal growth Real growth Real growth Nominal growth
Investment -8.9 -8.2
-0.3
-4.5 -10
-5 0 5 10 15 20
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
%
Year-on-year growth of domestic demand and external demand in real terms
Domestic demand External demand -5
0 5 10
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
%
Economic growth and implicit deflator of GDP
Economic growth Implicit deflator of GDP
2017 2018 2019 2017 2018 2019
GROSS DOMESTIC PRODUCT
3
RDQUARTER 2019
統 計 暨 普 查 局
Government of Macao Special Administrative Region Statistics and Census Service
Private consumption showed steady growth. Despite a relatively large drop (-12.4%) in spending of residents on durable goods, private consumption expenditure grew by 2.8% year-on-year, which was in line with the growth in the previous quarter.
Household final consumption expenditure in the domestic market and abroad showed respective increases of 2.5% and 3.4%.
Government final consumption expenditure maintained growth, rising by 4.3% year - on-year. Compensation of employees rose by 2.5% and net purchases of goods and services went up by 6.2%.
Investment in fixed assets recorded a slower decrease. Gross fixed capital formation dropped by 8.5% year-on-year in real terms in the third quarter, with construction investment and equipment investment falling by 9.7% and 3.0% respectively. Private construction investment declined by 26.3% owing to reduced investment in residential projects and the corresponding drop in real estate developers’ operating margin; private equipment investment, however, rose by 1.7%. On the other hand, public construction investment surged by 131.3% as a result of increased government investment, as well as a low base of comparison due to the completion of major constructions in the Macao boundary crossing area of the Hong Kong- Zhuhai-Macao Bridge in the third quarter of 2018; meanwhile, public equipment investment shrank by 19.3%.
Merchandise trade slackened. In spite of a sustained growth in private consumption, imports of goods merely increased by 1.6% year-on-year owing to the continued decrease in investment. External demand slowed down, with exports of goods rising slightly by 0.5%.
Exports of services posted accelerated decline. Overnight visitor arrivals decreased by 1.2% year-on-year under external influences while same-day visitors increased.
As per-capita spending of both overnight visitors and same-day visitors registered relatively large drop, exports of other tourism services slid by 12.4%. Exports of gaming services fell by 4.2% year-on-year, dragged by a steeper decrease in VIP gaming business; meanwhile, imports of services rose by 2.1% year-on-year.
•
•
•
•
•
– The economy of Macao in the third quarter of 2019 contracted by 4.5% year -on-year in real terms, mainly attributable to a larger decline in exports of services. For the first three quarters of 2019, the economy of Macao shrank by 3.5% year-on-year in real terms.
– External demand continued to slow, with exports of services falling by 4.7%; meanwhile, exports of goods edged up by 0.5%.
– Imports of goods and services increased by 1.6% and 2.1% respectively.
– Domestic demand decreased at a slower pace. Gross fixed capital formation dropped by 8.5% whereas private consumption expenditure and government final consumption expenditure rose by 2.8% and 4.3% respectively.
– The implicit deflator of GDP, which measures the overall changes in prices, went up by 2.4% year-on-year.
0# Magnitude less than half of the unit employed
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
2019
2｜Gross Domestic Product 3
ndQuarter / 2019
-3.0
-0.7 -0.3
-3.8
Q4 Q1 Q2 Q3
6.3
Q2 Q4
5.4 10.2
Q3
9.2
10.5 9.9 9.5 8.2
12.5 12.2 13.5 12.1
Q1
2017 2018
3.2 8.2
10.8
Q3
Q2 Q4
Q4
-3.8 -0.7
Q2
2018 2019
%
0.1
Q3 Q1 Q1
% 13.5
6.8 2.6
6.6 9.5
11.6 10.7
8.1 -2.2
6.5
2017
-0.1
-4.3 -5
0 5 10
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
%
Contribution of net demand to economic growth
Domestic demand Net external demand -0.2
-0.4 -3.8
0# 0# -1.2
0.4 0.7
-5 0 5
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
2017 2018 2019
