Principal indicators
%
Gross Domestic Product -47.0 -45.9
Exports of gaming services -70.6 -70.3
Exports of other tourism services -53.9 -48.9
Major expenditure components of GDP
%
Private consumption expenditure -10.9 -10.2
9.9 8.4
Gross fixed capital formation -10.8 -12.3
Private -6.4 -7.9
Government -18.4 -20.0
Changes in inventories 19.4 19.1
Exports of goods and services -47.8 -46.2
Exports of goods 248.9 245.2
Exports of services -62.7 -61.0
Imports of goods and services 15.4 15.0
Imports of goods 31.3 31.3
Imports of services -28.2 -29.5
www.dsec.gov.mo 2021.03
Government final consumption expenditure
Nominal growth Real 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.
-10.2 -11.7
Nominal growth
Investment
– Gross Domestic Product (GDP) contracted by 45.9% year-on-year in real terms in the fourth quarter of 2020, a smaller decline than in the preceding quarter (-63.8%). As visitor arrivals recovered from the previous quarter, exports of services dropped at a slower pace, by 61.0% year -on-year, with exports of gaming services and other tourism services falling by 70.3% and 48.9% respectively. Meanwhile, exports of goods soared by 245 .2% year-on-year.
– Imports of goods increased by 31.3% while imports of services slid by 29.5%.
– Domestic demand shrank at a milder pace than in the previous quarter, down by 6.4% year -on-year, attributable to a smaller decrease in private consumption expenditure.
– The implicit deflator of GDP, which measures the overall changes in prices, dropped by 2.0% year -on-year.
– GDP for the whole year of 2020 declined by 56.3% year-on-year in real terms.
-6.4
-46.2
-90 -80 -70 -60 -50 -40 -30 -20 -10 0 10
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 -70
-60 -50 -40 -30 -20 -10 0 10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
%
Economic growth and implicit deflator of GDP
Economic growth Implicit deflator of GDP
2019 2020 2019 2020
GROSS DOMESTIC PRODUCT
4
THQUARTER 2020
統 計 暨 普 查 局
Government of Macao Special Administrative Region Statistics and Census Service
There were no new confirmed cases of coronavirus in Macao in the fourth quarter.
Household final consumption expenditure in the domestic market showed a smaller decline of 2.4%, underpinned by the consumption subsidy scheme. Meanwhile, household final consumption expenditure abroad fell by 52.8% owing to the ongoing entry restrictions imposed in different places. The overall private consumption decreased by 10.2% year-on-year.
As the SAR government maintained its expenditure on pandemic prevention and continued providing economic relief measures, government final consumption expenditure increased by 8.4%. Net purchases of goods and services rose by 14.5%
while compensation of employees went up by 2.1%.
Investment in fixed assets declined by 12.3% year-on-year; construction investment and equipment investment dropped by 12.1% and 13.0% respectively. Public construction investment slid by 22.1% year-on-year, and equipment investment fell by 12.7%. As regards private investment, construction investment shrank by 6.3% year - on-year owing to reduced investment in residential projects and the corresponding drop in real estate developers’ operating margin; meanwhile, equipment investment fell by 13.1%.
Merchandise trade showed improvement, with imports and exports of goods rising by 31.3% and 245.2% year-on-year respectively.
Number of visitor arrivals to Macao surged by 150.3% quarter-to-quarter in the fourth quarter. Exports of gaming services and other tourism services recorded smaller year - on-year decreases of 70.3% and 48.9% respectively. Concurrently, imports of services slid by 29.5% year-on-year, owing to a decrease in outbound trips by residents and a slowdown in other economic activity.
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•
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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 -57.5 -2.1
2｜Gross Domestic Product 4
thQuarter / 2020
-56.3
-59.6 -56.3
-59.9
-48.3 -58.0
-47.4
-1.8 -1.7 -2.6
0.9 0.8 0.8 -0.3
Q2 Q3 Q4
Q1
Q2 Q2
Q4
-67.8-63.8 -64.0
Q4
2019 2020
Q1 Q2 Q3
-67.9 -1.5
0.9
%
-47.0
Q1 Q3 Q3
2019 2020
Q1 Q4
% 0.8
-5.3 -48.3
-47.4 -1.3
0.6 -3.3
-2.1 -45.9
-3.5
-42.4
-70 -60 -50 -40 -30 -20 -10 0 10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
%
Contribution of net demand to economic growth
Domestic demand Net external demand 2.8
-8.0 -46.7
9.6 0.1 -2.1
1.0 -2.5
-50 -40 -30 -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
2019 2020
