Principal indicators
%
Gross Domestic Product 0.5 -1.8
Exports of gaming services 1.9 -0.8
Exports of other tourism services 1.7 2.8
Major expenditure components of GDP
%
Private consumption expenditure 3.3 2.2
9.1 5.7
Gross fixed capital formation -24.4 -25.0
Private -18.6 -19.3
Government -49.9 -49.7
Changes in inventories -0.6 -0.9
Exports of goods and services 1.8 -0.3
Exports of goods -24.6 -24.4
Exports of services 3.0 0.8
Imports of goods and services -4.5 -4.6
Imports of goods -1.1 -0.8
Imports of services -12.7 -13.7
www.dsec.gov.mo 2019.08
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.
Real growth Nominal growth
Investment -24.8 -25.3
Government final consumption expenditure
Nominal growth Real growth
-6.1 -0.3
-10 -5 0 5 10 15 20
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
%
Year-on-year growth of domestic demand and external demand in real terms
Domestic demand External demand -5
0 5 10
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
%
Economic growth and implicit deflator of GDP
Economic growth Implicit deflator of GDP
2017 2018 2019 2017 2018 2019
GROSS DOMESTIC PRODUCT
2
NDQUARTER 2019
統
Government of Macao Special Administrative Region Statistics and Census Service
– The economy of Macao in the second quarter of 2019 contracted by 1.8% year-on-year in real terms, representing a smaller decrease compared to the drop in the first quarter (-3.2%). The economic downturn was mainly due to a year-on-year decline in gross fixed capital formation. For the first half of 2019, the economy of Macao shrank by 2.5% year-on-year in real terms.
– External demand continued to slow down; exports of gaming services fell by 0.8% and exports of goods slid by 24.4%.
– Imports of goods and services reduced by 0.8% and 13.7% respectively.
– Domestic demand went down by 6.1% year-on-year, dragged down by a 25.0% drop in gross fixed capital formation; meanwhile, private consumption expenditure and government final consumption expenditure rose by 2.2% and 5.7% respectively, offsetting part of the decrease resulting from the economic slowdown.
– The implicit deflator of GDP, which measures the overall changes in prices, increased by 2.4 % year-on-year.
Consumer sentiments remained cautious amid uncertain external economic environment. Private consumption expenditure growth held steady from the previous quarter, at 2.2% year-on-year. Household final consumption expenditure in the domestic market and abroad showed respective increases of 2.2% and 4.0%.
Government final consumption expenditure recorded sustained growth, up further by 5.7% year-on-year, higher than the 4.1% rise in the previous quarter. Compensation of employees and net purchases of goods and services went up by 2.3% and 12.4%
respectively.
Investment in fixed assets continued to decline on account of decreased construction projects. Gross fixed capital formation dropped by 25.0% year-on-year in real terms in the second quarter owing to a 30.1% fall in construction investment; equipment investment, however, rose by 9.1%. In view of the high base of comparison in the second quarter of 2018 caused by the huge investment of the government in the Macao boundary crossing area of the Hong Kong-Zhuhai-Macao Bridge, public construction investment plunged by 51.6% in the second quarter this year; in addition, equipment investment reduced by 35.0%. Meanwhile, private investment slid further by 19.3% year-on-year following a decline in investment in large-scale construction projects and a drop in number of new residential projects; construction investment went down by 25.1% while equipment investment increased by 17.4%.
Merchandise trade slackened. Consumer sentiment stayed cautious, investment continued to decrease and imports of goods edged down by 0.8% year-on-year.
External demand slowed down, with exports of goods dropping by 24.4%.
Services trade showed stable performance. Despite a drop of 0.8% in exports of gaming services, total exports of services inched up by 0.8% year-on-year in the second quarter. Besides, imports of services fell by 13.7% year-on-year.
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•
•
•
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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 2
ndQuarter / 2019
-3.2
8.5 -0.1
4.7
Q3 Q4 Q1 Q2
7.6
Q1 Q3
2017
5.7 11.6
Q2
9.7
2018
11.8 10.4 9.7 9.3
13.2 12.3 12.0 13.3
Q4
1.9 7.914.6
% 11.2
9.3 6.0
9.9 7.8
10.5 13.3
12.2
Q2
Q1 Q3
Q3
2.1 5.5
Q1 Q4
-3.2 6.0
2017 2018 2019
%
-0.1
Q2 Q4
-3.1 1.3
-5 0 5 10 15
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
%
Contribution of net demand to economic growth
Domestic demand Net external demand 1.3
0.2 0.7 -0.9
0# -4.1
0.5 0.5
-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
