GROSS DOMESTIC PRODUCT

(1)

Principal indicators

%

Gross Domestic Product -64.0 -63.8

Exports of gaming services -93.6 -93.6

Exports of other tourism services -88.3 -87.9

Major expenditure components of GDP

%

Private consumption expenditure -16.6 -16.7

22.1 18.6

Gross fixed capital formation -4.9 -5.6

Private 0

^#

-0.7

Government -19.1 -19.9

Changes in inventories 20.5 21.4

Exports of goods and services -75.9 -75.0

Exports of goods 251.0 252.2

Exports of services -88.3 -87.5

Imports of goods and services -1.0 -1.2

Imports of goods 16.9 17.6

Imports of services -42.4 -44.1

www.dsec.gov.mo 2020.11

-4.3 -5.0

Nominal growth

Investment

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^th

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

Nominal growth Real growth Real growth

–

Gross Domestic Product (GDP) dropped by 63.8% year-on-year in real terms in the third quarter of 2020, a smaller decline compared to the previous quarter (-68.0%). With a rebound in visitor arrivals following the easing of travel restrictions for Mainland residents to visit Macao, exports of services of Macao fell at a slower rate of 87.5% in the third quarter, of which exports of gaming services and other tourism services wen t down by 93.6% and 87.9%

respectively. Meanwhile, exports of goods soared by 252.2% year-on-year.

–

Imports of goods increased by 17.6% while imports of services slid by 44.1%.

–

Domestic demand saw a smaller decrease of 6.1% year-on-year, on account of a slower rate of decline in private consumption expenditure.

–

The implicit deflator of GDP, which measures the overall changes in prices, dropped by 0.6% year -on-year.

–

GDP for the first three quarters of 2020 declined by 59.8% year-on-year in real terms.

-6.1

-75.0

-90

-80 -70 -60 -50 -40 -30 -20 -10 0 10

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

-70

-60 -50 -40 -30 -20 -10 0 10

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

% Economic growth and implicit deflator of GDP

Economic growth Implicit deflator of GDP

2018 2019 2020 2018 2019 2020

GROSS DOMESTIC PRODUCT

3

^RD

QUARTER 2020

統計暨普查局

Government of Macao Special Administrative Region Statistics and Census Service

As there were no new confirmed cases of coronavirus in Macao in the third quarter, economic activity gradually recovered. Household final consumption expenditure in the domestic market showed a smaller decline of 8.4%, underpinned by the consumption subsidy scheme. Meanwhile, household final consumption expenditure abroad declined by 68.1% owing to the ongoing entry restrictions imposed in different places. The overall private consumption decreased by 16.7%

year-on-year.

As the SAR government maintained its expenditure on pandemic prevention and continued providing economic relief measures, government final consumption expenditure recorded a larger increase of 18.6% as against the 16.3% growth in the previous quarter. Net purchases of goods and services rose by 33.9% while compensation of employees went up by 2.7%.

Investment in fixed assets went down by 5.6% year-on-year; construction investment dropped by 10.3% while equipment investment increased by 14.5%. Public construction investment slid by 18.7% year-on-year, and equipment investment fell by 28.2%. As regards pri vate investment, construction investment shrank by 7.2% year-on-year owing to reduced investment in residential projects and the corresponding drop in real estate developers’ operating margin; on the other hand, equipment investment grew by 22.9%.

Merchandise trade showed improvement, with imports and exports of goods rising by 17.6% and 252.2% year-on-year respectively.

As the Mainland lifted travel restrictions to Macao, number of visitor arrivals to Macao surged by 1,409% quarter-to-quarter in the third quarter. Yet, exports of gaming services and other tourism services still recorded year-on-year decreases of 93.6% and 87.9% respectively. Concurrently, imports of services slid by 44.1% year-on-year, owing to a decrease in outbound trips made by residents and a slowdown in other economic activity.

•

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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

% 0.6

-1.3 -5.3

-3.3 -1.5

0.9 0.8

4.1 -63.8

-47.2

-68.0 -67.9

Q3

%

-64.0

Q4 Q2 Q2

2018 2019 2020

Q2 -48.1 -2.1

7.4 Q4

Q3 Q1

Q1

Q3

Q1 Q2 Q3 Q4 Q1

-2.1 -1.8 -1.7

10.2 0.9 0.8 0.8

2018 2019 2020

2｜Gross Domestic Product 3

^rd

Quarter / 2020

-59.8

-57.4 -59.6

-57.9

-2.6 -48.1

-0.3 Q4

-47.2 6.5

-3.1

-60.7

-70

-60 -50 -40 -30 -20 -10 0 10

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

%

Contribution of net demand to economic growth

Domestic demand Net external demand

4.3 -3.9 -68.6

7.5 0.1 -0.8

2.0 -4.3

-80 -60 -40 -20 0 20

Imports of services

Imports of goods

Exports of services

Exports of goods

Changes in inventories

Gross fixed capital formation

Government final consumption expenditure