This June 16, 2018 photo shows a night view of Macao, a key component of the Guangdong-Hong Kong-Macao Greater Bay Area. (PHOTO / VCG)
MACAO – Macao's gross domestic product (GDP) rebounded by 69.5 percent year on year in real terms in the second quarter of 2021, the special administrative region's (SAR) statistics department said here on Friday.
The latest report from the Statistics and Census Service (DSEC) showed that Macao's economy resumed positive growth on account of a relatively low base of comparison in the same quarter of last year when local economic activities were limited due to entry restrictions for visitors amid the COVID-19 pandemic.
Local economic activities of residents have basically recovered, with household final consumption expenditure in the domestic market increasing by 8.8 percent year on year
Meanwhile, the pick-up in external demand in the second quarter with the epidemic under control also contributed to the growth.
The implicit deflator of GDP, which measures the overall changes in prices, dropped by 0.3 percent year on year in the second quarter, showed the report.
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Exports of services ballooned by 555.6 percent year on year, of which exports of gaming services and other tourism services rocketed by 1,089.7 percent and 1,328.3 percent respectively. Exports of goods surged by 606.9 percent year on year.
Domestic demand maintained growth, rising by 3.7 percent year on year. Imports of goods swelled by 173.5 percent while imports of services rose by 54.2 percent.
Local economic activities of residents have basically recovered, with household final consumption expenditure in the domestic market increasing by 8.8 percent year on year. Due to the relatively low base of comparison in the same quarter last year, household final consumption expenditure abroad went up by 87.0 percent. The overall private consumption rose by 11.5 percent year on year.
As the Macao SAR government allocated expenditure for epidemic prevention and implemented economic assistance measures, government final consumption expenditure grew steadily by 0.4 percent year on year, of which net purchases of goods and services went up by 0.4 percent and compensation of employees increased by 0.5 percent.
Gross fixed capital formation declined by 10.1 percent year on year, of which construction investment decreased by 16.7 percent whereas equipment investment rose by 25.0 percent. The Macao SAR government continued to promote infrastructure projects, with public construction investment and equipment investment expanding by 37.0 percent and 37.3 percent respectively year on year.
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As to private investment, construction investment dropped by 27.7 percent year on year owing to smaller investment in large-scale hotel projects compared to the same quarter last year and fewer private residential projects. However, equipment investment increased by 24.2 percent.
The pick-up in total demand drove up merchandise trade, with imports and exports of goods surging by 173.5 percent and 606.9 percent respectively year on year.
The number of visitor arrivals to Macao leapt by 4,302.6 percent year on year and 25.9 percent quarter to quarter in the second quarter of 2021.