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Macau's GDP grows 25.7% in the first quarter
Macau's gross domestic product (GDP) expanded by 25.7 percent year-on-year in real terms in the first quarter, thanks to a surge in services exports and stabilized private consumption, the authorities announced today.
© Lusa
Economia Macau
The result represents a recovery "of 87.2% of the economic volume of the same period in 2019" - before the COVID-19 pandemic - due to "the continuous growth of service exports and the stabilization of private consumption and gross fixed capital formation", indicated the Statistics and Census Service (DSEC), in a statement.
Service exports increased by 30.3% year-on-year, "thanks to the increase in external demand", with growth in gaming service exports (+62.7%) and exports of other tourism services (+14.8%), added the DSEC, noting that, on the other hand, service imports fell by 3.5%.
Domestic demand - including private consumption expenditure, government final consumption expenditure and investment - rose by 3.4%.
Private consumption expenditure, the statement specifies, increased by 10.9% compared to the first quarter of 2023. Government final consumption expenditure fell by 20.7%, "highlighting the 40.5% decrease in net purchases of goods and services".
The "positive economic environment" also contributed to the increase in investment, "with gross fixed capital formation registering an annual increase of 13%", with "positive growth in the last four quarters". The statistics department highlights annual increases of 4.3% in investment in construction and 48% in investment in equipment.
In the private sector, investment in equipment grew by 28.5% and investment in construction increased by 10.4%, in annual terms.
As for the public sector, the note states, investment in equipment increased by 239.6%, compared to the same period in 2023, mainly "due to the notable growth in investment in public equipment", driven by the "continued implementation of large-scale works, namely infrastructure". On the other hand, investment in public construction fell by 1.8%.
Regarding the external trade of goods, there were year-on-year decreases of 13.6% in exports of goods and 1.4% in imports of goods.
Between January and March, the number of visitors increased by 79.4%, year-on-year, to 8.9 million people.
Read Also: Macau registers more than 2.6 million visitors in April (Portuguese version)
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