Macau’s economy grows 4.7% in 2018

Macau’s economy grew by 4.7% in 2018, slowing growth, according to data released today by the Statistics and Census Service (DSEC).

During 2018, “domestic demand showed an unfavourable behaviour, with an annual contraction of 1.7%,” he said.

On the other hand, private consumption expenditure, Government final consumption expenditure and imports of goods increased by 4.5%, 3.8% and 4.7%, respectively, due to increases in the total number of employees, income from employment and government expenditure.

Exports of services grew 9.4% year-on-year, driven by a slight increase in external demand, visitor numbers and respective expenses.

DSEC also highlighted increases in exports of gaming services (10.3%) and exports of other tourism services (9.4%). Exports of goods rose 11%.

Last year, Gross Domestic Product (GDP) reached 440.3 billion patacas (around 48 thousand million euros) and the GDP ‘per capita’ 666,893 patacas (about 73 thousand euros).

The implicit GDP deflator, which measures global price change, rose by 3.6% in 2018.

Compared to the fourth quarter of last year, Macao’s GDP grew 2.1% in real terms, slightly above 1.9% in the third quarter.

DSEC also revised the economic growth rate for the first quarter of 2018 (9.3%) and the second (6%) and third (1.9%) quarters for the same period.

In 2017, GDP reached 404.2 billion patacas (41 billion euros) and the GDP ‘per capita’ 622.803 patacas (63 thousand euros).

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