Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the first quarter of 2014 expanded by 12.4% year-on-year in real terms, attributable to the increase in exports of services and investment, of which exports of gaming services and other tourism services increased by 13.0% and 6.6% respectively, private investment soared by 39.8%, and merchandise exports grew by 13.4%. Moreover, the implicit deflator of GDP that measures changes in prices increased by 8.5% year-on-year.

The job market stayed robust, marked with long time low unemployment rate, rising total employment and income; consequently, private consumption expenditure increased by 4.7% year-on-year. Household final consumption expenditure in the domestic market increased by 4.8% and consumption expenditure abroad rose mildly by 2.3%.

Government final consumption expenditure increased by 8.6% year-on-year, of which compensation of employees rose by 3.0% and net purchases of goods and services grew by 18.7%.

As the gauge of investment, gross fixed capital formation surged by 30.9% year-on-year. Construction of major tourism and gaming facilities in full swing was conducive to private investment to increase by 39.8%, of which construction and equipment investment increased by 44.9% and 19.4% respectively. Government investment shrank notably by 49.2% due to completion of Hengqin campus of the University of Macau last year, and the absence of new major construction projects in the first quarter of 2014; therefore, public construction investment and equipment investment contracted substantially by 49.1% and 53.1% respectively.

Growth in merchandise exports continued, up by 13.4% year-on-year; merchandise imports increased by 22.1% on account of the expansion in private investment, rising visitor spending and private consumption expenditure.

As regard trade in services, the simultaneous upsurge in gross gaming receipts, visitor arrivals and visitor spending induced exports of services to grow by 11.9% year-on-year in the first quarter, of which exports of gaming services rose by 13.0% and exports of other tourism services grew by 6.6%. Moreover, imports of services went up by 3.2% year-on-year.