The Statistics and Census Service (DSEC) released summary of the GDP for the fourth quarter and the whole year of 2009. The rates of change mentioned in the text refer to the year-on-year change, unless otherwise specified.

GDP for the fourth quarter and the whole year of 2009

The global financial crisis remained severe in the first half of 2009, impelling countries to map out market rescue measures in order to withstand the damage to their economies; meanwhile, the international community has stepped up cooperation and dialogue in response to the tremendous impact of the world financial crisis. The preliminary effect has been achieved by the middle of the year, as the economies of Europe, the US and Japan turned stable basically while the Mainland economy returned to the state of high economic growth.

The economy of Macao was unavoidably affected by the less favourable world economy. Gross domestic product (GDP) for the first half of the year contracted by 13.4% in real terms, attributable to decrease in gross gaming revenue, total visitor spending and gross fixed capital formation, as well as further decline in merchandise export. On account of the surge in exports of gaming services, the economy of Macao was back to the growth track in the third quarter and soared substantially by 27.4% in the fourth quarter, bringing the economy to expand by 17.9% in real terms in the second half of 2009. For the whole year of 2009, Macao’s GDP rose by 1.3% in real terms to MOP 169.34 billion, with per-capita GDP amounting to MOP 311,131 (US$ 38,968). Rate of economic growth for the second and third quarters was revised upward from -15.3% and 8.2% to -14.8% and 8.8% respectively in real terms.

The favourable factors contributing to Macao’s economic growth in 2009 included:

Ÿ gross gaming revenue (excluding gratuities) increased by 9.6% compared with 2008;

Ÿ hotel guests increased by 2.7%;

Ÿ rising value of retail sales and median monthly employment earnings;