Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) for the second quarter of 2013 expanded by 10.2% year-on-year in real terms. Economic growth in the second quarter was mainly spurred by increase in exports of services, of which exports of gaming services grew by 10.2% and exports of other tourism services went up by 17.5%. The implicit deflator of GDP that measures changes in prices increased by 7.2% year-on-year. Economic growth for the first half year of 2013 stood at 10.5% in real terms.
In view of the strong employment market, total employment and working income climbed further, pushing private consumption expenditure to expand by 4.5% year-on-year. Household final consumption expenditure in the domestic market increased by 5.8% and consumption expenditure abroad went up by 6.3%.
Government final consumption expenditure increased by 7.6% year-on-year, of which compensation of employees grew by 3.6% and net purchases of goods and services soared by 15.3%.
As the gauge of investment, gross fixed capital formation expanded by 4.3% year-on-year. Private investment increased by 13.6%, of which construction investment grew by 21.1%, while equipment investment shrank by 10.6%. Government investment dropped significantly by 29.3%, with construction of the Hengqin Campus of the University of Macau approaching completion; as other public construction in progress hardly offset the decrease in construction investment, public construction investment fell notably by 31.3%; meanwhile, equipment investment went up by 7.9%.
Merchandise exports grew further by 10.0% year-on-year; moreover, merchandise imports increased by 15.7% on account of rising visitor arrivals, private consumption expenditure and investment.
In respect of trade in services, benefited from the satisfactory performance of the tourism and gaming sector, exports of services increased by 11.1% year-on-year, of which exports of gaming services rose by 10.2% and exports of other tourism services grew by 17.5%. Moreover, imports of services edged up by 1.1% year-on-year.
