GDP increased by 11.5% year-on-year in real terms in the first three quarters of 2024, surpassing MOP300.0 billion again since the same period in 2019
Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) expanded by 11.5% year-on-year in real terms to MOP301.0 billion in the first three quarters of 2024. The overall economic output returned to 86.3% of the level in the same period in 2019, with GDP surpassing MOP300.0 billion again since the first three quarters of 2019. Exports of services and domestic demand (including private consumption expenditure, government final consumption expenditure and investment) showed respective growth of 11.4% and 2.7% year-on-year.
Exports of services grew by 11.4% year-on-year in the first three quarters
In view of rising number of visitor arrivals to Macao during the peak summer season, exports of services grew by 11.4% year-on-year in real terms in the first three quarters, of which exports of gaming services went up by 28.4%; meanwhile, exports of other tourism services dropped by 6.1% owing to the high comparison base in the same period last year, but increased by nearly 15% compared to the same period in 2019. With respect to merchandise trade, exports and imports of goods fell by 15.1% and 8.3% year-on-year respectively.
Private consumption expenditure sustained solid growth, driven by an increase in the income of residents amid the positive local economic situation and the improving job market. In the first three quarters, private consumption expenditure swelled by 5.8% year-on-year, with household final consumption expenditure in the domestic market and abroad rising by 4.8% and 13.6% respectively. On the other hand, government final consumption expenditure reduced by 10.1% year-on-year following the cessation of the livelihood subsidy scheme. Net purchases of goods and services dipped by 21.9% year-on-year, while compensation of employees remained virtually unchanged.
Gross fixed capital formation increased by 9.2% year-on-year in the first three quarters, as enterprises continued to step up their investments in Macao amid the improving local business environment. Private investment showed substantial growth, with private equipment investment and construction investment expanding by 31.5% and 11.6% respectively during the period. Besides, government equipment investment recorded an uplift of 27.3% year-on-year, whereas public construction investment dipped by 8.6% due to the completion of some large public works.
In comparison with the third quarter of 2023, GDP expanded by 4.7% year-on-year in real terms in the third quarter of 2024. The overall economic output corresponded to 87.3% of its size in the same quarter of 2019. Exports of services and domestic demand increased by 1.3% and 4.6% respectively. The implicit deflator of GDP, which measures the overall changes in prices, went up by 1.5% year-on-year to 106.7.
