Gross Domestic Product (GDP) for the 2nd Quarter 2021
Source:DSEC
The implicit deflator of GDP, which measures the overall changes in prices, dropped by 0.3% year-on-year in the second quarter.
Local economic activities of residents have basically recovered, with household final consumption expenditure in the domestic market increasing by 8.8% year-on-year. Due to the relatively low base of comparison in the same quarter last year, household final consumption expenditure abroad went up by 87.0%. The overall private consumption rose by 11.5% year-on-year.
As the Macao SAR government allocated expenditure for pandemic prevention and implemented economic assistance measures such as the Electronic Consumption Benefits Plan, government final consumption expenditure grew steadily by 0.4% year-on-year, of which net purchases of goods and services went up by 0.4% and compensation of employees increased by 0.5%.
Gross fixed capital formation declined by 10.1% year-on-year, of which construction investment decreased by 16.7% whereas equipment investment rose by 25.0%. The Macao SAR government continued to promote infrastructure projects, with public construction investment and equipment investment expanding by 37.0% and 37.3% respectively year-on-year. As regards private investment, construction investment dropped by 27.7% year-on-year owing to smaller investment in large-scale hotel projects compared to the same quarter last year and fewer private residential projects; yet, equipment investment increased by 24.2%.
The pick-up in total demand drove up merchandise trade, with imports and exports of goods surging by 173.5% and 606.9% respectively year-on-year.
Number of visitor arrivals to Macao leapt by 4,302.6% year-on-year and 25.9% quarter-to-quarter in the second quarter of 2021. Exports of gaming services and other tourism services soared by 1,089.7% and 1,328.3% respectively; besides, imports of services increased by 54.2% year-on-year.
Related Information: Gross Domestic Product (GDP) for the 2nd Quarter 2021