23/05/2024 - 12:36:20
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Gross domestic product for the whole year and the 4th quarter of 2023

Source:DSEC

Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) expanded by 80.5% year-on-year in real terms in 2023, following the gradual resumption of local economic activity and exports of services. The GDP returned to over 80% of the level in 2019, underpinned by exports of tourism services. Per-capita GDP stood at MOP559,495 in 2023, up by 80.5% year-on-year. The implicit deflator of GDP, which measures the overall changes in prices, climbed by 6.5% year-on-year.

In terms of the major components of GDP, private consumption expenditure and gross fixed capital formation rose by 12.1% and 14.7% year-on-year respectively in 2023. On the other hand, government final consumption expenditure dropped by 6.4% owing to the conclusion of the livelihood subsidy scheme. Exports of gaming services and other tourism services surged by 343.7% and 127.9% year-on-year respectively, on account of an uplift of 394.9% in visitor arrivals; yet, exports of goods fell by 28.1%.

Analysed by quarter, GDP swelled by 86.4% year-on-year in real terms in the fourth quarter of 2023. Exports of gaming services and other tourism services showed respective growth of 430.8% and 130.2% year-on-year. In addition, private consumption expenditure and gross fixed capital formation grew by 16.6% and 10.0% year-on-year respectively amid the recovery of domestic demand. By contrast, government final consumption expenditure decreased by 17.7% year-on-year as the livelihood subsidy scheme ceased. As regards merchandise trade, imports of goods remained virtually unchanged year-on-year, while exports of goods went down by 24.9%.

Given the complexity of the data required to compile GDP, DSEC compiles the first release of GDP based on the available data, and publishes the figures at the best possible time to the public, in accordance with international recommendations. When more data become available, the GDP figures will be revised. The rate of change of GDP for 2022 was revised to -21.4%; in addition, the rates of change for the first quarter, the second quarter and the third quarter of 2023 were revised to 32.3%, 100.9% and 120.4% respectively.