Gross Domestic Product (GDP) for the 3rd Quarter 2022
With the local economic activity being affected by the “relatively static” control measures implemented in July, household final consumption expenditure in the domestic market and abroad dropped by 13.3% and 12.2% year-on-year respectively. The overall private consumption expenditure fell by 13.3% year-on-year.
Government final consumption expenditure rose by 5.7% year-on-year, attributable to an increase in the expenditure of the SAR Government on healthcare subsidy scheme and pandemic prevention. Net purchases of goods and services grew by 10.2% while compensation of employees decreased by 0.1%.
Gross fixed capital formation decreased by 34.3% year-on-year, of which construction investment and equipment investment dropped by 38.2% and 18.8% respectively. As regards public investment, public construction investment went up by 19.6%, ascribable to increased investment in construction of public housing, the fourth Macao-Taipa bridge and the Islands District Medical Complex; however, equipment investment reduced by 44.4%. Regarding private investment, construction investment declined by 56.4% year-on-year owing to reduced investment by gaming enterprises; besides, equipment investment fell by 14.0%.
Merchandise trade was impacted amid the pandemic, with imports and exports of goods dropping by 27.9% and 43.0% year-on-year respectively.
For the first three quarters of 2022, GDP declined by 27.8% in real terms. In terms of the major components of GDP, private consumption expenditure dropped by 7.8% while government final consumption expenditure went down by 1.1%. Gross fixed capital formation showed a decrease of 19.7%. Exports and imports of goods fell by 19.9% and 10.2% respectively. Exports of services dipped by 34.3%, of which exports of gaming services slid by 54.5%. Imports of services recorded a fall of 5.2%.