Macau’s gross domestic product (GDP) returned to positive growth in the second quarter when it rose by 5.1 percent year-on-year in real terms to 110.38 billion patacas, the Statistics and Census Bureau (DSEC) announced yesterday, citing preliminary figures.
In the first quarter, GDP dipped by 1.3 percent, according to both preliminary and concluding figures.
A DSEC statement said that the return to positive growth was “driven by a strong recovery of exports of services, supposed by surging visitor arrivals amid government efforts to boost visitation, alongside steady private consumption”.
The statement underlined that Macau’s overall economic output in the second quarter corresponded to 88.8 percent of the total in the same period of pre-pandemic 2019.
Analysed by major components, total exports of services increased by 5.8 percent year-on-year in real terms in the second quarter, fuelled by a nearly 20 percent rise in visitor arrivals. As regards domestic demand, the bureau said, government final consumption expenditure and private consumption expenditure registered growth of 1.1 percent and 0.3 percent, respectively. On the other hand, gross fixed capital formation declined by 3.6 percent owing to a decrease in private construction projects.
For the first half of the year, the preliminary GDP figure expanded by 1.8 percent year-on-year in real terms to 200.14 billion patacas. The overall economic output corresponded to 87.0 percent of the total in the same period of pre-pandemic 2019.
Detailed results of the revised GDP for the second quarter of the year will be released on August 15.
Jobless rate unchanged in Q2
Meanwhile, according to a separate DSEC statement, Macau’ general unemployment rate (1.9 percent) and the jobless rate of local residents (2.5 percent) in the second quarter remained unchanged from the first quarter.
The general unemployment rate comprises local residents and non-resident workers (NRWs).
Exports up 0.3 pct, imports down 4.8 pct in H1
Meanwhile, the bureau announced in a statement on Wednesday that while Macau’s imports fell by 4.8 percent year on year to 60.5 billion patacas, its exports rose by 0.3 percent to 6.6 billion patacas, resulting in a merchandise trade deficit to 53.9 billion patacas.
Re-exports accounted for 89.2 percent of total exports in the first six months of the year.
Imports accounted for 90.1 percent of Macau’s total trade in the first half.
Food and beverages continued to be Macau’s top import segment, accounting for 18.4 percent of all imports.
Construction material imports dropped by 36.3 percent to 710.9 million patacas between January and June.
Most of Macau’s imports originated from the Chinese mainland (29.6 percent), France (14.9 percent), and Italy (10.4 percent). All the other source markets recorded less than 10 percent of total imports.
