Growth in Macau’s gross domestic product (GDP) slowed to 4.7 percent year-on-year in real terms last year, the Statistics and Census Bureau (DSEC) announced Thursday.
A DSEC statement noted that last year’s “pace of [GDP] growth slowed notably”.
The bureau said that exports of services and private consumption expenditure were the main drivers of economic growth.
The rate of economic growth was 7.6 percent in the first half of 2018, but slowed to 2.0 percent in the second half of last year.
In 2018, domestic demand weakened, falling by 1.7 percent year-on-year. Gross fixed capital formation declined by 12.5 percent due to a significant decrease in private construction investment.
On the other hand, the statement pointed out, increases in total employment, employment earnings and government expenditure boosted private consumption expenditure, government final consumption expenditure and imports of goods by 4.5 percent, 3.8 percent and 4.7 percent respectively, which offset the impact of decreased investment.
External demand showed modest growth. Exports of services, underpinned by increased visitor arrivals and spending, went up by 9.4 percent year-on-year, with exports of gaming services and other tourism services rising by 10.3 percent and 9.4 percent respectively. Merchandise exports recorded an 11 percent increase.
In 2018, GDP amounted to 440.3 billion patacas, while per capita GDP stood at 666,893 patacas (US$82,609).