Wednesday, May 30, 2018

Macau GDP expands by 9.2% in Q1 2018

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Macau GDP expands by 9.2% in Q1 2018

Strong exports of gaming services and tourism helped drive Macau’s gross domestic product (GDP) to an almost double-digit percentage growth in the first three months of 2018.

Macau GDP expands by 9.2% in Q1 2018On Wednesday, Macau’s Statistics and Census Service (DSEC) announced that the city state’s economy has expanded by 9.2 percent in January to March 31, 2018 period, higher than the 8 percent growth recorded in the previous quarter.

Macau’s economy remained dependent on gaming and tourism business as reflected on the 16 percent growth of its total exports of services, which is comprised of gaming services and tourism services.

“Exports of services performed satisfactorily and became the major driving force for economic growth,” DSEC said in a statement.

Data from DSEC showed that the rise on exports of gaming services remained unchanged at 16.5 percent from the previous quarter, while exports of other tourism services went up by 19.6 percent, higher than the 15.4 percent growth in the previous quarter.

Imports of services, on the other hand, jumped 34.2 percent year-on-year, according to DSEC.

Macau’s economy also relied on the recovery of domestic demand, with private consumption spending showing significant growth, according to DSEC. Statistics showed that private consumption expenditure climbed by 4.8 percent in the first quarter of 2018 compared to the 2.7 percent growth recorded in the previous quarter period.

Household final consumption expenditure in the domestic market and abroad also increased by 5.3 percent and 3.0 percent, respectively.

The growth of domestic demand was tempered by the slowdown on the government’s final consumption expenditure and investment. DSEC pointed out that the government final consumption expenditure growth slowed by 2.2 percent from the 5.1 percent increase in the previous quarter

Macau also saw a 1.9 percent decline in investments while the implicit deflator of GDP, which measures the overall changes in prices, went up by 3.4 percent year-on-year.

The former Portuguese enclave also saw an improvement in its gross fixed capital formation, thanks to an increased government investment. From 14.1 percent in the previous quarter, Macau was able to substantially taper off the gross fixed capital formation decline to 1.9 percent in the first quarter of 2018.

“Merchandise trade remained buoyant. As the economy steadily resumed growth, total demand expanded constantly, with exports and imports of goods rising by 12.8 percent and 7 percent respectively year-on-year,” the government said.

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