Macao's GDP surges 31 pct in Q1
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Boosted by strong growth in the city' s gaming and tourism sectors, Macao saw its GDP grow significantly by 30.1 percent year-on-year in the first quarter of 2010, according to the figures released on Monday by the city's Statistics and Census Service (DSEC).
In the first quarter, the city's total gaming revenues went up by 57.1 percent, and visitor spending also rose by 14.3 percent, the figures indicated.
As regards major GDP components, local private consumption expenditure and Household final consumption expenditure in the domestic market respectively rose by 2.3 percent and seven percent year-on-year in the first quarter, according to the DSEC.
Meanwhile, government final consumption expenditure increased by 1.7 percent year-on-year in the period, with compensation of employees rising by 5.3 percent whereas net purchases of goods and services declining by 16.9 percent.
However, as a gauge of investment, gross fixed capital formation contracted by 38.9 percent year-on-year in the first quarter, and total private investment shrank by 39.2 percent, with construction and equipment investment decreasing by 55.6 percent and 2.6 percent respectively, according to the DSEC.
In terms of visible trade, decrease in the total value of merchandise exports tapered off substantially from the previous quarter to decline by 12.8 percent year-on-year in the first quarter.
Analyzed by destination, merchandise exports to the United States, the European Union and the Chinese mainland dropped by 58. 8 percent, 48.2 percent and 7.2 percent respectively in the period, while merchandise exports to Hong Kong and Taiwan rose by 24.6 percent and 40.7 percent respectively, according to the DSEC.
