
Macau’s gross domestic product grew 25.7 percent in the first quarter of this year, according to the city’s Statistics Bureau. data Released today by the Portuguese Statistics and Census Institute (DSEC in Portuguese).
The department said the economic growth was “the result of the local economic recovery supported by booming service exports, stable growth in private consumption and gross fixed capital formation”.
The Statistics and Census Department pointed out that although Hong Kong’s economy has not yet fully recovered to its pre-epidemic level, it has recovered to about 87% of the level in the first quarter of 2019.
The number of tourists has also rebounded strongly, bringing benefits to Hong Kong’s economy, which relies on tourism. In the first three months of this year, the number of tourists to Hong Kong reached nearly 9 million, an increase of about 79% year-on-year.
[See more: Gambling contributed to less than 40 percent of Macao’s GDP last year, Ho says]
The bureau also said that service exports increased by about 30% year-on-year, with gaming service exports and tourism service exports increasing by about 63% and 15% respectively.
In contrast, service imports fell by 3.5%. Similarly, foreign trade fell in the first quarter, with goods exports falling by nearly 14% and goods imports falling by 1.4%.
Consumption increased, with private consumption expenditure increasing by nearly 11% year-on-year. Net purchases of goods and services fell by nearly 41%.
Investment grew 13% year-on-year, marking the fourth consecutive quarter of growth in the sector, which the Statistics and Census Bureau attributed to “positive economic sentiment.”
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