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Macao's economy expands by 10.5 pct in Q3

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(GlobalPost/GlobalPost)

Macao's economy expands by 10.5 pct in Q3

MACAO, Nov. 29 (Xinhua) -- Spurred by the increase in exports of services,Macao's Gross Domestic Product (GDP) for the third quarter of 2013 grew 10.5 percent year-on-year, according to the figures released on Friday by Macao's Statistics and Census Service (DSEC).

Benefited from the satisfactory performance of the tourism and gaming sector, exports of services increased by 11.9 percent year- on-year, of which exports of gaming services rose by 13.3 percent and exports of other tourism services grew by 8.1 percent.

Meanwhile, growth in merchandise exports slowed down to 6.8 percent year-on-year. And merchandise imports expanded further by 16.2 percent on account of the increase in visitor spending, private consumption expenditure and private construction investment, the DSEC said.

Total employment and working income sustained growth, and the unemployment rate remained low at 1.9 percent, driving private consumption expenditure up by 5.3 percent year-on-year in the third quarter. Of which, consumption expenditure in the domestic market increased by 4.6 percent and consumption expenditure abroad went up by 1.2 percent.

As the gauge of investment, gross fixed capital formation held stable as the third quarter of 2012. Private investment increased by 15.1 percent, attributable to a 23.4 percent increase in construction investment, while equipment investment shrank by 12.7 percent.

Growth in merchandise exports slowed down to 6.8 percent year- on-year and merchandise imports expanded further by 16.2 percent on account of the increase in visitor spending, private consumption expenditure and private construction investment.

In the first three quarters of 2013, GDP increased by 10.5 percent year-on-year in real terms. Rate of economic growth for the first and second quarters of 2013 was 10.5 percent and 10.2 percent respectively.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/131129/macaos-economy-expands-105-pct-q3