Q3 sees 8 pct economic growth

Macau’s economy grew 8
per cent year on year in real terms in the third quarter, fresh information
from the Statistics and Census Service shows.

Gross domestic product for the last quarter ballooned to MOP103.86 billion (US$12.96 billion) – about 92.6 per cent of the economic output recorded in the same period in 2019.

When it came to service
exports, the value rose by 10.5 per cent, with a summertime visitation increase
of 13.6 per cent cited as a reason.

On the domestic demand
front, government consumption climbed 2.7 per cent, versus a growth rate of 0.8
per cent from the private sector.

Gross fixed capital
formation, a term that refers to the combined value of investment in fixed
assets in an economy such as buildings, machinery, and equipment, suffered a
massive fall of 26 per cent owing to reduced construction activity – either
public or private.

In a broader picture,
between January and September this year, GDP grew 4.2 per cent year on year to
MOP301.33 billion – equivalent to 88.4 per cent of the comparable 2019 level.