Macau’s gross domestic product grew by 26.2% in 2010 according to fourth quarter and full year data released by the territory’s Statistics and Census Service (DSEC). The rates of change quoted by DSEC refer to the year-on-year change, unless otherwise specified.
DSEC stated the major factors in economic growth included:
* gross gaming revenue (excluding gratuities) surging by 57.5% compared with 2009;
* total visitor arrivals increasing by 14.8%, with per-capita spending of visitors rising in every quarter;
* total hotel guest volume increasing by 15.5% with average occupancy rates of hotels rising by 8.43 percentage points and average guest stay rising slightly to 1.54 nights, up by 0.04 of a night;
* an increase in the value of retail sales and median monthly employment earnings.
“Revival of the growth momentum of the world economy and robust economic growth in mainland China created favourable conditions to support a rapid rebound of the economy of Macau.” said DSEC in a press release.
“Gross gaming revenue and total visitor spending soared substantially upon outstanding performance of the tourism and gaming sector; [while there were] declines in gross fixed capital formation, and merchandise exports slowed down. Integrating the respective information, Macau’s GDP for the whole year of 2010 increased by 26.2% in real terms, totalling MOP 217.32 billion.
Per-capita GDP amounted to MOP 398,071 (about US$ 49,745) added DSEC. Economic growth for the fourth quarter was 27.9% in real terms. The rate of increase for the second and third quarters was revised upward from 31.5% and 27.1% to 31.7% and 27.4% respectively.
GDP Indicators of Macao
| Indicator Year |
2006 |
2007 |
2008 |
2009 |
2010 |
| GDP, at current prices (billion MOP) |
113.70 |
141.93 |
161.67 |
165.46 |
217.32 |
| GDP growth in real terms (%) |
14.4 |
14.7 |
2.8 |
1.5 |
26.2 |
| Per-capita GDP, at current prices (MOP) |
227,710 |
269,960 |
294,505 |
303,992 |
398,071 |
| Per-capita GDP growth in real terms (%) |
9.1 |
8.9 |
-1.5 |
2.4 |
25.8 |
Source: DSEC
“In respect of the GDP structure, relative importance of the major components to GDP registered changes,” said DSEC.
“The notable increase in exports of tourism and gaming services pushed up net exports of goods and services (exports of goods and services less imports of goods and services) to surge by 66.8%, far higher than the level of economic growth, bringing its relative importance to GDP to rise apparently from 41.9% in 2009 to 55.4% in 2010. However, relative importance of private consumption expenditure decreased from 27.6% to 23.3% in 2010, government final consumption expenditure from 9.6% to 8.0% and total investment from 20.9% to 13.3%.”
