Macao's economy expands by 5.1% in Q3

MACAO -- Macao's Gross Domestic Product for the third quarter of 2012 grew 5.1 percent year-on-year, due to the decline in exports of gaming services and slowing increase in total visitor spending, according to the figures released on Friday by Macao's Statistics and Census Service.

Analyzed by major components, private consumption expenditure, total visitor spending and investment went up by 9.1 percent, 2.3 percent and 10.3 percent respectively. While exports of gaming services decreased by 0.1 percent, the figures indicated.

Meanwhile, merchandise exports rose by 28.3 percent year-on-year, while increase in merchandise imports receded to 7.1 percent on account of the decelerating growth in visitor spending, the DSEC said.

Due to further decrease in unemployment rate and marked increase in employment income in the third quarter, private consumption expenditure increased by 9.1 percent, of which final consumption expenditure in the domestic market rose by 8.6 percent, while final consumption expenditure abroad increased by 10.0 percent.

In the first three quarters of 2012, GDP increased by 10.0 percent year-on-year in real terms. Rates of economic growth for the first and second quarters of 2012 were revised to 18.5 percent and 7.8 percent respectively, while economic growth for the whole year of 2010 and 2011 revised upward to 27.5 percent and 21.9 percent.