The economy grew by 8 percent year-on-year in the third quarter, an increase of 2.9 percentage points compared to the previous period, following the first decline in two years, it was announced on Friday. Between July and September, Macau’s Gross Domestic Product (GDP) reached 103.86 billion patacas, according to the Statistics and Census Service (DSEC).
In a statement, the DSEC emphasized the “continuous increase in service exports, driven by the remarkable rise in the number of visitors benefiting from both the peak tourist season (summer holidays) and the sustainable development of the tourism sector.”
The economic benefit from services—most of which comes from tourism, the sector that dominates Macau’s economy—rose by 10.5 percent, with the DSEC noting a 13.6 percent increase, reaching nearly 10.5 million visitors in the third quarter.
The DSEC also mentioned the “maintenance of stability in private consumption expenditure in the local market,” which increased by 0.8 percent year-on-year. Meanwhile, government spending rose by 2.7 percent. In contrast, investment in infrastructure and equipment fell by 26.1 percent, “due to the decrease in the number of private and public construction projects,” the DSEC reported.
