Macau 2005 GDP Grows at 6.7%
Written on May 22, 2006 by admin
Macau's GDP growth rate for 2005 recorded at 6.7%, according to figures released by the Statistics and Census Services.
In a statement, the Services pointed out that the world economy performed fairly well in general in 2005, whereas development became less balanced among different countries.
In Macau, exports of goods in 2005 were adversely affected by the cancellation of the global textile and garment quota system. But exports of services continued to be bolstered by the strong growth of the tourists from mainland China.
Boom in the gaming and tourism sector brought about large amount of investment, which soared on the back of the construction in gaming and tourism facilities and became one of the impetus for Macau's economic growth.
The real growth rate of GDP resumed to a normal pace at 6.7% in 2005, the annual GDP amounted to MOP 92.59 billion.
Per-capita GDP was MOP 194,458, and in the fourth quarter of 2005, a real growth of 8.9% was registered, while the growth rates for the first, second and third quarters were revised to 7.8%, 7.6% and 2.5%.
In addition, the growth rate of 2004 was also revised to 28.3%.
Some other important economic figures, which contributed to Macau's GDP growth last year, include a "robust performance" in the gaming the toursim sector, with total investment up 56.9% in real terms over 2004, the increase in gross gaming receipts and number of visitors in 2005, as well as "the improvement in residents' employment condition and the rise in income", which resulted to "a real growth of 7.5% in private consumption expenditure over 2004".
On the other hand, the cancellation of the global textile and garment quota system and a weak economy in the Euro Zone resulted in a 11.5% fall in real terms in Macau's exports of goods over 2004, hindering the economic performance of Macau in 2005.
The statement also recalled Macau's economic performance over the previous years, pointed out that since the liberalisation of the gaming industry, the economy had been expanding rapidly in the past few years. Consequently, the economic structure changed markedly, mainly represented by the significant changes in the shares of gross capital formation and private consumption expenditure.
The share of gross capital formation rose from 10.6% in 2001 to 21.9% in 2005 on the back of large amount of investment.
While GDP grew strongly in recent years with an average real growth rate of 12.1% between 2000 and 2005, the average real growth rate of investment and exports of services reached 27.5% and 18.7% respectively, but that of private consumption expenditure was 5.2%. As a consequence, the share of private consumption expenditure dropped from 38.9% in 2001 to 28.6% in 2005.
The share of government final consumption expenditure reduced from 12.4% in 2001 to 8.6% in 2005.
In terms of net exports of goods and services, an increase in net exports of services contributed by the gaming and tourism sector was offset by the expanding trade deficit in goods recorded in 2005. As a result, the share of net exports of goods and services rose slightly, only from 38.1% in 2001 to 40.9% in 2005.
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