Macao GDP Contracts 8.9 Pct On Year In Q1

MACAO, (UrduPoint / Pakistan Point News - 27th May, 2022 ) --:Macao's gross domestic product (GDP) contracted by 8.9 percent year on year in real terms in the first quarter of 2022, as a result of the weakening total demand, the special administrative region's (SAR) statistics department said here on Friday.

The latest report from the Statistics and Census Service (DSEC) showed that the implicit deflator of the GDP, which measures the overall changes in prices, went up by 0.3 percent year on year in the first quarter.

Exports of services decreased by 4.7 percent year on year, of which exports of gaming services dropped by 25.1 percent while exports of other tourism services increased by 1.9 percent. Meanwhile, exports of goods expanded by 56.8 percent.

Domestic demand shrank by 1.2 percent year on year on account of a decline in private consumption. Imports of goods and services rose by 29.0 percent and 2.8 percent respectively.