Macau’s Gross Domestic Product (GDP) in 2021 amounted to MOP239.4 billion, while per-capita GDP was MOP350,445, according to the statistics bureau.
With a pickup in total demand, Macau’s economy grew by 18.0% year-on-year in real terms last year, while domestic demand rose by 3.0% year-on-year.
Data from the Statistics and Census Service (DSEC) indicated that the rates of change in GDP for the first, second and third quarters of 2021 were revised upward to -1.2%, 70.9% and 33.8%, respectively.
The Covid-19 pandemic situation remained volatile in 2021 but improved compared to 2020.
The local economic activities of Macau residents have basically recovered, with private consumption expenditure expanding by 7.0% year-on-year.
With respect to external demand, exports of gaming services and other tourism services surged by 45.0% and 127.2% year-on-year respectively, driven by a rebound in the number of visitor arrivals to Macau; as a result, exports of services leapt by 62.1%. Meanwhile, exports of goods exhibited an uplift of 91.0%.
Further, the implicit deflator of GDP, which measures overall changes in prices, dropped by 0.7% year-on-year in 2021, but rose by 0.3% in the fourth quarter.
GDP contracted by 4.4% year-on-year in real terms in the fourth quarter of 2021. LV
