Source:DSEC

Gross Value Added of all economic activities of Macao decreased by 2.4% year-on-year in real terms in 2019, owing to a decline in Gross Value Added of Gaming & Junket Activities (-2.7%) and Real Estate Activities (-9.8%). The ratio of Gross Value Added to Gross Output of all economic activities rose by 0.2 percentage points year-on-year to 70.2%.

Gross Value Added of the secondary sector increased by 5.5% in real terms, with its relative importance to total Gross Value Added rising to 4.3%. On the other hand, Gross Value Added of the tertiary sector decreased by 2.7% in real terms and its relative importance dropped to 95.7%, with the share of non-gaming services falling by 0.3 percentage points year-on-year to 44.8%.

Changes in Industrial Structure

The relative importance of the secondary sector to total Gross Value Added increased by 0.2 percentage points to 4.3%, with the share of the Construction sector rising by 0.1 percentage point to 3.1%; meanwhile, the shares of the Electricity, Gas & Water Supply sector (0.6%) and the Manufacturing sector (0.6%) remained flat compared to 2018.

The relative importance of the tertiary sector dropped by 0.2 percentage points year-on-year to 95.7%, with notable changes in the shares of Real Estate Activities (9.1%) and Renting & Business Activities (4.3%), down by 0.7 and 0.5 percentage points respectively; by contrast, the share of Gaming & Junket Activities (50.9%) saw a growth of 0.2 percentage points year-on-year.

Primary Distribution of Income

Taxes on Production & Imports, Operating Surplus and Compensation of Employees amounted to MOP121.7 billion, MOP190.9 billion and MOP125.3 billion respectively in 2019, accounting for 27.8%, 43.6% and 28.6% of GDP. Compensation of Employees increased by 3.9% year-on-year, and its relative importance to GDP went up by 1.2 percentage points. Meanwhile, the shares of Operating Surplus and Taxes on Production & Imports dropped by 0.3 and 0.8 percentage points respectively.

Changes in Gross Value Added of Economic Activities

Gross Value Added of the secondary sector went up by 5.5% year-on-year in real terms. Gross Value Added of the Construction sector grew by 7.6% as intermediate consumption showed a larger decline than gross output. Gross Value Added of the Electricity, Gas & Water Supply sector rose by 1.2% attributable to an increase in local electricity generation which drove up the consumption of natural gas used for generating electricity.

Gross Value Added of the tertiary sector slid by 2.7% year-on-year in real terms, dragged down by the decreases in Gross Value Added of Gaming & Junket Activities and Real Estate Activities. With a decline in VIP gaming business, Gross Value Added of Gaming & Junket Activities dropped by 2.7% in real terms. Meanwhile, Gross Value Added of Real Estate Activities fell by 9.8% in real terms owing to a reduction in real estate developers’ margin.

Related Information: Industrial Structure of Macao 2019