Gross Value Added of all economic activities of Macao registered a 9.1% growth in real terms in 2017 after declining by 0.7% year-on-year in 2016, underpinned by satisfactory performance of the tertiary sector, with Gross Value Added of Wholesale & Retail and Gaming & Junket Activities increasing by 21.9% and 16.2% respectively in real terms.

The relative importance of the secondary sector to total Gross Value Added fell from 6.7% in 2016 to 5.1% in 2017, owing to a decrease in the share of Construction. Meanwhile, the relative importance of the tertiary sector rose from 93.3% to 94.9% with the increased shares of Hotels & Similar Activities, Wholesale & Retail and Gaming & Junket Activities. The share of Gaming & Junket Activities grew by 2.5 percentage points year-on-year to 49.1% whereas that of non-gaming services dropped by 0.8 percentage points to 45.8%.

Analysed by primary distribution of income, Taxes on Production and Imports, Operating Surplus and Compensation of Employees amounted to MOP110.6 billion, MOP172.9 billion and MOP114.5 billion respectively in 2017, accounting for 27.8%, 43.4% and 28.8% of GDP. Compensation of Employees increased by 5.2%, slower than the growth of GDP, and its relative importance to GDP went down by 1.8 percentage points year-on-year. The share of Operating Surplus remained similar to 2016 while that of Taxes on Production and Imports rose by 1.7 percentage points.

Changes in Gross Value Added of Economic Activities

Gross Value Added of the secondary sector declined by 20.6% in real terms, with that of Construction dropping by 28.8%, and that of Manufacturing and Electricity, Gas & Water Supply rising by 7.7% and 17.2% respectively in real terms.

Gross Value Added of the tertiary sector increased by 11.2% in real terms.   Except for Insurance & Pension Funding (-10.6%), Other Community, Social & Personal Services, Households with Employed Persons (-1.5%) and Education (-0.1%) which recorded decreases, Gross Value Added of other industries rose to different extents in real terms. Notable increases were observed in Wholesale & Retail (+21.9%), Gaming & Junket Activities (+16.2%), Banking (+9.5%) and Hotels & Similar Activities (+8.6%), with the respective Gross Value Added at current prices rising by MOP3.44 billion, MOP29.12 billion, MOP1.76 billion and MOP2.49 billion.

Changes in Industrial Structure

As regards industrial structure, the relative importance of the secondary sector to total Gross Value Added (5.1%) decreased by 1.6 percentage points year-on-year, in which the share of Construction dropped by 1.6 percentage points to 3.7%, and both the shares of Manufacturing (0.6%) and Electricity, Gas & Water Supply (0.8%) remained similar to 2016.

The relative importance of the tertiary sector rose from 93.3% in 2016 to 94.9% in 2017, up by 1.6 percentage points. The shares of Hotels & Similar Activities (4.3%), Wholesale & Retail (5.6%) and Gaming & Junket Activities (49.1%) increased by 0.2, 0.3 and 2.5 percentage points respectively, while those of Health & Social Work (1.4%) and Real Estate Activities (10.6%) held steady year-on-year. Meanwhile, the shares of all other industries showed a decline ranging from about 0.1 to 0.2 percentage points.