Service industry records 17.2 pct growth for 2012

2013-12-30

From：Macau Daily Times

Information from the Statistics and Census Service (DSEC) indicated that the economy saw steady growth in 2012. Gross Value Added, Intermediate Consumption and Compensation of Employees of all economic activities increased by 17 percent, 10.2 percent and 17.3 percent respectively year-on-year. Analyzed by industry, the respective indicators for Gaming rose by 18.5 percent, 7.4 percent and 16.3 percent year-on-
year. Industries relative to the tourism and gaming sector – namely Wholesale & Retail (+23.6%), and Hotels & Restaurants (+16.1%) – registered a favorable increase in Gross Value Added. The tourism and gaming sector played a dominant role in the economy of Macau, and supported the growth of other economic activities, with Gross Value Added of Real Estate Activities, Construction and Banking rising by 24.9 percent, 13.0 percent and 14.8 percent respectively.
With enterprises having proper control over their costs and operating expenses, the ratio of Gross Value Added to Gross Output of all economic activities increased from 43.1 percent in 2011 to 44.6 percent in 2012. On the other hand, economic development and manpower shortage pushed Compensation of Employees up by 17.3 percent year-on-year, with the ratio of Compensation of Employees to Gross Value Added rising by 0.1 percentage points year-
on-year to 31.1 percent.
Regarding changes in the industrial structure, Gross Value Added of the secondary sector grew by 13.3 percent year-on-year, lower than the rate of economic growth. This brought its relative importance to GDP down by 0.2 percentage points to 6.2 percent.
Gross Value Added of the tertiary sector increased by 17.2 percent year-on-year, with its relative importance to GDP rising by 0.2 percentage points from 93.6 percent in 2011 to 93.8 percent in 2012. Gross Value Added of Gaming (45.9 percent), Hotels & Restaurants (7.8 percent), and Wholesale & Retail (7.7 percent) together accounted for 61.5 percent of GDP. Meanwhile, Gross Value Added of Real Estate Activities surged upon the increase in property prices, with its relative importance to GDP rising by 0.5 percentage points to 7.1 percent.
The industrial structure of Macau is the compilation of GDP under the production approach, which equals the sum of Gross Value Added (Gross Output minus Intermediate Consumption) of all economic activities, plus taxes on products.

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