Monday, March 31, 2008

Macao's GDP up 27.3%

Macao's Gross Domestic Product (GDP) in 2007 was estimated to jump 27.3% year-on-year to 153.61 billion Patacas (US$19.2 billion), fueled by the local gaming and tourism industries, according to an economic report by Macao's Statistics and Census Service (DSEC) last Friday.

The per capital GDP was 292,165 Patacas (US$36,357), much higher than the US$29.847 in Hong Kong. The visitor spending last year witnessed a growth rate of 13.9%, while the annual gross gaming revenue for last year increased by 45.8% year-on-year, according to the report.

Macao's investment in 2007 increased 23% in real terms over the year earlier, boosted by the optimistic prospect of the booming tourism and gaming sectors.

Gaming and fixed-asset investment will continue to lead the GDP growth of Macao this year, despite a possible slowdown in local economy, as many of the city's casino hotel projects will be completed in 2008 and some of the public projects will be started this year, according to the Bank of China (BOC) <601988><3988>.

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