Due to the decline in gross gaming revenue and visitor spending, Macao's GDP for the first quarter of 2009 dropped by 12.9 percent year-on-year, according to the figures released on Friday by the city's Statistics and Census Service (DSEC).

In the first quarter, gross revenue of Macao's gaming sector, the staple of local economy, dropped by 12.7 percent year- on-year in nominal terms, and total visitor spending (excluding gaming expenses) went down by 16.7 percent, the figures showed.

Gross fixed capital formation plunged by 32.1 percent year-on- year upon suspension or slowing down of some large-scale construction projects, and merchandise exports shrank substantially by 49.9 percent.

As regards major GDP components, private consumption expenditure increased by 3.4 percent year-on-year in the first quarter of 2009, lower than the 9.4-percent growth in the previous quarter.

In the private sector, Macao's total investment declined by 32. 4 percent year-on-year, attributable to a 35.7 percent decrease in construction investment and a 23.6 percent drop in equipment investment. By contrast, total government investment expanded by 14.8 percent, in which construction and equipment investment grew by 3.2 percent and 37.9 percent respectively.

In terms of visible trade, total value of merchandise exports shrank by 49.9 percent year-on-year in real terms, deteriorating further from the 44.6-percent decrease in real terms in the previous quarter, according to the DSEC.

Analyzed by major destination, merchandise exports to the United States, the European Union and Chinese mainland contracted by 70.5 percent, 61.1 percent and 35.6 percent respectively in nominal terms. Meanwhile, total merchandise imports slid notably by 22.4 percent in the period, according to the DSEC.

(Xinhua News Agency May 30, 2009)