With new casino business running ontrack of a steady growth, the growth of the gross domestic product(GDP) in China's Macao Special Administrative Region (SAR) may slow down its fast speed recorded last year, said a senior official here on Tuesday.
Francis Tam Pak Yuen, secretary for economic and finance, said that bolstered by the ideal increase in the number of visitor arrivals, Macao's gaming revenue is expected to sustain a steady growth this year, although the speed of growth may slow down, compared to that in the second half of last year, said Tam.
The de-facto liberalization of Macao's gambling monopoly last year has yielded fruits by powerfully fostering a giant leap in the GDP growth by 28 percent, which reached 82.69 billion patacas (10 billion US dollars) in the year 2004 setting a new record in the SAR.
Tam said that two new casino operators that launched their business here in the middle of last year brought in new concept of growth mode for Macao's century-old gaming industry.
The SAR's GDP reached 180,965 patacas (about 22,620 US dollars)per-capita in 2004, surpassing Singapore to rank in the third place in Asia.
Tam said that it is normal and rational for the economic growthto slow down a little bid at this stage. The SAR government has never pursued a high GDP growth rate, but a true improvement of residents' overall living quality.
He attributed the unprecedented high growth rate last year to the rosy performance of the gaming, tourist industries as well as the increase in infrastructure investment by the government and the private sector, which rose by 36.8 percent year-on-year in 2004.
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