Macao's GDP up 1.3% last year

MACAO, March 26 (Xinhua) -- Secretary for Economy and Finance Francis Tam Pak Yuen has announced that Macao's gross domestic product (GDP) grew 1.3 percent last year from the previous year, the local Macao Post Daily reported on Friday.

Tam, who revealed the figure Thursday in a speech addressing an annual Spring Festival meeting of the Macao Chamber of Commerce, described last year as an "extremely unusual year replete with challenges."

The 1.3 percent real growth rate is the lowest full-year rate since the establishment of Macao Special Administrative Region ( SAR) in 1999, Macao Post Daily reported. The previous lowest GDP growth rate was recorded in 2001, at 2.9 percent, while the highest rate was in 2004, at 27.3 percent.

Tam pointed out that although the global economy has entered a post-crisis phase, risks in the financial sector still existed, which could cause difficulties for trade relations.

However, there are recovery opportunities for Macao's economy this year, said Tam, adding that he expected stable economic growth for Macao this year as long as no major unfavorable incidents occurred.