MACAO - Spurred by the increase in exports of services and investment, Macao's Gross Domestic Product (GDP) for the first quarter of 2012 grew by 18.4 percent year-on-year, according to the figures released on Wednesday by Macao's Statistics and Census Service (DSEC).

Analyzed by major components, exports of gaming services and visitor spending rose by 19.6 percent and 21.2 percent respectively in the period when investment soared by 43.8 percent, the figures indicated.

Meanwhile, merchandise exports rose by 23.8 percent year-on-year, higher than the 7.7 percent rise in the previous quarter. Merchandise imports increased by 27.3 percent upon rising private consumption expenditure and visitor spending, as well as expansion in total investment, the DSEC said.

Due to the vigorous job market and rise in total employment and income, as well as low unemployment rate in the first quarter, private consumption expenditure increased by 5.4 percent, of which final consumption expenditure in the domestic market rose by 5.8 percent, while final consumption expenditure abroad increased by 8.7 percent.

The figures also indicated that private investment during the same period grew by 21.2 percent year-on-year, while government investment soared by 449.8 percent, attributable to the construction of the Hengqin Campus of the University of Macao and the public housing projects.