Macau’s public revenue falls 10 percent in January due to economic slowdown

24 February 2009

Macau, China, 24 Feb – Macau’s public revenue fell 10.3 percent in January 2009 compared to the same period in 2008 due to the economic slowdown, according to information published by the Finance Services Bureau.

Revenue in January 2009 reached 3.55 billion patacas (US$444 million) while in January 2008 the figure was 3.96 billion patacas (US$495 million), according to news agency MacauNews.

Direct taxes on gambling in January 2009 fell 5.3 percent to 2.92 billion patacas (US$365 million) compared to January 2008 but, for budgetary reasons only February’s revenue will reflect the 17 percent fall in casino revenue for last January.

Macau’s Budget ended 2008 with a positive balance of 25.13 billion patacas (US$3.14 billion), less than the 26.57 billion patacas (US$3.32 billion) in 2007.

The 2008 account closed with total revenue of 51.07 billion patacas (US$6.38 billion) with direct taxes on gambling totalling 39.56 billion patacas (US$4.94 billion) and spending 25.94 billion patacas (US$3.24 billion).

With a positive balance in 2008, Macau has accumulated reserves from previous years of over 80 billion patacas (US$10 billion)

The Macau government’s budget for 2009 is estimated at 44.71 billion patacas (US$5.58 billion).

For 2009 the government allocated 10.500 million patacas (US$1,312 million) to the investment plan, three times the amount invested in 2008 which reached 2,972.1 million patacas (US$371 million). (macauhub)