Macau: Economy goes into technical recession in 1st quarter of the year

1 June 2009

Macau, China, 1 June – Macau’s GDP for the first quarter of this year contracted 12.9 percent year-on-year in real terms, according to data released by the Statistics and Census Service (DSEC) Friday.

With this contraction Macau’s economy went into technical recession, as in the last quarter of 2008 Macau’s GDP saw a drop of 7.6 percent.

The DSEC attributed the 12.9 percent decrease in GDP also to a nominal year-on-year decline of 12.7 percent in gross gaming revenues, and a 16.7 percent decrease of total visitor spending.

A decrease of 32.1 percent in gross fixed capital formation (investment) in real terms due to the suspension or slowing down of a number of large-scale construction projects, and a sharp fall in goods exports of 49.9 percent in the first quarter from a year ago (macauhub)