Macau’s gross domestic product recorded a real contraction of 26.4 percent in the second quarter of 2015, more than the first quarter’s figure (-24.5 percent), the Statistics and Census Service indicated.
The economic contraction was mainly due to declining exports of gaming services and other tourism services, which fell by 40.5 percent and 21.5 percent year-on-year.
On the other hand, investment, private consumption spending and final government consumption spending rose by 3.2 percent, 2.0 percent and 5.7 percent respectively year-on-year, owing to domestic demand stability, thereby mitigating the impact of the economic downturn.
The implicit deflator of GDP, which measures overall inflation, was around 5.0 percent in the second quarter.
Gross fixed-capital formation was up 3.2 percent year-on-year, investment by the private sector up 1.6 percent year-on-year and investment by the public sector up 36.0 percent year-on-year.
In the first half-year Macau’s economy shrunk by 25.4 percent in real terms, with exports of gaming services and other tourism services down 40.1 percent and 19.6 percent respectively year-on-year.
Investment was nevertheless up 15.8 percent and growth of private consumption spending and final government consumption spending remained constant due to the stability of domestic demand. (Macauhub/MO)