Macau’s economy recorded real contraction of 24.2 pct in third quarter

1 December 2015

Macau’s economy recorded a real contraction of 24.2 percent in the third quarter year on year, with the period under review representing the fifth consecutive quarter of GDP contraction, reported the region’s Statistics and Census Bureau.

The statement issued said that the GDP decrease from June to September was, however, lower than in the second quarter, when GDP contracted 26.4 percent.

In the first three quarters of 2015 the economy contracted by 25.0 percent in real terms, according to the press release issued by the Bureau.

The downturn observed in the third quarter was due to the continued fall in exports of services, particularly of gaming and gambling with 37.4 percent less and other tourist services, with 15.3 percent less compared to the value recorded in the same quarter of 2014.

Domestic demand slowed, increasing by just 0.7 percent, gross fixed capital formation or investment contracted by 0.4 percent, private consumption was unchanged and government consumption grew 6.2 percent.

The note from the Statistics and Census Bureau said the economy continued in its adjustment process, gradually causing an attitude of greater caution in private consumption.

Investment in construction by the private sector fell 0.7 percent due to a slowdown in the pace of construction of both tourism and major entertainment facilities or buildings, as well as a fall in the profit margins of real estate operators. (macauhub/MO)