Macau’s economy records real contraction of 20.3 pct in 2015

4 March 2016

In 2015 Macau’s economy recorded a real contraction of 20.3 percent compared to the previous year with Gross Domestic Product (GDP) totalling 368.7 billion patacas (US$46 billion), said the region’s Statistics and Census Bureau (DSEC).

The Bureau also reported that per capita GDP, also at current prices stood at 574,790 patacas (US$71,848), a real drop of 22.8 percent.

The real growth rate of GDP for the first, second and third quarters of 2015 were revised to -21.9 percent, -23.7 percent and -21.0 percent, respectively.

In the fourth quarter of 2015 due to the continued drop in exports of tourism services and gambling, GDP registered a real decrease of 14.4 percent in annual terms, although the downward trend was significantly more moderate compared to the previous quarter (-21.0 percent).

According to DSEC, in the last three months of the year exports of services declined 19.1 percent due to a fall in the number of visitors and in their spending, thus reducing exports of other tourist services by 6.1 percent and of 25.4 percent in gaming and gambling exports.

Domestic demand in the same period was weak, with slight increases of 1.3 percent in private consumer expenditure, 1.6 percent in government expenditure and a decrease of 17.4 percent in gross fixed capital formation, or investment. (macauhub/MO)