Macau’s economy shrinks less than expected in 2016

13 February 2017

The economic downturn in Macau in 2016 “was less than expected,” said the Secretary for Economy and Finance, Lionel Leong Vai Tac, who added the decrease in the first half had almost been offset by the recovery and stabilisation of the second half of the year.

The secretary, who was speaking on the sidelines of the Spring reception of the Macau Association of Banks, was confident that the economy could post a “slight increase” in 2017.

However, he called for caution due to the fact that the Macau economy continues to be affected by diverse and complex factors, including exchange rate pressure on exports.

Leong also praised the efforts of banks, noting that the changes in the functioning of the sector contributed to strengthening resilience and financial response.

The Macau Gross Domestic Product, after growing 10.7% in 2013, fell to 0.4% the next year and fell 20.3% in 2015, when it stood at US$46 billion or US$71,848 “per capita.”

The figures on the development of the economy in the fourth quarter of 2016 and throughout the year will be announced on 3 March by the Statistics and Census Bureau.

The president of the Macau Monetary Authority, Anselmo Teng, said the Macau banking sector made a profit of 14.2 billion patacas, or annual growth of about 11%. (macauhub)