Macau economy records two consecutive quarters of growth

23 February 2017

Macau’s economy recorded real growth of 7.0% in the last quarter of 2016, marking two consecutive quarters of increased Gross Domestic Product (GDP), said on Wednesday in Macau the Secretary for Economy and Finance, Lionel Leong Vai Tac.

The secretary, speaking at a meeting organised by the Macau Chamber of Commerce, said that Macau’s GDP contracted overall by 2.1% in 2016, which compares with the sharp drop of 21.5% recorded in 2015.

Leong also said that Macau’s economy grew 4.4% in the third quarter of 2016, an increase compared to a figure of 4.0% previously reported by the Statistics and Census Bureau (DSEC).

On Friday 24 February is due to issue figures for GDP for the fourth quarter of 2016.

GDP growth in the first three quarters of 2016 was -7.1%, -7.0% (after review) and 4.0%, respectively.

At the same time, the Bureau said it had revised the values ​​of economic growth in 2014 and 2015, with the previous drops (-0.9% and -20.3%) to -1.2% and -21 5%, respectively.

At the same meeting, Leong called on entrepreneurs to help promote the economic diversification of Macau, which has long been concentrated on the gaming and gambling industry. (macauhub)