Macau’s economy contracted in 2016 for the third consecutive year, with gross domestic product (GDP) registering a real drop of 2.1%, after negative growth of 21.5% in 2015 and 1.2% in 2014, reported the Statistics and Census Bureau.
The statement noted, however, that the territory’s economy in the second half of the year had reversed the contraction seen in the first half, from -9.7% to growth of 5.7%.
The Statistics and Census Bureau stressed that the economic contraction registered in 2016 was mainly due to poor global demand.
Domestic demand weakened, with an annual contraction of 5.8%, notably the declines of 1.3% in private consumption and 13.3% in gross fixed capital formation, despite the rise of 1.7 % of the Government’s final consumption expenditure, marked throughout the year by falls of 4.4% in exports of gaming services, 1.0% in exports of other tourist services and 21.8% in exports of goods.
Gross domestic product reached 358.2 billion patacas (US$44.7 billion) and per capita GDP stood at 554,619 patacas (about US$69,372).
The implicit GDP deflator, which measures the overall change in prices, rose 0.9% in annual terms.
In the fourth quarter of 2016 Macau’s Gross Domestic Product registered a real growth of 7.0%, higher than the third quarter (+4.4%), due to the continued rise in exports of services.
The Statistics and Census Bureau also said it had revised real GDP growth rates for the second quarter (-6.8%) and third quarter (+4.4%). (macauhub)