Macau’s economy contracted by 3.5% in real terms from January to September, with the decline seen in the third quarter reaching 4.5%, according to the Statistics and Census Bureau.
In the first three quarters of the year there were 2.9% increases in private consumption expenditure, 4.9% in government final consumption expenditure, 22.1% in investment and 9.1% in exports of goods, while imports of goods rose slightly by 0.3%.
Exports of services declined 1.9%, with a drop of 2.0% in gaming services exports and imports of services declined 10.4%, according to Bureau figures.
The fall in the third quarter was mainly due to a bigger drop in service exports, with external demand continuing to slow, and service exports declining by 4.7% and goods exports slightly up by 0.5%.
Domestic demand also slowed, with a decline of 8.5% in gross fixed capital formation, while private consumption rose by 2.8% and government final consumption expenditure by 4.3%.
Imports of goods and services increased by 1.6% and 2.1% respectively, and the implied GDP deflator in the third quarter of 2019, which measures the overall price change, rose by 2.4% on year.
Economic growth rates for 2017 and 2018 were revised upwards, to 9.9% and 5.4% respectively, and the 2019 rates were all revised downwards to -3.8% in the first quarter, -2.2% in the second quarter and -3.0% in the first half. (Macauhub)