Macau GDP shrinks 26.4 percent in 15Q2

Macau’s gross domestic product in 15Q2 shrank by 26.4 percent year-on-year in real terms, and down 24.5 percent from the first quarter, according to official data.

The economic contraction was mainly due to a decline in gaming services, which decreased 40.5 percent year-on-year, along with declines in tourism services which fell 21.5 percent. 

Though the unemployment rate edged up by 0.1 percentage point year-on-year to 1.8 percent, private consumption expenditure grew by 2.0 percent as the overall employment situation and income remained stable.

In the first half year of 2015, the economy contracted by 25.4 percent in real terms. 

“The economy of Macao was affected by multiple unfavourable factors in the first half year; sluggish external demand dragged down exports of tourism and gaming services,” with exports of gaming services dropping by 40.1 percent and exports of other tourism services falling by 19.6 percent. 

“Nevertheless, domestic demand remained stable; total investment rose by 15.8% while private consumption expenditure and government final consumption expenditure maintained stable growth, reducing the magnitude of economic slowdown.”