Macao’s GDP Dives 26.4% In Q-2
Dragged down by poor performance in exports of services, Macao’s GDP for Q-2 of Y 2015 contracted by 26.4% Y-Y, down further from the 24.5% drop in Q-1, said the Macao Special Administrative Region (SAR) Statistics and Census Service (DSEC) Monday.
Macao’s economy has recorded the 4th consecutive Quarterly decline as the economic adjustment for the region continues.
According to DSEC statement, the economic contraction of Macao was mainly caused by the falling in exports of gaming services, which decreased by 40.5%, and exports of other tourism services, which dropped by 21.5% from the previous year, pushing total exports of services down by 35.9%. Imports of services also declined by 35.5% due to stagnant exports of services.
However, domestic demand in Macao remained stable, with investment grew by 3.2%, while private consumption expenditure and government final consumption expenditure increased by 2.0 and 5.7% respectively, mitigating the economic downturn, DSEC data indicated.
Macao’s private consumption expenditure saw a modest growth of 2% as the overall employment situation and income remained stable. Household final consumption expenditure in the domestic market and abroad increased by 1.3 and 7.2% respectively Y-Y, according to DSEC figure.
Macao’s merchandise trade in Q-2 registered a 25.6% Y-Y growth, while decrease in visitor arrivals and shrinking spending pulled down the growth in merchandise imports to 1.3%
Affected by multiple unfavorable factors including the sluggish external demand which dragged down exports of tourism and gaming services, Macao’s economy shrank by 25.4% in 1-H of Y 2015.
By Tian Shaohui
Paul Ebeling, Editor
HeffX-LTN
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