Macau’s gross domestic product shrank by 7.1 per cent year-on-year in real terms in the second quarter of the year, showing signs of improvement compared with the first quarter, the Statistics and Census Bureau (DSEC) said on Tuesday.
GDP contracted by 13.3 per cent in the first quarter.
A DSEC statement attributed the lower GDP drop to decelerating declines in service exports and investment, as well as a lower base of comparison in the previous year.
External demand remained weak, the statement said, pointing out that exports of gaming services and other tourism services dropped by 12.0 per cent and 7.4 per cent respectively, considerably less than the respective decreases in the previous quarter (-17.1 per cent and -11.0 per cent).
According to the statement, domestic demand in the April-June period continued to slow down and investment continued to decline as well, but as a slower pace. External merchandise trade remained sluggish, but the decline in service trade tapered off, the statement said.
In the first half of the year, GDP shrank by 10.3 per cent in real terms year-on-year.(Macau News / The Macau Post Daily)