Macau’s gross domestic product decreased by 2.1 percent year-on-year in real terms in the third quarter, the first negative quarterly growth in five years, the Statistics and Census Bureau (DSEC) has announced.
According to a DSEC statement, the economic downturn in the third quarter “was triggered by a substantial decline in exports of services, of which the continuous decrease in exports of gaming services widened further to 12.3 percent and other tourism services decreased by 0.7 percent.”
However, private consumption expenditure and government final consumption expenditure increased by 7.2 percent and 8.1 percent respectively, while private investment surged by 41.5 percent, “indicating that domestic demand remained vigorous,” the statement said.
The statement also pointed out that merchandise exports – mostly re-exports – increased by 11.4 percent.
Economic growth for the first three quarters narrowed to six percent in real terms.
At current prices, GDP stood at 109.5 billion patacas in the third quarter. It amounted to 115.4 billion patacas in the first quarter and 114.9 billion in the second quarter.