Macao’s Gross Domestic Product (GDP) dropped by 67.8 per cent year-on-year in real terms in the second quarter of 2020, representing a greater decline compared to the previous quarter, the Statistics and Census Service (DSEC) announced today.
A statement by the DSEC said that Macao’s exports of services showed a sharper fall of 92.3 per cent year-on-year in the second quarter, of which exports of gaming services and other tourism services dropped by 97.1 per cent and 93.9 per cent respectively. In addition, exports of goods went down by 26.4 per cent.
“Domestic demand saw a smaller decrease of 8.2 per cent year-on-year, mainly attributable to a slower rate of decline in the investment in fixed assets. Imports of goods and services slid by 29.6 per cent and 47.6 per cent respectively,” said the DSEC.
Investment in fixed assets declined at a much slower pace compared to the previous quarter, down by 8.1 per cent year-on-year; construction investment and equipment investment dropped by 4.6 per cent and 23.9 per cent respectively.
Meanwhile DSEC said that public construction investment rose by 29.6 per cent year-on-year on account of increased investment in infrastructure by the government, whereas equipment investment reduced by 56.0 per cent.
In terms of private investment, private construction investment showed a smaller year-on-year decrease of 9.7 per cent as against the previous quarter; however, equipment investment fell by 19.8 per cent.
During the second quarter of 2020, total demand decreased and merchandise trade remained flat as compared to the previous quarter. Imports of goods dropped by 29.6 per cent year-on-year due to reduction in private consumption, investment and visitor spending.
Visitor arrivals to Macao continued to decrease amid the ongoing travel restrictions, with the number of arrivals in the second quarter plummeting by 99.0 per cent year-on-year.
This pushed down exports of gaming services and other tourism services by 97.1 per cent and 93.9 per cent respectively.