Macau’s GDP grew 7 percent in the fourth quarter of last year, followed by a 4 percent rise in the previous homologous period, the Secretary for Economy and Finance, Lionel Leong, announced on Wednesday.
Leong made the announcement during a symposium with few dozens of industry representatives at the Macau Chamber of Commerce.
The Secretary said that though consecutive growth in the last two quarters, “local business leaders not to lower their guard and to step up efforts towards economic diversification,” according to local broadcaster TDM.
“Macau’s GDP has seen a seven percent year-on-year growth in the fourth quarter last year, 4.4 percent up from the previous quarter. This is also the second consecutive quarter of economic growth,” Leong said.
Leong added that for the year of 2016, Macau’s GDP declined by 2.1 percent year-on-year, showing signs of improvement from the 20 percent plunge in 2015.
Macau Building Contractors and Developers Association representative Paulo Tse, who also addressed the conference, said there was a trend in lower rents for high/end and medium range flats.
Tse forecasts that there will be about 13,000 new flats between 2017 and 2020, with more than 3,000 new flats each year. About 47 percent of the new flats will be studio or one-bedroom flats, while 32 percent will be two-bedroom flats, Tse predicts.