MACAU GDP DROPS 13.3 PERCENT IN Q1-2016
Decline attributed to “the continuous decline in exports of services and decrease in investment.”
The Macau Statistics and Census Bureau has released Q1-2016 numbers showing that gross domestic product (GDP) on the gambling island slipped 13.3 percent year-on-year in the quarter, attributed largely to “the continuous decline in exports of services and decrease in investment.”
Exports of gaming services dropped by 17.1 percent y-o-y, with gaming services equivalent to around 52 percent of Macau’s GDP, the Bureau advised, additionally noting that domestic demand had weakened, with private consumption expenditure down 2.3 percent, while investment and imports of goods shrank by 31.4 percent and 19.9 percent respectively.
Employment pay growth remained subdued, dragging down private consumption expenditure, with a notable decline in expenditure on durable goods.”
Earlier this year, Macau reported accumulated gross gaming revenue from the first quarter of 2016 down 13.3 percent year-on-year to MOP 56.2 billion.