Macau’s gross domestic product (GDP) shrank by 3.2 percent year-on-year in real terms, ending the uptrend that lasted for 10 consecutive quarters, the Statistics and Census Bureau (DSEC) said yesterday.
“Total demand weakened due to feeble growth, leading to increased downward pressure on the economy,” a DSEC statement said.
External demand slowed considerably, the statement pointed out. Total exports of services dropped by 0.3 percent year-on-year, with exports of gaming services and other tourism services falling by 0.6 percent and 0.3 percent respectively. Moreover, exports of goods recorded a decrease of 1.8 percent. Domestic demand remained sluggish, down by 9.4 percent year-on-year due to a significant decline in investment in fixed assets. Private consumption expenditure and government final consumption expenditure rose by 2.1 percent and 4.1 percent respectively, “offsetting part of the decrease resulting from the economic downturn,” the statement said.
