Macau’s recession deepened in the third quarter when its gross domestic product (GDP) shrank by 4.5 percent year-on-year in real terms, the third quarterly drop in a row, according to released by the Statistics and Census Bureau (DSEC) on Friday.
In the first and second quarters of this year GDP decreased by 3.8 percent and 2.2 percent respectively, according to revised figures. In the first half of the year, GDP was down by 3.0 percent, while in the first three quarters it shrank by 3.5 percent.
A recession is usually identified when GDP falls for at least two consecutive quarters.
