Aug 24, 2019 Newsdesk Latest News, Macau, Top of the deck  
Macau’s gross domestic product (GDP) fell by 1.8 percent year-on-year in real terms in the second quarter 2019, said on Friday the city’s Statistics and Census Service. It was the second consecutive quarterly decline, as the slowdown in the city’s gaming industry continued during the period. It was however a smaller decrease compared to the 3.2-percent decline in the first three months of 2019.
Macau’s economy shrank in the quarter ended June 30, led by reductions in domestic demand and in exports.
Real exports of gaming services from Macau – a measure of what visiting gamblers contribute to gross domestic product (GDP) – were down 0.8 percent in value in the second quarter of this year than a year earlier, according to official data. That was an acceleration from the 0.6 percent year-on-year decline recorded in the first quarter.
Casino gross gaming revenue (GGR) in Macau – a measure of casino industry performance – fell by 0.5 percent year-on-year in the three months to June 30. Such GGR was MOP73.35 billion (US$9.08 billion), according to data issued on July 1 by the local casino regulator, the Gaming Inspection and Coordination Bureau.
In Friday’s written statement, the statistics service said: “External demand continued to slow down; exports of gaming services fell by 0.8 percent and exports of goods slid by 24.4 percent. Domestic demand went down by 6.1 percent year-on-year, dragged down by a 25.0-percent drop in gross fixed capital formation.”
It added: “Private consumption expenditure and government final consumption expenditure rose by 2.2 percent and 5.7 percent respectively, offsetting part of the decrease resulting from the economic slowdown.”
The statistics bureau said consumer sentiment in the second quarter “remained cautious amid uncertain external economic environment”.
Investment in fixed assets continued to decline in the April to June period on account of fewer construction projects. Gross fixed capital formation dropped by 25.0 percent year-on-year in real terms in the second quarter owing to a 30.1-percent fall in construction investment, the data showed.
Private investment slid by 19.3 percent year-on-year following a decline in investment in large-scale construction projects and a drop in number of new residential projects, added the statistics service.
Macau’s economy shrank by 2.5 percent year-on-year in real terms in the first half 2019. While private consumption expenditure and government consumption expenditure rose in year-on-year terms, investment dropped by 28.8 percent. Exports of services during the period went up by 0.2 percent, but exports of gaming services fell by 0.7 percent.
The International Monetary Fund forecast in May that the annual rate of growth in GDP in Macau would be 4.3 percent this year and plateau around 4 percent in the medium term.
Macau’s GDP increased by 4.7 percent year-on-year in real terms last year, according to the city’s Statistics and Census Service. GDP was 9.7 percent for 2017.
Jun 02, 2023
Jun 01, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31