Date
22 September 2017
Macau's economy contracted for the fifth straight quarter as the gaming industry has suffered a major slowdown. Photo: Bloomberg
Macau's economy contracted for the fifth straight quarter as the gaming industry has suffered a major slowdown. Photo: Bloomberg

Macau GDP shrinks 24.2% on year in third quarter

Macau’s economy shrank 24.2 percent from a year earlier in the three months to September, contracting for the fifth straight quarter, official data showed Monday.

The figure, however, marks a slight improvement from the second quarter, when the gross domestic product fell 26.4 percent from a year earlier.

The third-quarter contraction was due to a continuous decline in services exports, of which gaming plunged 37.4 percent and other tourism services fell 15.3 percent, Bloomberg News reported, citing Macau’s Statistics and Census Service.

Macau’s gaming revenues have been dented by China’s economic slowdown and Beijing’s anti-corruption drive. 

Gross gaming revenue fell 35.5 percent in the first ten months of this year, according to government data.

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CG/RC

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