Macau GDP fall widens in 3Q on gaming woes: govt
Macau’s gross home product (GDP) fell by four.5 % year-on-year in actual phrases within the third quarter 2019, stated on Friday town’s Statistics and Census Service. The decline in GDP within the three months to September 30 widened from the 1.Eight-percent fall recorded within the second quarter, and marked the third consecutive quarterly financial decline because the slowdown within the metropolis’s gaming business continued throughout the interval.
Macau’s financial system shrank within the quarter ended September 30, primarily led by what the census service stated was as a “bigger decline in exports of providers”.
Actual exports of gaming providers from Macau – a measure of what visiting gamblers contribute to GDP – had been down four.2 % in worth within the third quarter of this 12 months than a 12 months earlier, in line with the official information. That was an acceleration from the zero.Eight % year-on-year decline recorded within the second quarter.
Third-quarter exports of gaming providers had been “dragged by a steeper lower in VIP gaming enterprise,” the census service famous in its Friday launch.
On line casino gross gaming income (GGR) in Macau – a measure of on line casino business efficiency – fell by four.1 % year-on-year within the three months to September 30. Such GGR was MOP70.79 billion (US$Eight.78 billion), in line with information issued on October 1 by the native on line casino regulator, the Gaming Inspection and Coordination Bureau.
Within the third quarter, Macau VIP GGR had declined market large by 22.5 % year-on-year, confirmed information launched on October 17 by town’s authorities.
In Friday’s written assertion, the statistics service additionally highlighted a 12.four % drop in actual exports of different tourism providers within the third quarter, because the per-capita spending of each in a single day and same-day guests dropped throughout the interval.
The statistics bureau stated of the third-quarter financial efficiency: “Merchandise commerce slackened. Regardless of a sustained progress in non-public consumption, imports of products merely elevated by 1.6 % year-on-year owing to the continued lower in funding.”
“Exterior demand slowed down, with exports of products rising barely by zero.5 %,” it added.
Funding in fastened belongings recorded a slower lower within the July to September interval, in line with the official information. Non-public building funding slid by 26.three % year-on-year following a decline in funding in residential tasks and a corresponding drop in property builders’ working margin, added the statistics service.
Macau’s financial system shrank by three.5 % year-on-year in actual phrases within the first three quarters of 2019. Whereas non-public consumption expenditure and authorities consumption expenditure rose in year-on-year phrases, funding dropped by 22.1 %. Exports of providers throughout the interval fell by 1.9 %, with exports of gaming providers declining by 2.zero %.
The Worldwide Financial Fund (IMF) stated in its newest World Financial Outlook report revealed final month that it anticipated Macau’s GDP to fall by 1.three % this 12 months and by 1.1 % in 2020.