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MACAU GDP DROPS 13.3 PERCENT IN Q1-2016
01st June, 2016 at 09:16:00
Decline attributed to "the continuous decline in exports of services and decrease in investment."
The Macau Statistics and Census Bureau has released Q1-2016 numbers showing that gross domestic product (GDP) on the gambling island slipped 13.3% year-on-year in the quarter, attributed largely to "the continuous decline in exports of services and decrease in investment."
Exports of gaming services dropped by 17.1% y-o-y, with gaming services equivalent to around 52% of Macau's GDP, the Bureau advised, additionally noting that domestic demand had weakened, with private consumption expenditure down 2.3 percent, while investment and imports of goods shrank by 31.4% and 19.9% respectively.
Employment pay growth remained subdued, dragging down private consumption expenditure, with a notable decline in expenditure on durable goods."
Earlier this year, Macau reported accumulated gross gaming revenue from the first quarter of 2016 down 13.3% year-on-year to MOP 56.2 billion.
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