Macau GDP down 39.3% for Q2

During the three months to June 30, exports of services fell by 48.6 per cent when compared to last year.

Macau.- According to the Macau Statistics and Census Service, the city’s gross domestic product (GDP) for Q2 fell by 39.3 per cent in real terms over the same period in 2021. Exports of services declined by 48.6 per cent year-on-year, and exports of gaming services and other tourism services by 69.6 per cent and 41.4 per cent respectively.

Because of a drop in gross fixed capital formation, domestic demand declined by 12.2 per cent. The implicit deflator of GDP, which measures the overall changes in prices, fell by 0.9 per cent year-on-year. The number of visitor arrivals to Macau fell by 27.5 per cent year-on-year while overnight visitors fell by 47 per cent.

In 2021, Macau’s GDP rose by 18 per cent year-on-year to MOP239.4bn but GDP fell by 8.9 per cent year-on-year in the first quarter of 2022. Macau’s economy has since been heavily affected by a new outbreak of Covid-19 cases that led GGR to plunge to its lowest level on record.

Macau gaming tax revenue down 37.1 per cent in year to date

The Financial Services Bureau in Macau has shared a financial report showing that the city collected MOP13.96bn (US$1.73bn) in fiscal revenue from direct taxes on gaming in the first seven months of the year. That’s a drop of 37.1 per cent when compared to the same period in 2021.

Macau’s GGR for the first seven months of 2022 stands at MOP26.6bn (US$3.29bn), down 53.6 per cent year-on-year.