Macau GDP down 8.9% for Q1
Macau’s gross domestic product (GDP) continued to fall in the first quarter of the year, dropping below 50 per cent of pre-pandemic levels.
Macau.- Authorities in Macau have revealed that gross domestic product fell by 8.9 per cent year-on-year in the first quarter of 2022. Although they didn’t say what GDP was, it was said to be less than 50 per cent of 2019 levels. In 2021, Macau’s GDP rose by 18 per cent year-on-year to MOP239.4bn.
The drop in Q1 was linked to a fall in the number of overnight arrivals to the city. In the first quarter of 2022, the number of visiting tourists increased by 8 per cent year-on-year to 1,876,847. But the rise was in same-day visitors (up 46 per cent). Overnight visitors fell 25.9 per cent. The gaming industry’s contribution fell by 25.1 per cent.
The Covid-19 pandemic continues to cause difficulties in a city which is heavily dependent on tourism and gambling. The increase in Covid-19 cases in China in April led to the lowest gross gaming revenue level since September 2020. The figure was down 71.1 per cent month-on-month from MOP3.67bn (US$454.5m) to MOP2.68bn (US$331m).
Revenue for the first quarter of the year was MOP17.77bn, down 24.8 per cent year-on-year. Exports of services fell by 4.7 per cent and exports of goods were up 56.8 per cent.
26.5% of Macau’s underemployed population is related to the gaming sector
A survey found workers in Macau’s gaming industry accounted for 26.5 per cent of the city’s underemployed population in the first quarter of the year. The figure, which represents 2,800 people, was down 54.8 per cent when compared to the fourth quarter of the year 2021.
The main reason for underemployment, according to the survey, was that workers were placed on unpaid leave or partially paid leave by the casino operators. Employment in Macau’s gaming industry fell nearly 5.0 per cent quarter-on-quarter to about 72,700 in the first quarter.
