During the three months to June 30, exports of services fell by 48.6 per cent when compared to last year.<\/p>\n\n\n\n\n\n\n\n
Macau.- According to the Macau Statistics and Census Service<\/strong>, the city’s gross domestic product (GDP) for Q2 fell by 39.3 per cent<\/strong> 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n In 2021,\u00a0Macau\u2019s GDP rose by 18 per cent<\/a>\u00a0year-on-year to MOP239.4bn but GDP fell by 8.9 per cent\u00a0year-on-year\u00a0in the first quarter of 2022<\/a>. Macau\u2019s economy has since been heavily affected by a new outbreak of Covid-19 cases that led\u00a0GGR to plunge to its lowest level<\/a>\u00a0on record.<\/p>\n\n\n\n The Financial Services Bureau<\/strong> 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\u2019s a drop of 37.1 per cent when compared to the same period in 2021.<\/p>\n\n\n\n Macau\u2019s GGR for the first seven months of 2022 <\/strong>stands at MOP26.6bn (US$3.29bn), down 53.6 per cent year-on-year.<\/p>\n","protected":false},"excerpt":{"rendered":" During the three months to June 30, exports of services fell by 48.6 per cent when compared to last year.<\/p>\n","protected":false},"author":176,"featured_media":17023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's Q2 GDP declined by 39.3% year-on-year, primarily driven by a 69.6% fall in exports of gaming services and a 41.4% drop in other tourism services, exacerbated by new COVID-19 outbreaks. This economic contraction led to a 37.1% decrease in gaming tax revenue and a 53.6% plunge in GGR for the first seven months of 2022, reaching record lows.","focusai_entities":"Macau Statistics and Census Service, Financial Services Bureau","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Concessionaire Financial Impact?","query":"What is the projected financial impact of this GGR decline on the major Macau concessionaires' Q2 and Q3 earnings, and their ability to meet debt obligations or investment commitments?"},{"label":"Government Fiscal Response?","query":"Given the significant drop in gaming tax revenue, what fiscal measures or economic stimulus packages is the Macau government considering to mitigate the economic downturn and support the gaming industry?"}],"footnotes":""},"categories":[16338,163],"tags":[23906],"class_list":["post-33013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33013"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33013\/revisions"}],"predecessor-version":[{"id":33055,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33013\/revisions\/33055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17023"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Macau gaming tax revenue down 37.1 per cent in year to date<\/h2>\n\n\n\n