Exports of gaming services and other tourism services declined by 45.9 per cent year-on-year in the three months to September 30.<\/p>\n\n\n\n\n\n\n\n
Macau.- Macau Statistics and Census Service <\/strong>has reported that gross domestic product (GDP) for the third quarter of the year was down by 33.4 per cent year-on-year. That’s a slight improvement on a 39.3 per cent decline in the second quarter<\/a>.<\/p>\n\n\n\n Exports of services declined by 46.7 per cent year-on-year, while exports of gaming services and other tourism services by 72.5 per cent and 45.9 per cent respectively. The number of visitor arrivals to Macau fell by 50.8 per cent<\/strong> year-on-year, affecting tourism, mainly due to a new outbreak of Covid-19 cases that led to a temporary closure of casinos.<\/p>\n\n\n\n Because of a drop in gross fixed capital formation and private consumption expenditure, domestic demand declined by 14.2 per cent. The implicit deflator of GDP, which measures the overall changes in prices, fell by 1.1 per cent year-on-year. <\/p>\n\n\n\n In 2021, Macau\u2019s GDP rose by 18 per cent<\/a> year-on-year to MOP239.4bn but GDP fell by 8.9 per cent year-on-year in the first quarter of 2022<\/a>.<\/p>\n\n\n\n Ho Iat Seng<\/strong>, Macau\u2019s chief executive, has said that one of his administration\u2019s main goals is to ensure that non-gaming accounts for 60 per cent of Macau\u2019s GDP<\/strong> in the future. During his policy speech for 2023 <\/strong>at the Legislative Assembly, he emphasised the government\u2019s promotion of the healthcare, finance, technology and sports and culture sectors.<\/p>\n\n\n\n Macau’s chief executive said the government will focus its diversification efforts on these four sectors<\/strong>, with each to account for at least 15 per cent of the city\u2019s GDP. He added that Macau\u2019s economic transformation would take time and hard work and stressed that the city must innovate.<\/p>\n","protected":false},"excerpt":{"rendered":" Exports of gaming services and other tourism services declined by 45.9 per cent year-on-year in the three months to September 30.<\/p>\n","protected":false},"author":176,"featured_media":27875,"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 Q3 GDP declined by 33.4% year-on-year, primarily driven by a 72.5% drop in gaming services exports and a 50.8% fall in visitor arrivals, exacerbated by COVID-19 outbreaks and temporary casino closures. Concurrently, Chief Executive Ho Iat Seng reiterated the administration's strategic imperative to diversify the economy, targeting 60% of future GDP from non-gaming sectors like healthcare, finance, technology, and sports\/culture.","focusai_entities":"Ho Iat Seng, Macau Statistics and Census Service, Legislative Assembly","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Concessionaires?","query":"What specific financial and operational adjustments are Macau's gaming concessionaires implementing in response to the sustained GGR decline and the government's accelerated non-gaming diversification mandate?"},{"label":"Diversification Strategy Details?","query":"What are the detailed policy incentives, regulatory frameworks, and capital investment plans the Macau government intends to deploy to achieve the 60% non-gaming GDP target across healthcare, finance, technology, and sports\/culture sectors?"}],"footnotes":""},"categories":[16338,163],"tags":[23906],"class_list":["post-35587","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\/35587","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=35587"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35587\/revisions"}],"predecessor-version":[{"id":35604,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35587\/revisions\/35604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=35587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=35587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=35587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Macau wants 60% of GDP to come from non-gaming<\/h2>\n\n\n\n