Macau’s GDP expanded by 6.1 percent year-on-year but showed a slower growth during Q3.
Macau.- As data released by Macau’s Statistics and Census Service, gross domestic product (GDP) increased 6.1 percent year-on-year during the third quarter of 2017. Whilst it marked the fifth consecutive month of growth, it also experienced a slower start from the expansion in previous quarters.
The bureau believes that the third quarter growth was due to the increases in exports of services and private consumption. GDP for the three months to September 30 in Macau totaled approximately US$12.4 billion, whilst exports of gaming services increased 18.4 percent year-on-year during that period.
GDP’s rate in Q3 was lower than the increase reported in the second quarter. As the bureau said, “the slowdown in economic growth was due to the high base of comparison in the third quarter of 2016 as the economy rebounded.”
Lionel Leong, Secretary for Economy and Finance of Macau, predicted earlier this month that the local economy will continue the 2017 upward trend and post a positive double digit growth in gross gaming revenue (GGR) in 2018. As revealed in a statement issued by the Government Information Bureau, long said that gaming revenues continued a stable a positive trend this year and that’s one of the reasons why he’s confident about Macau’s economic situation. The higher than expected rate for 2017 led him to believe that in 2018 gaming revenues will be even better than this year’s.