According to the Macau Statistics and Census Service (DSEC), Macau’s gross domestic product (GDP) fell by 8.9 percent in real terms in the first quarter of 2022, with “exports of gaming services” falling by 25.1 percent.
This is the second consecutive quarter of negative GDP growth, which fell by 4.4% in the fourth quarter of 2021.
While visitor arrivals rose 8% year-on-year in the first quarter of this year, exports of other tourism services rose only 1.9% due to a drop in overnight stays, while “overall exports of services” fell 4.7%.
DSEC expressed that “the economic downturn is due to the weakening of overall demand.”
The uncertain economic outlook and weak employment market has led to a decline in spending on durable and semi-durable goods, dragging down household final consumption expenditure by 2.2% year-on-year.
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