Macau Y15Q3 GDP drops 24.2 percent

Macau’s government has reported a 24.2 percent drop in gross domestic product (GDP) compared with the same quarter in 2014. According to the Statistics and Census Service, the economic contraction in the third quarter is attributed to the continuous decline of services, including gaming services, which have decreased by 37.4 percent year-on-year, while exports of other tourism services dropped by 15.3 percent.

The second quarter annual contraction was 26.4 percent, thus indicating an ease in decline for this quarter.

The decline has been partially blamed on the crackdown on corruption in China and the shift from VIP to mass market.