Due to the COVID-19 pandemic, it now forecasts that Macao’s economy will drop by between 55.7% and 59.1% this year, in which case its gross domestic product (GDP) will return to the level it was in 2005 or 2004 in real terms.
gross domestic product
Macao’s gross domestic product (GDP) dropped 48.7 per cent year-on-year in real terms in Q1.
The International Monetary Fund (IMF) predicts Macau’s gross domestic product (GDP) to drop 29.6% in real terms this year.
Macau’s gross domestic product shrank 4.7% in real terms last year, the Statistics and Census Bureau (DSEC) announced on Saturday.
Macau gaming and junket businesses produced 50.5% of Macau gross domestic product (GDP) at producers’ prices, based on the production approach calculation.
Macau’s recession deepened in the third quarter when its gross domestic product shrank by 4.5% year-on-year.
Macau’s economy will shrink 0.8% this year and 0.9% next year.
Construction of Grand Lisboa Palace in Cotai would be completed by early next month.
Macau is in a technical recession after gross domestic product (GDP) fell by 1.8 per cent year-on-year in real terms in the second quarter and by 3.2 per cent in the first quarter.
