Macau dips in Q2 due to decreased gaming and tourism
Amid the COVID-19 pandemic, Macau’s second quarter has experienced dramatic losses across the board, with gaming and other tourism services down by 97.1% and 93.9% respectively, contributing to a 67.8% fall in the city’s GDP for the period, according to the city’s Statistics and Census Service data.
In Q1, GDP fell 48.7% in real terms year-on-year. The latest result took the cumulative decline in Macau GDP for the calendar year to 30 June to 58.2%.
Additionally, gross gaming revenue fell by 95.6% year-on-year in Q2, and 77.4% year-on-year for the first half, according to separate data released by a local casino regulator.
In an April memo, Fitch Ratings Inc said that it expected Macau to experience “a much deeper economic contraction in 2020” than ‘AA’ credit-rated peers whose economies are less dependent on tourism for survival.
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