A Bank of China think tank expects negative economic growth for 15Q2 and 15Q3 to narrow as gross gaming revenues stabilize after 12 months of declines.
Citing the Bank of China Macau Youth Association's forecast, Macau Business reported that GDP could shrink 16.4 percent year-on-year in the second quarter with gross gaming revenue dropping 20.7 percent in the period. In the third quarter the GDP decline will be at 9.1 percent, with gross gaming revenue dropping an estimated 15.8 percent, the think tank says.
Macau’s economy shrank 24.5 percent in the first quarter of 2015 compared to the same period the year before, and down further from the 17.2 percent drop in the previous quarter, according to Macau’s Statistics and Census Service.
“The simultaneous decline in exports of gaming services and other tourism services dragged down total exports of services by 35.6% year-on-year. Imports of services also tumbled by 37.9% amid stagnant exports of services,” the service said.
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