Macau’s Monetary Authority predicts the economy will contract by around 15 percent this year, following a 24.5 percent gross domestic product (GDP) decline in the first quarter.
“The deterioration in gaming revenue has dragged the economy into the contraction zone, given that service exports’ contribution to overall growth is significant,” the report says.
“There has been a weakening sign of year-on-year contraction in gross gaming revenues since March 2015,” it added.
Macau has experienced thirteen months of revenue declines. Revenues for June fell 36 percent to 17.4 billion patacas or $2.18 billion.
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