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Country Report Macau

Figures published by Macau's Statistics and Census Service on March 13th showed that real GDP plummeted by 17.2% year on year in the fourth quarter of 2014. This represents a full-year contraction in GDP of 0.4% in 2014.

The second successive negative quarterly GDP outturn meets the technical definition of a recession. This marks a sudden end to the territory's economic boom. Macau's economy is underpinned by gambling-related tourism, which has grown at a breakneck pace over the past decade. The proximate cause of the sharp plunge in GDP is the ongoing campaign against corruption in mainland China, which has deterred Chinese officials and executives from gambling in Macau. Gambling services exports fell by 28.9% year on year in the quarter. With no sign that the anti-corruption drive will ease soon, it seems likely that GDP will continue to decline in 2015.

Non-gambling tourism services also suffered a setback: exports recorded a year-on-year drop of 15.7%. Despite an increase in visitor arrivals, visitor spending per head declined. Overall services exports consequently recorded a 26% year-on-year fall in the quarter.
Country Report Macau

Macau falls into recession
Impact on the forecast
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