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With the economy expected to fall by double digits this year, the Economist Intelligence Unit is predicting better days for Macau in the upcoming months
With the economy contracting already for three consecutive quarters (up to the first quarter of 2015) and going through its deepest recession in years, Macau is expected to recover next year. The gaming industry and the government are adapting to the ‘new normal’ and economic data is set to improve with better year on year comparisons in 2016.
According to the latest forecast update by the Economist Intelligence Unit, Macau’s Gross Domestic Product (GDP) is expected to expand 5.3 per cent in 2016. This compares to a likely double digit drop in GDP predicted for this year.
In the first quarter, the economy contracted 24.5 per cent, following a fall of 2.3 per cent and 17.2 per cent in the third and fourth quarter of 2014, respectively. For the second quarter of 2015, several analysts – like Bank of China – are predicting a new contraction of around 20 per cent.
The downturn this year and the recovery in the next are linked to the evolution of the gaming industry and related sectors, given the high economic dependency of the city upon them. The opening of new properties and the positive effect on casino revenues from Galaxy Phase II and Studio City are likely to lend some steam to the economy and government taxes. Investment and the export of services are set to resume growth next year, says EIU.
With the economy contracting and prices falling accordingly, inflation is set to remain at 4.0 per cent this year and 4.9 per cent in 2016, ending a period of annual price hikes of 5 to 6 per cent.
L.G.
Source
With the economy contracting already for three consecutive quarters (up to the first quarter of 2015) and going through its deepest recession in years, Macau is expected to recover next year. The gaming industry and the government are adapting to the ‘new normal’ and economic data is set to improve with better year on year comparisons in 2016.
According to the latest forecast update by the Economist Intelligence Unit, Macau’s Gross Domestic Product (GDP) is expected to expand 5.3 per cent in 2016. This compares to a likely double digit drop in GDP predicted for this year.
In the first quarter, the economy contracted 24.5 per cent, following a fall of 2.3 per cent and 17.2 per cent in the third and fourth quarter of 2014, respectively. For the second quarter of 2015, several analysts – like Bank of China – are predicting a new contraction of around 20 per cent.
The downturn this year and the recovery in the next are linked to the evolution of the gaming industry and related sectors, given the high economic dependency of the city upon them. The opening of new properties and the positive effect on casino revenues from Galaxy Phase II and Studio City are likely to lend some steam to the economy and government taxes. Investment and the export of services are set to resume growth next year, says EIU.
With the economy contracting and prices falling accordingly, inflation is set to remain at 4.0 per cent this year and 4.9 per cent in 2016, ending a period of annual price hikes of 5 to 6 per cent.
L.G.
Source