The Macau SAR Gross Domestic Product (GDP) has contracted by 63.8 per cent in the third quarter of this year, according to data published by the Statistics and Census Bureau (DSEC) today (Friday).
The contraction was slightly better than than the 68 per cent drop reported in the previous quarter, something the DSEC attributed to the rebound in visitor arrivals following the easing of travel restrictions for Mainland residents to visit the SAR.
In August and September, the issuing of individual travel visas first for Guangdong residents and then for the whole country was reinstated, resulting in a 1,409 per cent increase in visitors between the second to the third quarter.
Exports of gaming services and other tourism services went down by 93.6 per cent and 87.9 per cent, respectively, however exports of goods soared by 252.2 per cent year-on-year.
Meanwhile, the GDP for the first three quarters of 2020 declined by 59.8 per cent year-on-year in real terms, with private consumption expenditure decreasing by 18.1 per cent year-on-year whereas government final consumption expenditure rose by 13.4 per cent.
Local authorities have predicted that the local economy will end 2020 with a 61 per cent plunge from the previous year, a more pessimistic prediction than the 52.3 per cent drop predicted by the International Monetary Fund (IMF).