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Macau | Retail sector lost weight in 2016 dragged by weak consumption, official data

Macau (MNA) – Gross value added (GVA) in local wholesale & retail establishments and stalls sector decreased 1.5 per cent to MOP19.08 billion (US$2.38 billion) in 2016,  information from the Macau Statistics and Census Service (DSEC) showed.

GVA in the retail sector was set at MOP11.72 billion, down 6.9 per cent year-on-year.

The official release noted that a weaker local demand and a decline in visitor spending on luxury goods impacted the retail data, with a decrease in receipts of retail trade of 4.3 per cent year-on-year to MOP63.23 billion.

The decrease was especially remarkable in the Household Appliances, with a decrease of 63.5 per cent to MOP2.03 billion. Watches, Clocks & Jewelry Goods also dropped 3.9 per cent to MOP14.11 billion while Department Stores shrank by 0.1 per cent to MOP9.45 billion.

Nonetheless, sales in the rest of sectors increased. Adults’ Clothing, Leather Goods, and Cosmetic & Sanitary Articles rose 17.6 per cent (MOP9.82 billion), 10.1 per cent (MOP6.71 billion) and 21.3 per cent (MOP2.86 billion), respectively. Sales in supermarkets also increased 1.0 per cent to MOP5.03 billion.

Receipts of sales for Motor Vehicles & Automotive Fuel dropped 25.4 per cent year-on-year to MOP5.03 billion, with sales of Motor Vehicles falling 42.1 per cent to MOP2.33 billion. The decrease was directly related to the increase in the vehicle tax and a higher cost of car ownership, according to DSEC data.

On the other hand, receipts of Wholesale Trade increased 19.5 per cent to MOP41.12 billion. Wholesale of Fuels increased sharply 112.6 per cent to MOP8.83 billion. Gross Value Added went up by 16.2 per cent to MOP6.22 billion.

A broader measure including Wholesale & Retail establishments and stalls receipts of trade amounted to MOP110.91 billion in 2016, up 1.8 per cent year-on-year.