Macau's economy shrank 67.8 percent year-on-year in the three months to June of 2020, following a 48.7 percent drop in the previous period. It was the sixth consecutive quarter of contraction in the economy and the steepest yearly contraction on new record, mainly due to demand-side shocks caused by the coronavirus pandemic. Regarding net trade, total exports slumped 90.1 percent, with services plunging 92.3 percent (vs -60 percent in Q1) and exports of goods declining 26.4 percent (vs -23.5 percent in Q1). Meantime, total imports fell 34.4 percent ( vs -30.7 percent in Q1). At the same time, private consumption decreased more (-16.5 percent vs -15.2 percent in Q1). Meanwhile, gross fixed capital formation continued to decline (-8.1 percent vs -37.2 percent). On the other hand, government spending expanded further (14.0 percent vs 5.0 percent).
GDP Annual Growth Rate in Macau averaged 6.38 percent from 2002 until 2020, reaching an all time high of 54.30 percent in the second quarter of 2004 and a record low of -67.80 percent in the second quarter of 2020. This page provides - Macao GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Macau GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020.
GDP Annual Growth Rate in Macau is expected to be -8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Macau to stand at 1.00 in 12 months time. In the long-term, the Macau GDP Annual Growth Rate is projected to trend around 0.10 percent in 2021 and 0.50 percent in 2022, according to our econometric models.