Macau Q1 GDP Contracts for 1st Time Since 2022
In the first quarter of 2025, Macau's economy experienced a 1.3% contraction compared to the same period last year, reversing the previous quarter's near two-year growth rate high of 3.4%. This marked the first decline in economic growth since the last quarter of 2022, largely due to a significant slowdown in private consumption, which dipped to 0.3% from 2.9% in the previous quarter, and a reduction in government spending, which decreased to 1.1% from 6.3%. On the positive side, gross fixed capital formation saw a rebound, rising to 7.3% from a previous negative 0.2%. Additionally, the rate of inventory reduction improved slightly, with a decrease of 8% compared to the preceding quarter's 9.4% drop. Regarding net external demand, the contraction in goods exports lessened, down by 9.2% compared to a prior 11.7% decline, and goods imports also saw a reduced drop, at 5.1% versus 7.1%. Nonetheless, service exports fell significantly, contracting by 3.4% after a 2.1% increase in the previous quarter, while service imports grew more slowly, at 2.5% compared to the previous 9.2% increase.
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