Macau’s economy shrinks by 56.3% in 2020

The Statistics and Census Bureau (DSEC) announced that Macau’s GDP shrank by 45.9% year-on-year in real terms in the fourth quarter of 2020, a decrease of 17.9 percentage points from the previous quarter. External demand rebounded quarterly, and the year-on-year decline in service exports narrowed to 61%.

Exports of gaming services and other tourism services fell by 70.3% and 48.9%, respectively, in the fourth quarter

In 2020, Macau’s economy shrank by 56.3% in real terms, and the export of gaming services saw a drastic decline of 80% throughout the year.

DSEC pointed out that the COVID-19 pandemic affected the global economy in 2020, and Macau was no exception. The overall demand has fallen sharply and the annual GDP has contracted by 56.3% in real terms. Domestic demand shrank by 10.3% year-on-year while private consumption fell by 16.3% year-on-year.

Affected by the outbound travel control measures in various places, Macau’s inbound visitors fell by 85% year-on-year, causing exports of gaming services and other tourism services to fall by 80.4% and 73.4% respectively, and overall service exports fell by 74.9% year-on-year.

Macau’s annual GDP in 2020 stood at 194.4 billion patacas, and per capita GDP was 285,314 patacas.