Economy secretary acknowledges recession looming

2015/2/27

From:Macau Business

Secretary of the Economy and Finance Lionel Leong Vai Tac has acknowledged that the gaming slump means Macau’s economy probably contracted in the fourth quarter of last year and may contract again in the first quarter of this year.

This would mean three consecutive quarters of contraction, gross domestic product having shrunk by 2.1 per cent in real terms in the third quarter of last year.

Mr Leong told reporters: “It’s possible that we’ll see a decline in GDP in the first quarter this year.”

He gave no forecasts of the rates of economic contraction in the fourth quarter of last year or the first quarter of this year.

Copyright@Macau Business