Government closely monitoring external economies and Macao economy

The Government is closely monitoring external economies, and a number of indicators relating to the development of Macao’s economy. This is in the face of challenges linked to continuing fluctuations created by external factors, such as Sino-American trade frictions and the renminbi exchange rate.

Speaking to reporters on Monday (9 September), the Secretary for Economy and Finance, Mr Leong Vai Tac, added the Government would keep in close touch with the local business sector.

The Secretary stated Macao had seen enhancement of its resilience and capabilities in relation to coping with adversity. Macao had overcome a similar period of economic adjustment period via concerted effort between the Government and the business sector, he said.

The Government would speed up effort to initiate large-scale projects relating to improvement of people’s livelihoods, as a route to spurring economic growth. Meanwhile, the Government had been paying close attention to the stability of a number of external currencies in order to balance risk in relation to its investments.

In Monday’s remarks to the media, the Secretary provided several statistics regarding Macao’s economic performance. The local economy had shrunk in the first half of 2019 by 2.5 percent year-on-year in real terms, as a result of fewer construction projects and a lower level of investment in fixed assets having been recorded in the period.

Mr Leong also mentioned revenues from the gaming sector, which had seen negative growth respectively in July and August. He hinted at a possible negative growth in gross domestic product for the third quarter, judging by the unfavourable outlook currently for casino sector revenues in September.

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