The gross domestic product (GDP) of Macau declined by a further 8.9% in real terms in the first quarter of 2022, as the contribution from the gaming sector dropped by 25.1%.
Not only was the total down from 2021, but it continued to be a long way below pre-Covid levels, falling back to below 50% of the real GDP recorded in Q1 of 2019, the last Q1 before the virus hit.
With inflation low at 0.3%, nominal GDP was down by 8.6%.
The Macau government noted that visitor arrivals to the Special Administrative Region were up by 8.0%, but overnight arrivals declined. As a result, exports of gaming services were down by 25.1%, while exports of other tourism services were up by 1.9%.
The gaming sector continued to be affected by Covid-related travel restrictions in Q1, typified by a March in which gaming revenue reached its lowest level for 18 months, at MOP3.67bn (£346.3m/€412.6m/$454.2m).
For the quarter as a whole, revenue came to MOP17.77bn. This was down 24.8% from 2021, when revenue ha..