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Macau’s Q4 GDP shrinks 23.4% y/y
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HONG KONG (Reuters) - Macau's economy contracted by 23.4% in the fourth quarter compared with the same period a year earlier, government statistics data showed on Friday.
HONG KONG (Reuters) – Macau’s economy contracted by 23.4% in the fourth quarter compared with the same period a year earlier, government statistics data showed on Friday.
Tourist arrivals plunged 31.5% year-on-year in the quarter and were down 26.0% in 2022, as the city was affected by the COVID-19 pandemic, the government added.
The city’s economy shrank 26.8% in 2022 as a whole.
The economic contraction was due to weak external demand and the anti-epidemic measures, which hindered tourism and local economic activities, the data showed.
(Reporting by Twinnie Siu; editing by John Stonestreet)
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