Gross domestic product in Macau, China’s semi-autonomous gambling haven, fell by more than a quarter in the three months to June as the junket-fuelled growth model comes under attack from Beijing.
The economy contracted by a whopping 26.4 per cent in the second quarter, following declines of 24.5 per cent in the first quarter and 17.2 per cent in the last quarter of 2014.
Stunning as the figure is, it’s not surprising, nor does it signal a collapse for the economy. Macau’s unemployment rate is just 1.8 per cent as construction booms and millions of Chinese visitors cross the border to shop, play some baccarat and attend an increasingly diverse array of Las Vegas style entertainment shows.
That is from Fast FT.