Macau’s gambling-driven economy saw its fiscal surplus shrink by 32.1 percent in the first half of 2016, data from the Financial Services Bureau showed.

From MOP25.42 billion ($3.18 billion) of the same period, Macau’s surplus falls to MOP17.26 billion (US$2.16 billion) from January to June 2016 as public revenue continues to dwindle. The FSB cited Macau’s falling gaming revenue as the culprit behind the fall of its surplus.

On a positive note, the plunge of Macau’s fiscal surplus in the first half of 2016 is much slower compared to the 57.9 percent nosedive it made during the same period last year. Although the government’s surplus is down more than 30 percent year-on-year, it is nearly five times above the MOP3.47-billion (US$ 434.4 million) forecast for the full year.

Meanwhile, Macau government posted a MOP47.85 billion (US$5.99 billion) income at the end of June, 13.5 percent lower than in the prior-year period. Like in its surplus, the government saw a slower drop to its income this year compared to the 33.7 percent freefall of its revenues for the first six months of 2015.