1. A notable reduction in size, volume, or scope of a business, economy, or activity
The manufacturing sector experienced significant contracting due to the economic downturn.
O setor de manufatura enfrentou uma contração significativa devido à recessão econômica.
2. Substantial decrease in the scope of government or institutional operations
Budget cuts led to significant contracting of social services.
Cortes orçamentários levaram a uma contração significativa dos serviços sociais.
3. A marked reduction in the value or performance of an asset or market
The real estate market saw significant contracting in the third quarter.
O mercado imobiliário experimentou uma contração significativa no terceiro trimestre.