Macau GDP to grow 10.3% in 2024, government says

Macau’s secretary for economy and finance spoke at a seminar organised by the Macao Chamber of Commerce.

Macau.- Lei Wai Nong, Macau’s secretary for economy and finance, has forecast growth in the gross domestic product (GDP) of 10.3 per cent this year. Speaking at a seminar organised by the Macao Chamber of Commerce, Secretary Lei highlighted the positive momentum seen so far, including an increase in tourism.

Visitor numbers in January more than doubled those of last year, totalling just above 2.86 million. The Chinese New Year festivities attracted almost 1.36 million visitors to the city from February 10 to 17.

Lei underscored the robustness of Macau’s hospitality sector, citing a hotel occupancy rate of 95.2 per cent during the recent holiday period. He also reflected on the performance of the economy in 2023. Official GDP data is due to be released shortly, but statistics from the city’s Statistics and Census Service indicate a 77.7 per cent rise in real GDP for the nine months up to September 30.

Macau’s GDP has a high correlation with the gross gaming revenue (GGR). For 2023, Macau’s GGR was MOP183.06bn (US$22.75bn). That’s a rise of 333.8 per cent when compared to 2022.