Macau GDP up 116% in Q3
Exports of gaming services increased by around 781.4 per cent year-on-year.
Macau.- The Macau Statistics and Census Service (DSEC) has reported that gross domestic product (GDP) for the third quarter was up 116.1 per cent year-on-year. The growth was mainly driven by a 781.4 per cent rise in gaming-related exports.
Tourism services rose 255.4 per cent year-on-year. Domestic demand experienced a 15.7 per cent increase, while imports of goods and services recorded upticks of 25.7 per cent and 58.2 per cent, respectively. The DSEC highlighted a 61.5 per cent year-on-year rise in private construction investment.
The city recorded 8.3 million visitor arrivals in the third quarter of 2023. This figure represents 83.5 per cent of the visitor count in the same quarter of 2019.
A week ago, the government of Macau unveiled an economic diversification plan for 2024 to 2028. According to local media reports, the plan marks a departure from the traditional five-year blueprint and is designed to reshape the city’s economy.
Macau’s authorities aim to bolster the economy by expanding non-gaming sectors and thereby diminishing the historical dependence on casinos for employment and tax revenues. The “1+4 model,” focuses on four industries: healthcare, finance, technology and events in the fields of sports, culture and business.
The government expects the non-gaming sector to contribute approximately 60 per cent of gross domestic product (GDP) by 2028. In 2019, the gaming industry represented just over 50 per cent of Macao’s GDP.
Non-reliance on gaming is an issue that was addressed when the city’s casino operators renewed their licences. The six Macau casino operators have collectively pledged to invest a minimum of MOP108.7bn (US$13.48bn) in non-gaming initiatives and explore overseas markets.
