Macau GDP up 117.5% in Q2

Macau’s GDP was boosted by a 463.3 per cent rise in gaming services exports.

Macau.- The Macau Statistics and Census Service has reported that gross domestic product (GDP) for the second quarter of the year was up 117.5 per cent year-on-year. Service exports grew by 211.9 per cent, while gaming services exports rose 463.6 per cent and tourism services rose 157.5 per cent.

In contrast, exports of goods fell by 32.8 per cent, while imports of goods and services increased by 49.8 per cent and 0.1 per cent, respectively.

Domestic demand rose 18.4 per cent and there was a 47.8 per cent expansion in gross fixed capital formation. Government consumption spending rose 3 per cent year-on-year.

Visitor numbers in the second quarter rose 321.7 per cent year-on-year to 6.7 million. Local consumers increased their outbound travel activity by 49.8 per cent, leading to an increase in service imports.

In July, the University of Macau (UM) released a report in which it suggested that Macau’s GDP could grow by 20.5 to 44.1 per cent this year if tourist numbers reach 70 per cent of 2019 levels in Q3 and 80 per cent in Q4.

The report highlights the importance of attracting international visitors to reduce Macau’s reliance on mainland China tourists. The majority of visitors to Macau are from mainland China, Hong Kong, or Taiwan, with only a small percentage from other countries.