Macau GDP up 8.8 per cent in 2024

Exports of gaming services rose by 21.8 per cent.

Macau.- The Statistics and Census Service (DSEC) has reported that Macau’s gross domestic product (GDP) rose by 8.8 per cent year-on-year to MOP403.31bn (US$50.35bn) in 2024. That represents 86.4 per cent of 2019 levels, before the Covid-19 pandemic.

Exports of services increased by 9.2 per cent year-on-year as visitor arrivals rose by 23.8  per cent. Exports of gaming services rose by 21.8 per cent; however, exports of other tourism services fell by 6.1 per cent due to a high comparison base in 2023. The figure was up by 13 per cent when compared to 2019. Merchandise trade, exports and imports of goods decreased by 14.5 per cent and 7.6 per cent respectively.

The report says that domestic demand grew by 2.3 per cent year-on-year. Meanwhile, private consumption expenditure and gross fixed capital formation rose by 4.9 per cent and 4.6 per cent year-on-year, respectively, and government final consumption expenditure dropped by 5.1 per cent.

In the fourth quarter of the year, Macau’s GDP expanded by 3.4 per cent in real terms from the prior-year period. Economic output stood at 88 per cent of the same quarter of 2019. Domestic demand and exports of services increased by 2.8 per cent and 2.1 per cent respectively.

The University of Macau expects GDP to rise in 2025

The University of Macau (UM) has forecast that Macau’s GDP could grow by 7.7 per cent this year, despite global economic uncertainties. The report forecasts a 7.6 per cent rise in exports of services and a 3.1 per cent rise in private consumption expenditure. The inflation rate is expected to remain at 1.1 per cent and the overall unemployment rate at 1.8 per cent, with the unemployment rate for locals at 2.3 per cent. Analysts forecast government revenue to reach MOP111.8bn (US$14bn).