Macau GDP up 80.5% in 2023

The irse was fueled by tourism and gaming.

Macau.- The Statistics and Census Service (DSEC) has reported that Macau’s gross domestic product (GDP) rose 80.5 per cent year-on-year in real terms in 2023. That represents a recovery to over 80 per cent of 2019 levels, before the Covid-19 pandemic. Per-capita GDP for 2023 reached MOP559,495 (US$69,393).

The rise attributed to the resurgence of tourism. Gaming services exports increased by 343.7 per cent and other tourism services by 121.9 per cent as visitor arrivals rose by 394.9 per cent. Domestic consumption and investment also contributed to Macau’s economic recovery. Private consumption expenditure and gross fixed capital formation rose by 12.1 per cent and 14.7 per cent year-on-year respectively in 2023.

Government final consumption expenditure saw a decline of 6.4 per cent year-on-year.

Looking ahead, the secretary for economy and finance, Lei Wai Nong, has forecast a growth in the GDP of 10.3 per cent this year.

See also: Macau GGR up 79.1% in February