Gaming in Macau produces 50 pct of its GDP

The gaming industry in Macau continues to be a key factor of its economic development and produced 50.5% of its gross domestic product (GDP).

Macau.- The Statistics and Census Bureau (DSEC) revealed casinos and junkets produced 50.5% of Macau gross domestic product (GDP). The figure involves GDP at producers’ prices, in which gaming in Macau has now a 1.5% higher share.

The report shows the gross value added (GVA) at current prices in the segment jumped 10% in real terms year-on-year. In 2018, it reached €24.7 billion.

Macau’s 2020 budget

The Macau Legislative Assembly approved on Sunday the budget for 2020, and gambling will contribute to most of its revenue. The budget balance for 2020, which was approved unanimously, has been set to €2.4 billion.

As reported by Macau Business, the local government wants the Integrated Ordinary Budget revenues to reach €13.6 billion by 2020. That figure would represent a 0.3% rise from the year-end forecast that the Economy and Finance Secretary Lionel Leong had reported before the 2020 budget vote.

The gambling industry is still the most important force for the local economy. The government is likely to collect €10.1 billion in Special Gambling Tax or around 74.5 % of total revenues.

Leong said that gambling tax revenues for 2020 are similar to the ones from this year. “This amount is the result of a calculation based on estimates of gross gambling annual revenues of €29.1 billion,” he said.