Macao’s economy rebounds with 25.7% GDP growth in Q1 2024

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24th May 2024 – (Macao) Macao’s gross domestic product (GDP) experienced a remarkable surge of 25.7% in the first quarter of this year, as revealed by the latest data published by the Statistics and Census Service (DSEC). The department attributed this growth to the reinvigoration of the local economy, driven by thriving exports of services, steady private consumption, and robust gross fixed capital formation.

Although the region’s economy has yet to fully recover to pre-pandemic levels, DSEC highlighted that it has reached approximately 87% of the level recorded in the first quarter of 2019, indicating a significant rebound. The rebound is evident in the tourism sector, with visitor arrivals witnessing a substantial increase. During the initial three months of this year, Macao welcomed nearly 9 million visitors, representing a remarkable year-on-year jump of approximately 79%.

Service exports demonstrated a substantial increase of around 30% year-on-year, with gaming service exports and tourism service exports rising by approximately 63% and 15% respectively. In contrast, service imports experienced a modest decline of 3.5%. Additionally, foreign trade faced challenges, with a decline of nearly 14% in goods exported and a 1.4% drop in goods imported during the first quarter.

Private consumption expenditure exhibited a positive trend, with a notable year-on-year increase of almost 11%. However, the net purchases of goods and services experienced a decline of approximately 41%. On the other hand, investment showcased a robust growth of 13% year-on-year, marking the fourth consecutive quarter of expansion in this area. DSEC attributed this growth to positive economic sentiments prevailing in the region.