Macau GDP up 80.5% in 2023

Macau’s GDP soared by 80.5 per cent in 2023, fueled by tourism and gaming, nearing pre-Covid-19 pandemic levels.

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

The surge in GDP was primarily attributed to the resurgence of tourism, with exports of tourism services, particularly gaming services, experiencing substantial growth. 

Gaming services exports increased by 343.7 per cent and other tourism services by 121.9 per cent, respectively, as visitor arrivals rose by 394.9 per cent.

In addition to the growth in exports, 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.

Despite the overall positive trend, 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 recently forecasted a growth in the GDP of 10.3 per cent this year.

Lei underscored the robustness of Macau’s hospitality sector, citing a hotel occupancy rate of 95.2 per cent during the recent holiday period. He also reflected on the performance of the economy in 2023.

See also: Macau GGR up 79.1% in February

Macau’s GDP soared by 80.5 per cent in 2023, fueled by tourism and gaming, nearing pre-Covid-19 pandemic levels. Macau.- The Statistics and Census Service (DSEC) has reported that Macau’s gross domestic product (GDP) surged 80.5 per cent year-on-year in real terms in 2023, representing a recovery to over 80 per cent of 2019 levels, before…