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Macau experiences 116% surge in their GDP thanks to gaming sector

November 20, 2023 Macau Casino & HotelIndustry Updates

Due mostly to the gaming sector, Macau’s economy expanded quickly in the third quarter, with GDP rising by an astounding 116.1 percent year over year. According to official data released by Macau authorities, the quarter saw a 781.4 percent year-over-year growth in gaming service exports. Additionally, there was a notable rise in exports of other tourism-related services, with a 255.4 percent increase.

The economic boom was also fueled by domestic demand, which grew at an annual pace of 15.7%. While imports of services surged by 58.2 percent, imports of items increased by 25.7 percent annually. Private construction investment rose by 61.5 percent over the same period last year, according to the local statistics office (DSEC). The local economic recovery was attributed to the heightened efforts of gambling enterprises, which led to an increase in construction investment.

A notable increase in tourism, which reached 8.3 million in the third quarter of 2023, further contributed to the economy’s recovery. This figure, which represents around 83.5 percent of the total number of visitors recorded in the same quarter of 2019, suggests that external demand for services—particularly those related to the gaming industry—is once again on the rise.

The third-quarter economic performance of Macau shows how resilient its gaming and tourist sectors are, indicating a strong rebound from the challenges posed by the COVID-19 outbreak. In the next quarters, it is anticipated that the strong momentum would support Macau’s economy’s ongoing expansion and development.

Original story by: Asia Gaming Brief

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