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Macau GDP projected to experience a 10.3% growth in 2024

February 27, 2024 Macau Industry Updates

Lei Wai Nong, Macau’s Secretary for Economy and Finance, predicts that the city’s GDP would increase by 10.3 percent in 2024.

The Macao Chamber of Commerce hosted a seminar on Monday that featured this upbeat perspective and was attended by a number of influential figures from the city’s business and industrial sectors.

Secretary Lei highlighted the robust expansion of the local economy, noting that there were about 5.3 million visitors as of early 2024. This tourist boom is shown by the tremendous increase in Macau visitor arrivals in January, which more than tripled from the previous year to over 2.86 million.

In addition, 1.36 million people visited the city for the Chinese New Year events between February 10 and February 17.

Additionally, Secretary Lei said that during the most recent Christmas season, Macau’s hotel occupancy rate reached a record 95.2%.

According to Secretary Lei, Macau’s real GDP increased by an astounding 80.5% yearly rate in 2023. Real GDP is a measurement that takes inflation into account and represents the entire value of goods and services generated by an economy over a certain time period.

The official 2023 GDP numbers are anticipated to be released on Friday. According to preliminary figures from the city’s Statistics and Census Service, Macau’s GDP increased by 77.7 percent in real terms for the nine months that ended on September 30, 2017.

The International Monetary Fund (IMF) projected in October that Macau’s real GDP would increase further, expanding by 27.2 percent annually in 2024, in line with these encouraging prospects.

Original story by: GGRAsia

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