Macau GDP experiences remarkable 86.4% year-on-year increase

The Statistics and Census Service of Macau reports that in real terms, the GDP of Macau grew by an astounding 86.4 percent year over year in Q4 2023. This growth was mainly caused by a notable uptick in service exports, the statistics office said in its report that was made public on Friday.

According to the research, there was a 430.8 percent rise in gaming exports and a 130.2 percent increase in other tourism-related services.

It is important to note that, since they reflect visitor spending at the casino, gaming services in Macau are included as exports when calculating the GDP of the city.

In the fourth quarter, Macau’s GDP increased by 9.9 percent to MOP107.7 billion (US$13.3 billion) at current prices. Furthermore, during the three months that concluded on December 31, domestic demand grew by 3.5 percent year over year, driven by increases in gross fixed capital formation and private consumption expenditure of 10.0% and 16.6%, respectively.

Investment in private buildings increased by 44.6 percent annually, mostly due to rising costs incurred by gaming companies.

Macau’s GDP climbed by 80.5 percent in real terms for the whole year 2023, from MOP197.3 billion to MOP379.5 billion at current prices.

Lei Wai Nong, Macau’s Secretary for Economy and Finance, forecast a 10.3 percent growth in GDP in 2024 earlier this week.

Original story by: GGRAsia