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Macau’s GDP grows 80.5% in 2023, driven by tourism and gaming

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Macau’s GDP experienced a remarkable 80.5 percent year-on-year rebound last year, propelled by the flourishing tourism and gaming sectors.

The increase surpassed the International Monetary Fund’s (IMF) projection of 74 percent GDP growth.

The robust resurgence in tourism propelled Macau’s 2023 Gross Domestic Product (GDP) to over 80 percent of 2019 levels. Per-capita GDP stood at MOP 559,495 ($69,357) in 2023, up by 80.5 percent year-on-year.

According to data from the Statistics and Census Service (DSEC), exports of gaming services and other tourism services surged by 343.7 percent and 127.9 percent year-on-year respectively, due to a 394.9 percent increase in visitor arrivals. However, exports of goods fell by 28.1 percent.

Private consumption expenditure and gross fixed capital formation rose by 12.1 percent and 14.7 percent year-on-year respectively in 2023.

Analyzed by quarter, GDP swelled by 86.4 percent year-on-year in real terms in the fourth quarter of 2023. Exports of gaming services and other tourism services showed respective growth rates of 430.8 percent and 130.2 percent year-on-year.

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