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Macau GDP could rise by 19 percent in 1Q24: Economic Association

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The Macau Economic Association (MEA) expects Macau’s GDP to grow by 19 percent in the first quarter of the year, reaching MOP92 billion ($11.4 billion). This figure represents Macau’s economy returning to about 82.8 percent of 2019 levels.

According to a survey by the association, Macau’s economic climate index will remain “stable” to “slightly booming” in the second quarter. This is despite U.S. consumer price indices failing to cool effectively in recent months, and the external economic environment becoming more complex and uncertain. Macau’s current economy contrasts with strong growth in tourist visits, while local consumption has declined, leading to closures of some small, medium, and micro businesses.

Macau’s official data show that for the first quarter of 2024, Macau’s casino gross gaming revenue (GGR) reached MOP57.33 billion ($7.12 billion). The Macau Economic Association also noted that coupled with high interest rates, local companies are still under heavy pressure regarding capital turnover and loan repayment. The non-performing loan ratio in the financial system continues to rise, indicating ongoing macroeconomic imbalances that warrant attention.

The association further stated that the country is actively promoting the development of new productive forces, from which Macau’s economy is expected to benefit.

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