According to the Statistics and Census Service (DSEC), Macau’s economy saw significant growth in service exports, bolstered by a surge in visitor arrivals during the peak summer months.
In the first three quarters of 2024, exports of services increased by 11.4 percent year-on-year in real terms, with exports of gaming services surging by 28.4 percent. However, exports of other tourism-related services declined by 6.1 percent due to a high comparison base from last year, although they still recorded nearly 15 percent growth compared to the same period in 2019.
In terms of merchandise trade, exports and imports of goods fell by 15.1 percent and 8.3 percent, respectively, year-on-year.
Gross Domestic Product (GDP) grew by 11.5 percent year-on-year in real terms, reaching MOP301.0 billion ($37.4 billion) for the first three quarters of 2024. The overall economic output recovered to 86.3 percent of its level in the same period of 2019, with GDP surpassing the MOP300 billion mark for the first time since then. Growth was driven by the strong increase in exports of services and a 2.7 percent rise in domestic demand, which includes private consumption, government spending, and investment.
In the third quarter of 2024, GDP rose by 4.7 percent year-on-year in real terms, reaching 87.3 percent of the corresponding quarter of 2019. Exports of services and domestic demand posted year-on-year gains of 1.3 percent and 4.6 percent, respectively. The implicit deflator of GDP, which measures overall price changes, increased by 1.5 percent to reach 106.7.
Private consumption showed solid growth, spurred by rising household incomes amid a positive economic environment and improving job market conditions. Over the first three quarters, private consumption expenditure rose by 5.8 percent year-on-year, with household spending domestically and abroad growing by 4.8 percent and 13.6 percent, respectively.
In contrast, government consumption expenditure dropped by 10.1 percent following the discontinuation of the livelihood subsidy scheme. Net purchases of goods and services decreased by 21.9 percent, while employee compensation remained relatively stable.
