Tuesday, June 25, 2024
HomeNewsMacauMacau's 1Q GDP shows 25.7% y-o-y growth, reaching 87% of pre-COVID levels

Macau’s 1Q GDP shows 25.7% y-o-y growth, reaching 87% of pre-COVID levels

Macau’s first-quarter gross domestic product (GDP) surged by 25.7 percent year-on-year in real terms. This marks a robust rebound, bringing it to 87.2 percent of the pre-pandemic level.

Gaming service exports recorded a surge of 62.7 percent in the first quarter, accompanied by a 14.8 percent expansion in other tourism services.

According to the Statistics and Census Service (DSEC), this GDP growth is attributed to the revitalization of the local economy, supported by thriving service exports, stable private consumption, and gross fixed capital formation.

Additionally, the implicit deflator of GDP, which gauges overall price changes, increased by 2.3 percent year-on-year to 106.8.

Data from the DSEC reveal that service exports experienced a significant uptick of 30.3 percent year-on-year in the first quarter, fueled by external demand.

During the same period, domestic demand, including private consumption expenditure, government final consumption expenditure, and investment, increased by 3.4 percent.

Private consumption expenditure showed a notable increase of 10.9 percent year-on-year.

The DSEC underscored that buoyant economic sentiment contributed to heightened investment, as evidenced by a 13 percent year-on-year rise in gross fixed capital formation, marking positive growth for four consecutive quarters.

Based on data previously released by the city’s gaming regulator, Macau’s casino GGR reached MOP57.33 billion ($7.12 billion) in the first quarter of 2024, up 65.5 percent from last year. However, it remains 24.7 percent lower than the first quarter of 2019, which was MOP76.15 billion ($9.46 billion).

Macau, April GGR reaches $2.29B, down 4.9% m-o-m
Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.



daily newsletter