In the first half of this year, Macau’s GDP reached MOP 204.3 billion, the first time it exceeded MOP 200 billion since the first half of 2019.
according to Macau’s GDP grew 15.7% year-on-year in the first half of 2024, a recovery of about 86% compared to the same period in 2019, according to Macau’s Statistics and Census Service (DSEC in Portuguese).
As for service exports, they increased by 17.6% year-on-year during this period. The growth rate of gaming service exports was particularly high, increasing by nearly 40% compared to the same period in 2023. Exports of other tourism services also increased, although the growth rate was only 3%.
Domestic demand, which includes both private and public spending, also grew, up nearly 3%. Private consumption grew nearly 8% year-on-year in the first half of this year, thanks to an improvement in Hong Kong’s economy and labor market.
Government spending, on the other hand, fell by 14%, which the Statistics and Census Bureau noted was the result of the “cessation of livelihood subsidy programs.”
[See more: The Macau Economic Association says the third quarter outlook is positive]
In the second quarter of this year, the local economy grew by nearly 7% year-on-year, with the recovery rate reaching about 85% of the second quarter of 2019 level.
Services exports were the main driver of growth, up about 6% compared to the same period last year. While gaming services exports rose 22.6%, other travel services exports fell 9.5% due to a high benchmark set for the second quarter of 2023, after the end of pandemic travel restrictions.
Domestic demand also grew by 2.2% in the second quarter. While private consumption grew by nearly 5% year-on-year in the period, government spending fell by about 7%.
Hong Kong SAR GDP for the whole year 2023 The total amount reached MOP379.48 billion, an increase of about 87% compared with MOP434.67 billion in 2006. 2019.
Although the local economy still faces various domestic and international economic challenges in the second half of 2024, the Macau Economic Association expects the local economy to remain stable in the third quarter.
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