Macau’s gross domestic product (GDP) rose by 86.4 percent year-on-year in real terms in the fourth quarter of 2023, according to data from the city’s Statistics and Census Service. The increase was “attributable to the remarkable recovery of exports of services,” said the statistics bureau in a report published on Friday.
Exports of gaming services and other tourism services rose by 430.8 percent and 130.2 percent respectively, showed the data.
Gaming services in Macau are included in exports when calculating the city’s GDP. That is in order to reflect spending by tourists in the city’s casinos.
Macau’s fourth-quarter GDP at current prices stood at MOP107.7 billion (US$13.3 billion), up 9.9 percent quarter-on-quarter.
Domestic demand grew by 3.5 percent year-on-year in the three months to December 31, with private consumption expenditure and gross fixed capital formation rising by 16.6 percent and 10.0 percent respectively, stated the statistics bureau.
Private construction investment grew by 44.6 percent year-on-year, driven by the increase in investment by gaming enterprises.
For full-year 2023, Macau’s GDP surged by 80.5 percent year-on-year in real terms. At current prices, the city’s GDP stood at MOP379.5 billion in 2023, compared to MOP197.3 billion in the prior year.
Macau’s GDP is forecast to grow by 10.3 percent in 2024, said earlier this week Lei Wai Nong, the city’s Secretary for Economy and Finance.
