Macau’s Gross Domestic Product (GDP) grew by 117.5% year-on-year in real terms in the second quarter of 2023, with the gaming and tourism sectors driving the economic recovery.
According to the Statistics and Census Service (DSEC) Q2 represented the highest single-quarter growth rate recorded since the second quarter of 2021. Exports of gaming services and other travel services increased by 463.6% and 157.5% respectively, leading to a 211.9% year-on-year increase in the total exports of services.
Imports of services and goods grew by 49.8% and 0.1% year-on-year respectively, while exports of goods declined by 32.8% year-on-year. Domestic demand rose by 18.4% year-on-year, mainly driven by an increase in gross fixed capital formation, which rose by 47.8% year-on-year.
The rise in GDP corresponds to a 320% year-on-year increase in visitor arrivals in the June quarter to 6.7 million, equivalent to 67.5% of 2019 levels.
“The increase in visitor arrivals drove year-on-year growth in exports of gaming services and exports of other tourism services respectively in Q2, while imports of services recorded a 49.8% increase in line with the increase in residents’ outbound travel activities,” DSEC said.
For the first six months of 2023 combined, GDP rose by 71.5% year-on-year, with the overall economy recovering to 71% of 1H19.
The improved economic sentiment and employment environment contributed to an increase in private consumption activities, with final consumption expenditure by households in local areas growing by 9.7% year-on-year, while final consumption expenditure by households outside Macau also rose by 69.2% year-on-year. Overall private consumption expenditure increased by 15.1%.
