Macau’s GDP is expected to grow by 10.3% in real terms in 2024, recovering to 90% of 2019 levels according to Macau’s Secretary for Economy and Finance, Lei Wai Nong.
Lei’s comments at an event on Monday come after the Statistics and Census Service revealed a total of 2,861,609 visitor arrivals to Macau January, representing a year-on-year increase of 104.7%. There were also 1,357,803 arrivals recorded during the recent eight-day CNY Golden Week holidays, exceeding the same period in 2019.
From 1 January to 18 February, total cumulative visitor arrivals have reached 5,295,605, with a daily average of 108,074, recovering to 88.2% of the same period in 2019.
“With the resumption of local economic activities, Macau’s economy achieved a strong recovery in 2023,” said Lei. “Last year, GDP grew by 80.5% year-on-year in real terms, with per capita GDP reaching MOP$559,495 (US$69,400), which is about 80% of the pre-pre-epidemic level.”
Lei predicted that this year would continue the positive trend of 2023, with GDP recovering to 90% of its 2019 level.
GDP in 2019 was MOP$434.7 billion (US$53.9 billion), with a per capita GDP of MOP$645,438 (US$80,060). However, after the outbreak of the COVID-19 pandemic in 2020, the lack of visitors saw Macau’s gross gaming revenues plummet, dragging down the GDP to MOP$194.4 billion (US$24.1 billion) in 2020, MOP$239.4 billion (US$29.7 billion) in 2021 and MOP$177.3 billion in 2022 (US$22.0 billion).
Lei also praised the State Council of the People’s Republic of China’s decision to add the mainland cities of Xi’an in Shaanxi Province and Qingdao in Shandong Province to the list of cities eligible for the Individual Visit Scheme (IVS) to Hong Kong and Macau, stating that the measures would give greater impetus to Macau’s tourism industry.
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