Macau’s Gross Domestic Product (GDP) stood at MOP$301 billion for the first three quarters of 2024, up 11.5% year-on-year in real terms as the overall economy recovered to 86.3% of its 2019 level during the same period.
According to the Statistics and Census Service (DSEC), GDP mainly benefited from an 11.4% increase in Macau’s exports of services.
Of this increase in overall exports of services, exports of gaming services increased by 28.4% while exports of other tourism services fell by 6.1% due to a higher base last year, resulting in an increase of nearly 15% in overall exports of services compared with the same period in 2019.
As for trade in goods, exports and imports of goods decreased by 15.1% and 8.3% year-on-year respectively.
DSEC also pointed out that as the local economy and job market continued to improve, residents’ income increased, leading to solid growth in private consumption.
In the first three quarters, Macau’s private consumption expenditure rose by 5.8% year-on-year, with final consumption expenditure by households in the local market increasing by 4.8%, while expenditure outside the territory also rose by 13.6%.
As for 3Q24 data, GDP grew by 4.7% in real terms, with the overall economy equivalent to 87.3% of its size in the corresponding period of 2019. Within this, exports of services and domestic demand rose by 1.3% and 4.6% respectively.
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