Macau’s economy surged in the first three months of 2023, with gross domestic product (GDP) rising 38.8% in real terms.
The improvement follows a dramatic increase in visitor arrivals in Q1, which grew by 163.7% year-on-year to 4,948,000 – representing 48.4% of visitor numbers in 1Q19.
The increase in visitor arrivals drove up the exports of gaming services and other tourism services respectively, with gaming exports rising 100% year-on-year and other tourism services exports rising 72.9%. Overall service exports rose by 71.5%, while service imports also rose by 24.0%.
In the first quarter of 2023, GDP rose 38.8% in real terms year-on-year, and the Macau economy recovered to 66.4% of its current level compared to the first quarter of 2019.
Despite Macau’s steady economic recovery, the Statistics and Census Service said household consumption expenditure in the domestic market dropped by 12.1% year-on-year, due in part to a decreased population and the resumption of outbound travel by residents.
RelatedPosts
