Secretary for Economy and Finance Lei Wai Nong disclosed yesterday that Macau’s gross domestic product (GDP) grew 80.5 percent in real terms last year, returning to over 80 percent of the level in pre-pandemic 2019.
Hong Kong’s GDP grew 3.2 percent in real terms last year.
The policy secretary also said that the government now predicts that the city’s economic output will increase 10.3 percent in real terms this year, returning to around 90 percent of the 2019 level.
Lei made the remarks when addressing a conference with senior representatives from the city’s various business sectors. The conference was hosted by the Macau Chamber of Commerce (ACM), colloquially known in Cantonese as Chung Chung, at its headquarters in Zape.
The public University of Macau (UM) announced in December last year that its researchers forecast that Macau’s economy would grow between 8.3 percent and 21 percent in 2024.
The Statistics and Census Bureau (DSEC) is scheduled to release Macau’s official 2023 GDP data on Friday.
According to the latest DSEC data, Macau’s GDP grew 33 percent, 102 percent, and 116.1 percent year-on-year in real terms in last year’s first, second and third quarters. The city’s economy grew 77.7 percent year-on-year in real terms during the first three quarters of last year.
Lei also said that Macau’s 2023 GDP per capita amounted to around 559,495 patacas (about US$69,900).
The policy secretary also said that Macau’s employment and business environment improved last year when residents and the business sector’s confidence in consumption and making investments respectively was constantly increasing.
4 major economic objectives
Lei also said that the local government will implement four major objectives for the city’s economy this year.
According to Lei, the four objectives comprise continuously improving the population’s living standards and business environment, implementing the major tasks and projects listed by the government’s 1+4 appropriate economic diversification plan, enhancing Macau’s role as a platform between China and Portuguese-speaking countries, and intensively promoting the development of the Guangdong-Macau In-depth Cooperation Zone in Hengqin.
Secretary for Economy and Finance Lei Wai Nong addresses yesterday’s conference with senior business representatives at the Macau Chamber of Commerce (ACM) headquarters in Zape.
– Photo courtesy of TDM
