Macau’s gross domestic product (GDP) rose by 8.8 percent year-on-year in real terms to 403.3 billion patacas last year, the Statistics and Census Bureau (DSEC) has announced.
According to a DSEC statement yesterday, the overall economic output returned to 86.4 percent of the level in pre-pandemic 2019. Macau recorded its first COVID-19 case in January 2020.
Exports of services and domestic demand (including private consumption expenditure, government final consumption expenditure and investment) showed respective growth of 9.2 percent and 2.3 percent year-on-year.
Per-capita GDP, i.e., the average value of production of goods and services per population, stood at 587,922 patacas (US$73,154)* in 2024, up by 7.6 percent year-on-year.
The implicit deflator of GDP, which measures the overall changes in prices, went up by 0.4 percent year-on-year to 105.0.
Exports of services recorded a year-on-year rise of 9.2 percent in 2024, driven by an increase of 23.8 percent in the number of visitor arrivals.
Exports of gaming services grew by 21.8 percent; however, exports of other tourism services dropped by 6.1 percent owing to a relatively high comparison base in the previous year, yet rose by 13.0 percent when compared to 2019. With respect to merchandise trade, exports and imports of goods decreased by 14.5 percent and 7.6 percent year-on-year respectively.
Gross fixed capital formation (GFCF)* increased by 4.6 percent year-on-year in 2024, as enterprises continued to step up their investment in Macau during the year.
*US dollar amount given by DSEC; the pataca, Macau's sole legal tender, is indirectly linked to the US dollar through its HK dollar peg.
** Refers to the net increase in physical assets (fixed assets) within an economy over a specific period. It measures the value of acquisitions of new or existing fixed assets (like buildings, machinery, and equipment) minus disposals of fixed assets. GFCF is a vital component of national accounts and is used to assess the level of investment in an economy. It reflects how much is being invested in productive capacity and can indicate future economic growth potential.
