Macau’s gross domestic product (GDP) rose by 4.7 percent year-on-year in real terms to 418.04 billion patacas last year, the Statistics and Census Bureau (DSEC) announced in a statement today. The bureau pointed out that last year’s GDP corresponded to 89.6 percent of the level in pre-pandemic 2019.
Macau confirmed its first COVID-19 case in January 2020. The pandemic severely impacted Macau’s economy for three consecutive years until the end of 2022. Per capita GDP grew by 4.3 percent year-on-year to 607,263 patacas (US$75,333, at today’s Morningstar exchange rate). In the fourth quarter, GDP was up by 7.6 percent.
The bureau stated that in the fourth quarter, the local economy “continued to make steady progress, underpinned by rapid growth in exports of services, driven by surging visitor arrivals resulting from the hosting of numerous large-scale events and government efforts to attract visitors,” noting that fourth-quarter GDP corresponded to 94.1 percent of that in the same period of 2019.
