Gross Domestic Product (GDP) for the second quarter was more than twice what it was in the same period last year, according to a statement released by the Statistics and Census Service (DSEC) – which reported 117 percent year-on-year growth.
The year-on-year increase in GDP comes as little surprise, given the severe economic constraints imposed by the Covid-19 pandemic in 2022, but the DSEC notes that Macao’s latest economic output is sitting at 71 percent of what it was in 2019 – the year before the pandemic.
Tourism led the recovery, with gaming services and “other tourism services” showing increases. Visitor arrivals totalled 6.7 million between May and June – less than 70 percent of what was seen in the second quarter of 2019.
The improving economic situation was reflected in people’s spending, which was up 15.1 percent overall, year-on-year, for the second quarter. Domestic household final consumption expenditure rose by 9.7 percent.
Government expenditure was up by 3 percent, year-on-year, with compensation to employees increasing by 1.6 percent.
Macao’s unemployment rate, meanwhile, has slightly decreased, according to a separate DSEC statement. The general unemployment rate (which includes non-resident workers) was 2.3 percent for the May-July survey period, it said.
The locals-only unemployment rate was 3.3 percent.