Macao’s economy appears to have done well in the first quarter of this year, with gross domestic product (GDP) up by 38 percent year-on-year. The Macao Monetary Authority (AMCM) expects momentum to continue throughout the year.
In its latest review of the SAR’s economy, AMCM said growth relies on a strong rebound in external demand for what Macao has to offer. Naturally, demand for the city’s tourism services depends on neighbouring regions’ own economic recoveries.
GDP in the first quarter of this year was 74.7 billion patacas. This remains considerably lower than the last full quarter prior to the Covid-19 pandemic – in 2019 – when GDP was 116.8 billion patacas.
Visitor spending was up by 71.4 percent, year-on-year, in the first quarter. Tourism currently sits at about 50 percent of pre-pandemic levels.
[See more: This is how much GDP is expected to recover by in the first half of 2023]
Government-led campaigns promoting Macao as a business and leisure destination, as well as non-gaming events organised by concessionaires, will help maintain momentum, AMCM said.
The tourism sector’s capacity is gradually returning to normal, and the number of unemployed people in Macao dropped from 12,800 to 10,500 during the first quarter, according to TDM’s numbers. Average monthly earnings rose by 6.3 percent year-on-year, TDM said. They currently sit at 17,000 patacas.
