Growth of the SAR’s gross domestic product (GDP) is expected to slow in the second half of the year, according to the latest Prosperity Index compiled by the Macau Economic Association.
The association noted that while GDP likely grew by an impressive if unevenly distributed 17.5 percent in the first half of 2024 – due to a surge in visitor arrivals and exports – it would settle at a “stable” rate of closer to 6.6 percent over the next seven to nine months.
The association also described June’s economic performance as “slightly worse than expected,” with individual indicators of economic prosperity showing polarisation. For example, visitor numbers, hotel occupancy rates, the employment rate and Macao’s official money supply were at “hot” and “overheated” levels, according to the association.
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However, it also pointed out that consumer confidence in the mainland and the stock prices of Macao’s six gaming operators “have remained at the ‘downbeat’ level for a long time, reflecting that Macao’s external environment is still unclear and there are still many uncertainties.”
Points of optimism included numerous celebration events scheduled for the second half of the year, marking the Macao Special Administrative Region’s 25th anniversary alongside the 75th anniversary of the founding of the People’s Republic of China.
The International Monetary Fund (IMF) has predicted that Macao’s economy will grow at a rate of 9.6 percent in 2025.
