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Macao’s 2023 GDP may have recovered to 80 percent of its pre-Covid level

The Macau Economic Association warns that 2024 could be challenging however, given complex geopolitical factors and mainland China’s sluggish economy.

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UPDATED: 16 Jan 2024, 2:18 pm

Macao’s GDP for 2023 is estimated to be around 350 billion patacas or roughly 80 percent of the total GDP registered in 2019, according to a report released by the Macau Economic Association (MEA) yesterday. 

In making the estimate, a predicted figure of 98.9 billion patacas was used for last year’s fourth quarter GDP, as the Statistics and Census Service Bureau (DSEC) has yet to publish the final calculation. 

Looking ahead to the first quarter of 2024, the MEA predicted the city’s economic prosperity index to be “stable” over this period, reaching 6.3, 6.4 and 6.5 points in January, February and March respectively. 

[See more: Macao’s economy is expected to be ‘stable’ over the next three months]

The MEA’s overall positive assessment echoes the University of Macau’s earlier forecast that the city’s economy could grow by as much as 21 percent in the coming year. 

Despite this, the association stated that 2024 would continue to be a year of uncertainty for the world economy, with complex geopolitical situations, and rising transport and commodity prices, having an adverse impact.

Moreover, it highlighted the fact that neither the mainland consumer market, nor international investor sentiments regarding China, had stabilised yet, with mainland consumer confidence indices remaining sluggish.

UPDATED: 16 Jan 2024, 2:18 pm

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