Macao’s Gross Domestic Product (GDP) increased by 11.5 percent year-on-year in real terms in the first three quarters of 2024 to reach the 301 billion mark, according to figures from the Statistics and Census Service.
Overall economic output is now at 86.3 percent of the level recorded in the same period in pre-pandemic 2019, officials say. Exports of services grew by 11.4 percent year-on-year in the first three quarters, of which exports of gaming services went up by 28.4 percent.
Exports of other tourism services dropped by 6.1 percent owing to the high comparison base in the same period last year, but increased by nearly 15 percent compared to the same period in 2019.
With respect to merchandise trade, exports and imports of goods fell by 15.1 percent and 8.3 percent year-on-year respectively.
Meanwhile, in the first three quarters, private consumption expenditure grew by 5.8 percent year-on-year, with household final consumption expenditure in the domestic market and abroad rising by 4.8 percent and 13.6 percent respectively.
[See more: Macao’s economy is expected to remain stable into the new year]
Government final consumption expenditure fell by 10.1 percent year-on-year, following the cessation of the livelihood subsidy scheme. Net purchases of goods and services dipped by 21.9 percent year-on-year, while compensation of employees remained virtually unchanged.
Gross fixed capital formation increased by 9.2 percent year-on-year in the first three quarters, as enterprises stepped up their investments in Macao amid the improving local business environment.
Private investment showed substantial growth, with private equipment investment and construction investment expanding by 31.5 percent and 11.6 percent respectively.
Government equipment investment recorded an increase of 27.3 percent, but public construction investment dipped by 8.6 percent due to the completion of some large public works.
In comparison with the third quarter of 2023, GDP expanded by 4.7 percent year-on-year in real terms in the third quarter of 2024.
