Named one of China’s ‘Happiest Cities’, Macao’s neighbour is expected to be home to five million people with a GDP of RMB 2 trillion by 2035.
GDP
However, figures show a marked improvement from the final months of 2020, while exports of services are growing again.
For the whole year of 2020, Macao’s GDP declined by 56.3 per cent in real terms while domestic demand shrank by 10.3 per cent year-on-year.
In the government’s latest estimate, Macao’s gross domestic product (GDP) is expected to fall around 56% this year, adding that while the estimate “will be constantly adjusted” the government predicted this year’s economy would contract over 50%.
Gaming and junket activities’ share of Macao’s gross domestic product rose by 0.2 percentage points from 50.7 per cent in 2018 to 50.9 per cent last year.
Macao’s gross domestic product (GDP) dropped by 63.8% year-on-year in real terms in the third quarter of this year.
Macao’s Gross Domestic Product (GDP) dropped by 67.8 per cent year-on-year in real terms in the second quarter of 2020, representing a greater decline compared to the previous quarter.
The local government is striving for the resumption of the mainland’s Individual Visit Scheme (IVS) to Macao, Secretary for Economy and Finance Lei Wai Nong told reporters on Wednesday.
Due to the COVID-19 pandemic, it now forecasts that Macao’s economy will drop by between 55.7% and 59.1% this year, in which case its gross domestic product (GDP) will return to the level it was in 2005 or 2004 in real terms.