The relaxation of pandemic border controls and the resumption of tourism lie behind the strong performance, the Statistics and Census Service says.
Statistics and Census Service
The return of tourists comes as a huge relief for Macao’s retail sector, which posted big sales increases in the first quarter of this year.
The consumer price index barely moved between March and April, with lower rents helping to offset any increases in the price of consumer goods.
However, while transactions showed strong recovery in the first quarter, one leading realtor warns that they will slow this month.
Official figures show a major spike in such cases during the first quarter of this year compared to the same period in 2022.
According to data from the Statistics and Census Service, five-star and budget properties performed especially well during March.
Macao’s Tourist Price Index has registered a steep rise in the cost of tourist accommodation compared to the last quarter of 2022.
The newest DSEC data reveals only the most marginal improvements in joblessness and underemployment since the last month of the pandemic.
The latest figures put Macao’s birth rate at its lowest level in 37 years. If that’s allowed to continue, it will pose big problems for the city.