Macau’s Economy Rebounds in 2023 with Tourism Revival

In 2023, Macau’s GDP surged by 80.5% due to lifted COVID restrictions and tourism recovery, official data shows.

Macau’s GDP rebounded to 379.5 billion patacas ($43.5 billion) in 2023 from a 21.4% decline in 2022, per DSEC.

Macau shifted from China’s strict ‘zero COVID’ stance, lifting preventive measures in December 2022 after three years.

The shift resulted in a sharp rise in casino revenue and a 127.9% surge in other tourism-related service income, notes DSEC.

In 2023, Macau welcomed over 28.2 million visitors, five times more than the previous year, with gambling revenues quadrupling.

After economic support, including a payment of 8,000 patacas ($917) per resident, government spending fell by 6.4%, per DSEC.

Macau, with around 681,300 residents, ranks tenth globally in GDP per capita, per the International Monetary Fund.

China’s real estate investment dropped by 9.4% in the first 11 months, with unfinished projects and lower prices noted.

Moody’s downgraded Macau’s financial outlook from stable to negative in December due to China’s economic slowdown.