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.
DSEC attributes Macau’s GDP growth to local economic activity resurgence and increased service exports.
Macau shifted from China’s strict ‘zero COVID’ stance, lifting preventive measures in December 2022 after three years.
On February 6, 2023, China lifted all COVID-19 travel restrictions to Hong Kong and Macau, restarting organized tours.
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.
The DSEC further observed that the economy of Macau in the initial quarter nearly matched 80% of its GDP in the pre-pandemic era.
The per capita GDP in Macau was recorded at 559,500 patacas (about $64,100) in 2023, witnessing an 80.5% growth.
Macau, with around 681,300 residents, ranks tenth globally in GDP per capita, per the International Monetary Fund.
The University of Macau (UM) has projected a potential growth of up to 21% in 2024 for Macau’s economy, possibly reaching pre-pandemic GDP levels.
Yet, the UM also highlighted potential uncertainties for Macau, particularly from the contracting real estate market and the burden of local and corporate debt in China.
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.