Macau’s gross domestic product (GDP) rose 86.4% year-on-year in real terms in the fourth quarter of 2023, according to data from the Bureau of Statistics. The increase was “driven by a remarkable recovery in exports of services,” the bureau said in a report released on Friday.
Exports of gaming services and other tourism services rose 430.8% and 130.2%, respectively, the report showed.
Macau’s gaming services are included in exports when calculating the city’s GDP. It is to reflect tourists’ spending at the city’s casinos.
At current prices, Macau’s fourth-quarter GDP rose 9.9% quarter-on-quarter to 107.7 billion MOPs ($13.3 billion).
Domestic demand rose 3.5% year-on-year in the three months to Dec. 31, with private consumer spending and total fixed capital formation up 16.6% and 10.0% respectively, the bureau said.
Private construction investment rose 44.6% year-on-year, driven by increased investment from gaming companies.
For all of 2023, Macau’s GDP jumped 80.5% year-on-year in real terms. At current prices, Macau’s GDP stood at MOP379.5 billion in 2023, compared to MOP197.3 billion in the previous year.
Macau’s GDP is forecast to grow by 10.3% in 2024, Agriculture Minister Ray Wai said earlier this week.
BY: 사설경마사이트
