In 2024, Macau’s economy demonstrated solid signs of recovery from the pandemic’s consequences. The administrative region’s gross domestic product has reached MOP204.3 billion ($ 25.5 billion) in H1, a 15.7% YoY growth.
The period marked the 1st time the local GDP exceeded MOP200 billion since 2019, signifying a stable recovery. The flourishing entertainment segments mainly explain the surge.
Prospering Tourism and Gambling Niches
IAG, an Asian B2B media brand, reported that the positive economic splash is primarily attributed to the significant growth of tourist arrivals and activity.
This situation has caused a continuous increase in service exports:
- gambling — a 39.9% YoY uplift;
- other travelling offerings — 2.8%.
Both verticals have surpassed their results from the 1st half of 2019 by over 20%. The figures confirm a stable recovery process from pandemic-related restrictions.
In the H1 of this year, the region’s service exports accounted for 81.8% of its GDP, reaching about $ 20.8 billion. This is the 1st time the niche has contributed so much to the territory’s economy since early 2019.
Additionally, flourishing gambling and tourism sectors have positively affected the nation’s incomes. In H1 2024, private expenses of the locals jumped 7.8% compared to the same period in 2023.
Forecasts for the Rest of the Year and Beyond
Macau’s GGR uplifted impressively by 36.7% YoY to $ 16.4 billion in H1 2024. According to a preliminary analysis from the CLSA investment group, the region’s gambling revenue could hit $ 28.6 billion for the entire year with a 27% YoY rise.
Nevertheless, the institutional brokerage later reduced the expected mark by 3%. This decision was made after Macau’s casino regulatory body posted the GGR of $ 7 billion for Q2 2024. The figure turned out to be 1.6% lower than the one for the 1st quarter.
Despite a minor decrease, the region’s general economic forecasts remain positive, powered by a stable recovery in the entertainment segments. Also, the rise in local GDP figures and service exports shape a promising foundation for further economic expansion.
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