2023 unemployment rate slightly down amid recovery

The general unemployment rate and the unemployment rate of local residents in 2023 decreased by 1.0 and 1.4 percentage points year-on-year to 2.7% and 3.4% respectively, following the gradual resumption of social and economic activities.

Data from the Statistics and Census Service (DSEC) shows that median monthly employment earnings of the employed population and the employed residents were MOP17,500 and MOP20,000 respectively, up by MOP2,500 and MOP1,000 year-on-year.

The city’s economy has gradually recovered in 2023 following the reopening of borders in January, after being closed for nearly three years due to the pandemic.

The strict Covid-19 rules had staggered economic growth, causing an increase in the unemployment rate.

Lawmakers have increasingly called on the government – amid the pandemic – to create more jobs in suitable industries to hire local residents, highlighting the need to improve the success rate of job-matching sessions and reviewing the Labour Relations Law to improve policies on payments in arrears.

Amid the recovery, in the fourth quarter of 2023, the general unemployment rate (2.3%) and the unemployment rate of local residents (2.9%) dropped by 0.1 and 0.2 percentage points respectively from the third quarter.

Data shows that total employment rose by 1,800 quarter-on-quarter while the number of employed residents decreased by 700.

Analyzed by industry, employment in Hotels, Restaurants & Similar Activities (49,000) and the Education sector (20,900) both increased by 2,100, while employment in Gaming & Junket Activities (67,400) fell by 3,600.

Median monthly employment earnings of the employed went down by MOP400 quarter-on-quarter to MOP17,600, while earnings of the employed residents stayed the same at MOP20,000.

Fitch Ratings has anticipated growth of up to 65% in Macau’s economy in 2023, driven by sustained recovery in the gaming and tourism sector.

Also, Macau has the highest growth rate projection for 2023 and 2024 among advanced economies listed by the IMF World Economic Outlook (WEO).

The International Monetary Fund (IMF) report said Macau was expected to grow 74.4% last year and at a slower rate of 27.2% in 2024, with the leading growth rate among advanced economies in Asia including Japan, Singapore and Hong Kong.