GDP grows 117% in Q2

Macau’s economy saw an upturn in the second quarter of the year, marking the highest quarterly growth since the second quarter of 2021.

Data from the Statistics and Census Service (DSEC) showed that the gross domestic product (GDP), which leapt 117.5% year-on-year in the second quarter, was driven by the thriving tourism and gaming sectors.

The implicit deflator of the GDP, which measures the overall changes in prices, went up by 0.9% year-on-year in the second quarter.

Exports of services surged by 211.9% year on year, of which exports of gaming services and other tourism services soared by 463.6% and 157.5%, respectively.

Meanwhile, exports of goods declined by 32.8 percent.

For the first half of 2023, the GDP grew by 71.5 percent year-on-year in real terms, and the overall economic output of Macau returned to 71% percent of its level in the same period of 2019.

The improving economic sentiment and employment environment facilitated an increase in private consumption activities.

Government data shows that household final consumption expenditure in the domestic market rose by 9.7% year on year, and household final consumption expenditure abroad jumped by 69.2%.

As regards private investment, construction investment swelled by 86.6%, owing to a significant increase in investments by gambling enterprises.

Previously, the Monetary Authority of Macau (AMCM) stated that the SAR’s economy is expected to register robust growth in the remainder of 2023.

“Macau’s external demand [will] be supported by the steady economic recovery in neighboring regions, further unleashing strong pent-up demand for tourism services,” the bureau said in the report. “Rigorous promotional campaigns launched by the government and non-gaming events organized by the gaming concessionaires [will] boost the growth momentum of external demand,” it added.

Unemployment

rate at 3.3%

Data from the Statistics and Census Service (DSEC) indicated that both the general unemployment rate (2.6%) and the unemployment rate of local residents (3.3%) for May – July 2023 decreased by 0.2 percentage points from the previous period (April – June). Besides, the underemployment rate dropped by 0.1 percentage point to 1.7%.
The labour force living in Macau totalled 372,800 and the labour force participation rate was 67.6%. Total employment was 363,000 and the number of employed residents totalled 282,900, up by 1,600 and 300 respectively from the previous period.

Among the unemployed searching for a new job, most of them were previously engaged in the Construction sector, Hotels, Restaurants & Similar Activities and Gaming & Junket Activities. Meanwhile, the proportion of new labour market entrants seeking their first job rose by 1.3 percentage points to 8.6% of the total unemployed.  LV