GDP per capita could reach USD75,000 in 2024

Macau is projected to finish 2024 with a Gross Domestic Product (GDP) per capita exceeding USD75,000 or more, a notable increase from the USD69,000 recorded last year, according to the Research and Regional Development Bureau (DSEPDR).

Despite a sharp decline in the region’s GDP per capita following the pandemic, which dropped to USD37,000 in 2020, down from USD81,000 in 2019 and USD83,000 in 2018, the DSEPDR is confident in this year’s GDP growth.

The DSEPDR anticipates Macau will continue to improve in the global GDP rankings, having already secured 9th place worldwide and 3rd in Asia, according to a TDM report.

Cheong Chok Man, the director of the DSEPDR, projected that by 2028, the gambling industry is expected to represent approximately 40% of GDP, with the non-gambling sector making up the remaining 60%.

Furthermore, he said that with the efforts made in recent years, Macau is well-positioned to reach this target.

Cheong was also optimistic about the region’s future, highlighting Macau’s swift economic growth since its establishment as a Special Administrative Region (SAR).

He said from 1999 to 2019, Macau had experienced an impressive annual growth rate of 7% in real terms and 11% in nominal terms, which is double the global economic growth rate during the same period.

Finally, fiscal reserves have increased from more than MOP2.6 billion at the time of the handover to more than MOP617 billion as of the latest figures in September this year, with projections suggesting they will reach MOP630 billion by year-end.

In a discussion with a group of journalists from mainland China, Hong Kong and Macau, Cheong said the unemployment rate has consistently remained below 4% since the establishment of the SAR and is currently sitting at a low 1.7%. Staff Reporter