GDP reaches MOP403b in 2024 with 8.8% growth

The economy continued its recovery in 2024, with Gross Domestic Product (GDP) growing by 8.8% year-on-year in real terms, reaching MOP 403.3 billion, according to the Statistics and Census Service (DSEC).

The city’s overall economic output returned to 86.4% of its 2019 level. Per capita GDP rose by 7.6% to MOP 587,922, while the implicit GDP deflator, measuring overall price changes, increased slightly by 0.4% to 105.0.

The growth was primarily driven by a 9.2% rise in service exports, supported by a 23.8% increase in visitor arrivals. Gaming services saw a significant 21.8% boost, although other tourism-related exports declined by 6.1% due to a high comparison base from the previous year. Compared to 2019, however, tourism services still registered a 13.0% increase. In contrast, merchandise exports and imports declined by 14.5% and 7.6%, respectively.

Domestic demand also showed moderate growth, rising by 2.3% year-on-year. Private consumption expenditure grew by 4.9%, driven by stable employment and economic activity. Household spending in Macau increased by 3.8%, while overseas consumption surged by 11.1%. However, government consumption expenditure declined by 5.1% following the end of the “Livelihood Subsidy Scheme.”

Investment activity remained strong, with gross fixed capital formation increasing by 4.6%. Private construction investment rose by 5.1%, and equipment investment saw a notable 31.1% jump. Public equipment investment edged up by 1.2%, while public construction investment dropped by 10.0% due to the completion of major infrastructure projects.

In the fourth quarter of 2024, GDP expanded by 3.4% compared to the previous quarter, bringing economic output to 88.0% of its pre-pandemic level.

The Macau Economic Association (MEA) previously projected that full-year GDP would grow by about 9% in real terms year over year in 2024, recovering to approximately 86.5% of the pre-pandemic level of 2019.

Employment rate show modest decline

The unemployment rates experienced decreases for the period of November 2024 to January 2025, according to DSEC.

The general unemployment rate fell to 1.6%, while the rate for local residents decreased to 2.1%, down 0.1 and 0.2 percentage points, respectively, from the previous quarter.

The decline is attributed to a reduction in job seekers during the Chinese New Year, with the total number of unemployed individuals dropping by 500 to 6,200.

However, the overall labor force decreased by 2,500 to 382,500, and total employment fell by 2,000 to 376,300.

Notably, employment in the Gaming sector increased, while the Hotels, Restaurants, and Construction sectors saw declines. The underemployment rate also dropped to 1.3%, with 5,000 individuals affected, primarily in Real Estate and Business Activities.