Macau’s current revenue has witnessed a 64.7% year-over-year increase during the first five months of 2024, driven by a robust rebound in gaming taxes.
Concurrently, the government has ramped up public spending by 9.2%, signaling a positive economic trajectory for the region.
From January to May, current revenue reached MOP43.6 billion, the highest level since 2020, at the onset of the Covid-19 pandemic. Gaming taxes, which comprise a significant portion of the city’s revenue, amounted to MOP37 billion.
The surge in revenues has led to a corresponding increase in public expenditure.
In the first five months of 2024, public spending rose 9.2% to MOP31.3 billion. This increase can be attributed to a 5% rise in infrastructure investment, amounting to MOP7.16 billion, as well as a 7.9% increase in current spending, driven by a 10% boost in social support and subsidies to the population and a 4.3% rise in public employee expenses.
Macau’s budget for 2024 anticipates a return to surpluses in public accounts, “with no need to resort to financial reserves” after three years of economic crisis due to Covid-19.
Furthermore, the University of Macau’s Centre for Macau Studies and the Department of Economics has predicted that government revenues could reach MOP109.6 billion, 7.5% higher than the authorities’ estimate, further solidifying the region’s economic recovery. Staff Reporter
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