Macau’s revenue in the first two months of 2024 has more than doubled compared to the previous year, primarily due to the recovery of gaming taxes, data from the Financial Services Bureau has shown.
The government has responded to this increase by raising public expenditure by 49%.
Total revenue for January and February amounted to MOP18.3 billion, the highest value since the onset of the Covid-19 pandemic in 2020.
From this revenue, the city government collected MOP14.8 billion in gaming taxes, which represents 18% of the projected revenue for all of 2024, which is estimated to be MOP102 billion.
In December, the University of Macau predicted government revenues could reach MOP 109.6 billion, exceeding the authorities’ estimates by 7.5%.
Consequently, with the rise in revenues, public expenditure increased 49% to MOP10.6 billion.
This increase was primarily driven by infrastructure investments, which grew sixfold to MOP3.3 billion.
Current expenditure also rose 4.9% to MOP 7.29 billion, with a 4.1% increase in social support and subsidies provided to the population, as well as a 4.3% growth in civil servants’ salaries.
The city’s budget for this year anticipates the return of surpluses in public accounts without the need to rely on the financial reserve, as the city gradually recovers from the three-year pandemic. Staff Reporter
No Comments