Macau's Economic Resurgence in 2024: A Year of Significant Growth

In a notable recovery from the economic impacts of the Covid-19 pandemic, Macau's gross domestic product (GDP) experienced a robust growth rate of 8.8 percent in real terms during the year 2024. According to the latest figures from the Macau Statistics and Census Service, the city's GDP reached MOP403.31 billion, equivalent to approximately US$50.35 billion. This increase marks a significant comeback, with the overall economic output returning to 86.4 percent of the pre-pandemic level in 2019. These statistics underscore the resilience of Macau's economy and its ability to rebound in a challenging global environment.

Tourism and Gaming: Pillars of Recovery

The tourism sector played a pivotal role in driving Macau's economic resurgence. For the year 2024, exports of services saw a 9.2 percent year-on-year rise, largely attributed to a remarkable 23.8 percent increase in visitor arrivals. Official reports indicate that 34.93 million visitors came to Macau in 2024. Expectations for 2025 are optimistic, with projections suggesting that visitor numbers could climb to between 38 million and 39 million, nearing the figures last seen in 2019 before the pandemic's onset.

Gaming services, a core component of Macau's tourism sector, also showed robust performance. The export of gaming services grew by 21.8 percent in 2024 compared to the year prior, while other tourism services, despite a decline of 6.1 percent due to a high baseline in the preceding year, managed to improve by 13.0 percent relative to 2019. These figures demonstrate the vital contribution of the gaming and tourism sectors in bolstering Macau's economic framework, integrated into GDP calculations through their reflection of tourist spending on local services.

Investment and Consumer Expenditure Trends

The past year also witnessed positive trends in terms of consumer expenditure and investment activities. Private consumption expenditure rose by 4.9 percent year-on-year in 2024, fueled by a recovery in various local economic sectors and sustained stability within the employment market. This consumer confidence is an encouraging sign of Macau's domestic economic health.

Investment activity also recorded an upward trajectory. Gross fixed capital formation increased by 4.6 percent as businesses continued to inject capital into Macau, aiming to leverage the recovering economic climate. Furthermore, in the fourth quarter of 2024, Macau's GDP expanded by 3.4 percent in real terms when compared to the same period in the previous year, with economic output reaching 88.0 percent of its 2019 counterpart.

These developments reflect a broader rebound trajectory, with sustained efforts by enterprises positioning Macau for continued resilience and growth. The comprehensive data from Macau's economic performance in 2024 highlights a solid foundation for future growth, with tourism and gaming at the forefront, supported by growing consumer and investment confidence.

Source: Macau's 2024 GDP up nearly 9pct as economic output at 86pct of 2019 levels, GGRAsia, March 3, 2025. 

Posted by Wizard
Mar 03 2025