Macau’s Gross Domestic Product (GDP) grew by 116.1% year-on-year in real terms in the third quarter of 2023, and by 77.7% from January to September combined, according to information from the Statistics and Census Service (DSEC).
Macau-wide GDP had contracted by 21.5% in 2022.
The GDP growth in Q3 was mainly attributable to the strong performance of service exports, DSEC explained. This was attributable to an 820% year-on-year increase in visitor arrivals to 8.28 million, which was 83.5% of visitation during the same period in 2019. Exports of gaming services and other tourism services expanded by 781.4% and 255.4% respectively.
Private construction investment increased by 61.5% year-on-year in the third quarter, while private investment in equipment increased by 39.0%, mainly due to increased investment by Macau’s concessionaires.