Macao Q1 GDP up 26% Y/Y on surging gaming exports

Macao Q1 GDP up 26% Y/Y on surging gaming exports

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Macau's gross domestic product (GDP) rose 25.7% year-on-year in real terms in the January-March period this year, government data released on Friday showed.

The annual increase is due to "a resurgence of the local economy, underpinned by robust private consumption and the formation of total fixed capital, as well as a prosperous export of services," the Office for National Statistics said.

Exports of gaming services and other tourism services rose 62.7% and 14.8%, respectively.

Macau's gaming services are included in exports when calculating the city's GDP. That is to reflect tourists' spending at the city's casinos, where most of the customers are from mainland China or Hong Kong.

Macao Games gross sales (GGR) increased 65.5% year-over-year in the first quarter to below MOP 57.33 billion.

"The local economy recovered to 87.2% of its size in the same quarter of 2019," the Office for National Statistics said in an update on Friday, referring to a comparison to the trading year just before the COVID-19 pandemic

But at current prices, Macau's first-quarter GDP fell 2.7% quarter-on-quarter, data showed on Friday.

At the city's current price, GDP in the first quarter was 104.8 billion MOPs ($13.03 billion), compared to 104.7 billion MOPs at the current price in the fourth quarter of last year.

"The implicit deflator of GDP, which measures overall changes in prices, rose 2.3% year-on-year to "106.8," the Office for National Statistics said in a press release on Friday.

In 2023, Macau's annual GDP jumped 80.5% year-on-year in real terms. In terms of current prices, Macau's GDP in 2023 stood at MOP379.5 billion, compared to MOP197.3 billion in the previous year.

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