In 2023, Macao's per capita GDP was 559,000 Macao Patacas, an increase of 80.5% compared to the previous year.
In 2023, Macau's gross domestic product (GDP) recorded a substantial growth of 80.5%, returning to over 80% of the level in 2019. The main driving force behind this growth comes from the export of tourism services.
On March 1, data from the Statistics and Census Bureau of Macau showed that with the orderly resumption of local economic activities and service exports, the local gross domestic product (GDP) recorded a substantial increase of 80.5% in 2023, returning to over 80% of the level in 2019, with the main driving force coming from tourism service exports. The per capita GDP for the year was 559,000 Macau patacas, a year-on-year increase of 80.5%. The GDP, which measures overall price changes, contained a deflator index that rose by 6.5% year-on-year.
Analyzing the main components of the GDP, private consumption and total fixed capital formation increased by 12.1% and 14.7% respectively year-on-year in the whole year, while government final consumption expenditure fell by 6.4% as the measures of the "living subsidy plan" came to an end. In addition, driven by nearly a four-fold increase in inbound tourist arrivals, exports of gaming services and other tourism services increased by 343.7% and 127.9% respectively year-on-year in the whole year, while goods exports fell by 28.1%.
In quarterly analysis, the GDP in the fourth quarter of 2023 grew by 86.4% year-on-year in real terms, with gaming services exports and other tourism services exports increasing by 430.8% and 130.2% respectively year-on-year. Meanwhile, with internal demand continuing to recover, private consumption and total fixed capital formation increased by 16.6% and 10% respectively year-on-year, while government final consumption expenditure fell by 17.7% year-on-year as the "living subsidy plan" measures ended. In terms of goods trade, imports of goods were roughly similar to the fourth quarter of 2022, while exports of goods fell by 24.9% year-on-year.
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