Information from the Statistics and Census Service (DSEC) indicated that, following the further recovery of the local economy, Gross Domestic Product (GDP) expanded by 8.8% year-on-year in real terms to MOP403.3 billion in 2024. The overall economic output returned to 86.4% of the level in 2019. Exports of services and domestic demand (including private consumption expenditure, government final consumption expenditure and investment) showed respective growth of 9.2% and 2.3% year-on-year. Per-capita GDP, the average value of production of goods and services per population, stood at MOP587,922 in 2024, up by 7.6% year-on-year. The implicit deflator of GDP, which measures the overall changes in prices, went up by 0.4% year-on-year to 105.0.
Exports of services recorded a year-on-year rise of 9.2% in 2024, driven by an increase of 23.8% in the number of visitor arrivals. Exports of gaming services grew by 21.8%; however, exports of other tourism services dropped by 6.1% owing to a relatively high comparison base in the previous year, yet rose by 13.0% when compared to 2019. With respect to merchandise trade, exports and imports of goods decreased by 14.5% and 7.6% year-on-year respectively.
Private consumption expenditure increased by 4.9% year-on-year in 2024, on account of the continued recovery of various local economic activities, coupled with a stable job market. Household final consumption expenditure in the domestic market and abroad rose by 3.8% and 11.1% respectively. On the other hand, government final consumption expenditure decreased by 5.1% year-on-year due to the cessation of the “Livelihood Subsidy Scheme”. Net purchase of goods and services dropped by 11.2% while compensation of employees rose slightly by 0.2%.
Concurrently, gross fixed capital formation increased by 4.6% year-on-year in 2024, as enterprises continued to step up their investment in Macao during the year. Private construction investment and equipment investment expanded by 5.1% and 31.1% respectively. Meanwhile, public equipment investment rose by 1.2%, whereas public construction investment fell by 10.0% due to the completion of some large-scale public works projects.
In comparison with the fourth quarter of 2023, GDP expanded by 3.4% in real terms in the fourth quarter of 2024. The overall economic output corresponded to 88.0% of its size in the same quarter of 2019. Domestic demand and exports of services increased by 2.8% and 2.1% respectively.