Macau’s gross domestic product (GDP) for the first half of 2024 is predicted to reach MOP194.5 billion (US$24.2 billion), or a year-on-year growth rate of 17.5 per cent, propelling the economy to 87.5 per cent of its pre-Covid level, according to the Macau Economic Association.
In the monthly economic prosperity index report published on Monday, the association also forecasts a year-on-year GDP growth rate of around 10 per cent for the second quarter of this year.
The second half of 2024 is expected to see lower local GDP growth due to the high comparison base set by the strong GDP performance in the latter half of last year.
The researcher highlighted that Macau’s economic recovery in the first half of 2024 had appeared imbalanced.
In spite of the imbalance, the overall economic prosperity index remains stable, thanks to favourable factors such as rising visitor arrivals and service exports.
The think tank also noted that Macau’s gross gaming revenue (GGR) for the first half of the year reached MOP113.75 billion, representing a year-on-year surge of nearly 42 per cent while achieving 52.7 per cent of the full-year MOP216 billion target.
Looking ahead to the second half of the year, the association anticipates challenges for the domestic economic recovery, arising from the complex external environment and the insufficient consumer confidence and demand of mainland residents.
The economic prosperity index for May and June stands at 6.4 and 6.3, respectively.
The index for the forthcoming three months, July to September, will range between 6.5 and 6.6, maintaining a ‘stable’ level.
