Macau GDP Annual Growth Rate2021 Data | 2022 Forecast | 2002-2020 Historical

Macau’s economy expanded 69.5 percent year-on-year in Q2 of 2021, rebounding from a 0.9 percent contraction in the previous period. It was the highest growth rate since the series began in 2002, ending a more than two years of contraction with the pick-up in external demand and the epidemic under control helping growth. Exports of services soared 555.6% from a year earlier, particularly gaming services (1,089.7%) and other tourism services (1,328.3%); and exports of goods surged by 606.9%. Meanwhile imports of goods swelled by 173.5% while imports of services rose by 54.2%. Elsewhere, inventories (219% vs 85.5% in Q1) and government expenditure (0.4% vs 0.2%) advanced faster while consumer spending slowed (11.5% vs 14.8%) and gross fixed capital formation declined (-10.1% vs 20.3%).

Macau's economy retreated 0.9 percent year-on-year in the first quarter of 2021, following a 45.9 percent plunge in the previous period. It was the ninth straight contraction in GDP but the softest since the economy went into recession in the first quarter of 2019, weighed down by a surge in imports of goods (81.7 percent vs 31.3 percent in 4Q 2020). On the other hand, the largest positive contributions to the Macanese economy came from a surge in exports of goods (137.7 percent vs 245.2 percent), followed private consumption expenditure (14.8 percent vs 10.2 percent), gross fixed capital formation (20.3 percent vs -12.3 percent), and exports of services (4.1 percent vs -61.0 percent). On a smaller scale, the economy also benefited from an expansion in inventories (85.5 percent vs 19.1 percent) and a drop in imports of services (-2.0 percent vs -29.5 percent), while government spending little weighed on GDP growth (0.2 percent vs 8.4 percent).

Macau's economy shrank 45.9 percent year-on-year in the final quarter of 2020, after a 63.8 percent plunge in the previous period. It was the eighth consecutive contraction in the economy but the softest in a year, amid an expansion in inventories (19.1 percent vs -6.7 percent in Q3) and a smaller contraction in private consumption (-10.2 percent vs 18.3 percent). Meantime, government spending continued to grow (8.4 percent vs 17.8 percent), mainly due to the economic relief and pandemic prevention measures. Regarding trade, total exports fell at a slower pace (-46.2 percent vs -75.0 percent), as visitor arrivals from Mainland China continued to recover, while total imports rebounded (15.0 percent vs -1.2 percent). In contrast, gross fixed capital formation shrank at a steeper pace (-12.3 percent vs -6.2 percent). Considering full 2020, output contracted 56.3 percent, after a 4.7 percent decline in 2019.