The Macau Economic Association has released the latest Macau Economic Climate Index, which predicts that Gross Domestic Product (GDP) likely grew 17.5% in the first half of 2024, but that the GDP growth rate may slow in the second half of the year.

Macau’s gross gaming revenue reached MOP$113.8 billion (US$14.2 billion) in 1H24, up 42.9% year-on-year and representing 52.7% of the government’s targeted full-year budget. This included second quarter GGR of MOP56.43 billion (US$7.02 billion), up 24%.

The Macau Economic Association noted that GDP grew by around 10% in the second quarter and 17.5% in the first half of the year. However, although Macau’s economic development in the first half of the year was uneven, the overall economic outlook in H1 was stable due to favorable factors such as the growth in visitor arrivals and exports of goods and services.

The Association also pointed out that GGR fell in June MOP$17.7 billion (US$2.20 billion), with average daily GGR below MOP$600 million (US$74.6 million) – slightly weaker than market expectation. After comprehensive analysis and projection, the forecast value of Macau’s Economic Climate Index for May and June this year is 6.4 and 6.3 respectively, remaining at the “stable” level.

According to the Association, consumer confidence and effective demand in mainland China are still insufficient, and Macau will face uncertainties in the second half of the year. It is expected that the GDP growth rate may slow due to the effect of the higher base figure of last year.

At the same time, the Association pointed out that Macau’s activities will increase more in the second half of the year, and the strong support of China’s central government is expected to further stimulate the vitality and dynamics of the market. It is also expected that Macau’s Economic Climate Index will remain between 6.5 and 6.6 in the next seven to nine months, maintaining a “stable” rating.