Macao's GDP in Q1 up 25.7 pct year-on-year

MACAO, May 26 (Xinhua) -- The Statistics and Census Service (DSEC) of the Macao Special Administrative Region (SAR) has reported that the SAR's Gross Domestic Product expanded by 25.7 percent year-on-year in real terms in the first quarter of 2024, representing that the local economy recovered to 87.2 percent of its size in the same quarter of 2019.

The DSEC attributed the growth to the "thriving exports of services" as well as "steady private consumption and gross fixed capital formation."

The service also reported that visitor arrivals surged by 79.4 percent year-on-year to 8.9 million in the period, back to 85.7 percent of the figure in the same quarter of 2019.

As the report noted, positive economic sentiment has promoted a rise in investment. For example, construction investment and equipment investment increased by 4.3 percent and 48.0 percent respectively.