According to data from the Macao SAR Government, Macao experienced a substantial increase in tourism and economic growth in the first quarter of 2024. The number of tourists reached 8.876 million, marking a year-on-year increase of 79.4%, with hotel occupancy rates exceeding 85%. Additionally, Macao's GDP grew by 25.7% in real terms, while the unemployment rate fell to 2.1%. The median working income of the employed population also saw an increase of MOP 1,000 year-on-year.
Economic Diversification Strategy
The Macao SAR Government has introduced the "1+4" strategy for moderate diversified development, focusing on four key industries. Significant investments have been made in the science and technology sector, supporting various scientific research projects with practical applications. In the modern financial industry, Macao has capitalized on its "free port" status, emphasizing specialized finance areas such as bonds, wealth management, green finance, and financial leasing. The bond market and debt issuance have shown rapid growth.
Hengqin Cooperation Zone
The Hengqin Guangdong-Hong Kong-Macao Deep Cooperation Zone has bolstered Macao's diversified development, with the number of Macao enterprises in the zone reaching 6,208 by April 2024, a year-on-year increase of 12.3%. This new development model, "Headquartered in Macao and operating in Hengqin," is driving economic progress.
Macao's promising future is underscored by its strategic initiatives and growing economic indicators, making it a significant player despite its small size.