As 2024 marks a quarter-century since Macao's return to the motherland and the establishment of the Macao Special Administrative Region (SAR), the region is celebrating remarkable strides in its economic landscape. Over the past 25 years, the Macao SAR government has harnessed its unique advantages to drive significant social and economic development.
Macao's Gross Domestic Product (GDP) has seen an extraordinary rise from 51.9 billion Macao patacas (MOP) in 1999 to an impressive 379.5 billion MOP in 2023, approximately $47 billion based on the 2023 average exchange rate. This substantial growth has positioned Macao among the world's top-developed economies. Notably, in 2023 alone, Macao's GDP surged by 80.5 percent compared to 2022, fueled by a strong post-COVID recovery.
Per capita GDP has also experienced significant growth, increasing from $15,000 in 1999 to a staggering $69,000 in 2023. These figures reflect Macao's successful economic strategies and its resilience in navigating global challenges, setting a benchmark for other regions aiming for sustainable growth.
Reference(s):
Macao by numbers: Macao's economy and trade continue to grow
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