Macao Tourism and Economy Soar in Q1 2024

Macao SAR Government reports a 79.4% increase in tourist visits for Q1 2024, with an 85% hotel occupancy rate. Macao's GDP grew by 25.7%, and unemployment fell to 2.1%. The government introduced the '1+4' strategy for industrial diversification, supporting finance and technology expansions.

Macao has witnessed a dynamic start to 2024 with a significant influx of tourists and robust economic indicators. According to data released by the Macao SAR Government, tourist visits reached 8.876 million in the first quarter, marking a year-on-year increase of 79.4%. Impressively, hotels boasted an average occupancy rate exceeding 85% during this period.

The region's GDP surged by 25.7% in real terms, alongside a drop in the unemployment rate to 2.1%. Notably, the median working income of the employed population saw an increase of MOP 1,000 year-on-year. In the fiscal year 2023, the Macao SAR government unveiled the '1+4' strategy aimed at fostering key industries for moderate diversified development. This included pursuing over a dozen investment plans in the science and technology sectors, leading to several promising scientific research achievements.

Moreover, Macao's modern financial industry has capitalized on its 'free port' status, focusing on specialized finance areas like bonds, wealth management, green finance, and financial leasing. The establishment of the Hengqin Guangdong-Hong Kong-Macao Deep Cooperation Zone further propelled diversified development opportunities. The Cooperative Zone's development plan includes constructing the Macao Brand Industrial Park, with a notable 33.88% increase in enterprises since its inception. Despite its size, Macao's potential remains vast, projecting a bright future.

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