Macau’s current revenue surged by 64.7 per cent year-on-year in the first five months of 2024, driven by a strong recovery in gaming taxes, while the government increased public spending by 9.2 per cent.
From January to May, current revenue reached MOP 43.6 billion (USD 5.45 billion), the highest amount since 2020, at the onset of the COVID-19 pandemic, according to data published by the Financial Services Bureau.
Of this revenue, the city government collected MOP 37 billion (USD 4.6 billion) in gaming taxes, as detailed in the latest budget execution report released on Friday.
In the first five months of 2024, Macau collected 42.7 per cent of the current revenue projected for the year, which is set at MOP 102 billion.
At the end of December 2023, the Center for Studies and the Department of Economics of the University of Macau predicted that government revenues could reach MOP 109.6 billion, 7.5 per cent higher than the authorities’ estimate.
With the rise in revenues, public expenditure increased by 9.2 per cent to MOP 31.3 billion, partly due to a 5 per cent increase in infrastructure investment, amounting to MOP 7.16 billion.
Current spending also rose by 7.9 per cent to MOP 23.5 billion, driven by a 10 per cent increase in social support and subsidies to the population and a 4.3 per cent rise in public employee expenses.
Macau’s budget for 2024 anticipates a return to surpluses in public accounts, “with no need to resort to financial reserves” after three years of economic crisis due to COVID-19.
