MACAO - The GDP of the Macao Special Administrative Region (SAR) in 2024 expanded by 8.8 percent year-on-year in real terms to 403.3 billion patacas (about $50.4 billion), the SAR's Statistics and Census Service (DSEC) said on Friday.

According to figures released by the DSEC, overall economic output returned to 86.4 percent of the level in 2019, and service exports and domestic demand showed respective growth of 9.2 percent and 2.3 percent year-on-year.

Private consumption expenditures increased by 4.9 percent year-on-year in 2024 due to the continued recovery of various local economic activities and a stable job market.

ALSO READ: Macao H1 GDP jumps 15.7% YoY

In real terms, GDP expanded by 3.4 percent in the fourth quarter of 2024 compared with the same period of 2023, the DSEC said.