Gov’t consumption scheme injected MOP3.7 bln into the economy in three months

In three months, the Macau government injected MOP3.78 billion (US$471.7 million) into the local economy in pandemic relief for consumption in the SAR, the authorities announced today (Tuesday).

Restaurants were the most benefited sector from a government plan that, similarly to 2020, allowed Macau residents to receive MOP8,000 on an electronic consumption card, a measure to boost the local economy.

The authorities also indicated that the Macao Government Tourism Office (MGTO) will continue to carry out actions to promote the territory in several cities in mainland China, conveying “the message that Macau is a healthy and safe city to visit”.

According to official data, partnerships with the private sector to attract visitors to Macau, in order to stimulate consumption and extend their stay, resulting in the last 12 months in the distribution of “2.54 million consumption vouchers, generating more of 502,000 overnight stays in local accommodation, involving a number in orders of RMB364 million”.

“In addition, 4.66 million consumption coupons were distributed (…), generating a consumption amount of RMB1.12 billion, representing a leverage of around 23 times”, it can be read in the joint communiqué of the Monetary Authority of Macau, the MGTO and the Directorate of Economic and Technological Development Services.

Finally, the promotion involving the offer of airline ticket coupons generated “an order amount of MOP148 million ”, according to the same note.

Since the start of the covid-19 pandemic, Macau has registered only 63 cases, but border restrictions and other measures to prevent the spread of the new coronavirus have had a significant impact on the world’s gaming capital, the main engine of the economy, with casinos and tourism to record unprecedented losses.