Macau GDP Growth Slows in Q4

Macau’s economy grew by 7.6% year-on-year in Q4 2025, following a downwardly revised 7.3% growth in the previous quarter, in line with preliminary estimates. This marked the third consecutive month of expansion and the sharpest since the first quarter of 2024, as exports of services advanced 9.8% from 9.6% in Q3, driven by a 15.4% increase in visitor arrivals, along with gains in other tourism services (3.7%) and gaming services (18%). Gross fixed capital formation recovered (1.3% vs -25.9%), reflecting a rebound in both private and government construction investment projects. In addition, changes in inventories (-1.1% vs -3.4%) declined at a slower pace. Meanwhile, domestic expenditures weighed on the economy, with decreases in government spending (2.1% vs 6.4%) and consumer spending (0.7% vs 1.3%). For the full year, Macau’s GDP expanded by 4.7%.

Macau’s economy grew by 7.6% year-on-year in the fourth quarter of 2025, slowing slightly from an 8% expansion in the previous quarter, according to preliminary data. Despite the deceleration, this marked the second consecutive period of economic growth, driven primarily by a strong rebound in services exports, which rose 9.8% amid a surge in visitor arrivals. This increase was supported by numerous large-scale events in the Macao SAR and government initiatives aimed at attracting tourists. On the domestic demand, government spending rose 1.3%, household consumption increased 1.1%, and gross capital formation gained 0.9%. For the full year of 2025, preliminary data indicate that GDP expanded by 4.7%, easing from an 8.8% growth in 2024.

Macau’s economy grew by 8% year-on-year in Q3 2025, from 5.1% in the previous quarter and in line with preliminary estimates. Exports of services advanced 10.5%, driven by a 13.6% increase in visitor arrivals, with gains in other tourism services (7.4%) and gaming services (14.3%). Government spending rose by 2.7%, while consumer spending inched up 0.8%. Trade also contributed positively to the economy, with goods exports increasing by 4.5% and services exports advancing by 10.5%. Meanwhile, gross fixed capital formation dropped by 26.1%, reflecting a slowdown in both private and government construction investment projects. For the first three quarters of 2025, Macau’s GDP expanded by 4.2%.