Detailed results of gross domestic product for the whole year and the fourth quarter of 2025

MACAU, February 13 - Information from the Statistics and Census Service (DSEC) indicated that the economy of the Macao Special Administrative Region (Macao SAR) continued to make steady progress in the fourth quarter of 2025, underpinned by rapid growth in exports of services, driven by surging visitor arrivals resulting from the hosting of numerous large-scale events in the Macao SAR and government efforts to attract visitors. The revised figure for GDP expanded by 7.6% year-on-year in real terms to MOP115.72 billion in the fourth quarter of 2025. The overall economic output corresponded to 94.1% of the total in the same period of 2019.

Analysed by major component, total exports of services increased by 9.8% year-on-year in the fourth quarter of 2025, fuelled by a 15.4% rise in visitor arrivals; exports of other tourism services and gaming services recorded respective growth of 3.7% and 18.0%. As regards domestic demand, government final consumption expenditure, private consumption expenditure and gross fixed capital formation registered year-on-year growth of 2.1%, 0.7% and 1.3% respectively.

For the whole year of 2025, the revised figure for GDP expanded by 4.7% year-on-year in real terms to MOP418.04 billion. The overall economic output returned to 89.6% of the level in the same period of 2019. Analysed by major component, exports of services, government final consumption expenditure and private consumption expenditure rose by 5.0%, 3.0% and 1.3% year-on-year respectively, while gross fixed capital formation reduced by 7.8%. Additionally, per-capita GDP stood at MOP607,263 in 2025, an increase of 4.3% year-on-year. The implicit deflator of GDP, which measures the overall changes in prices, grew by 0.5% year-on-year to 100.7.