The gross domestic product (GDP) reached 100.39 billion patacas (€10.7 billion) in the second quarter, “equivalent to 88.8% of the economic volume of 2019,” stated the Statistics and Census Service (DSEC) in a release.
Macau, which followed China’s ‘zero-COVID’ policy during the pandemic, lifted most prevention and containment measures at the beginning of 2023 after nearly three years of stringent restrictions impacting the territory’s economy.
In the second quarter of 2025, the economy “grew again due to the notable increase in visitor numbers, attracted by a series of measures, and [the fact that] private consumption expenditure remained stable,” the statement said.
The DSEC specified that overall exports of services increased by 6% annually, “as the number of entrants to the Macao Special Administrative Region (MSAR) rose by about 20% in the year’s second quarter.”
Exports of other tourism services rose by 5.9%, and gaming services grew by 9.9%.
Regarding external trade of goods, exports and imports fell by 6.6% and 4.1%, respectively, compared to the same period in 2024.
In terms of domestic demand, in the quarter under review, the final government consumption expenditure and private consumption spending increased by 1% and 0.3% annually, respectively.
“Gross fixed capital formation decreased by 3.7%, due to a drop in the number of private construction projects, despite year-on-year increases of 11.7% in private equipment investment, 19.9% in public sector construction investment, and 83% in public sector equipment investment,” the report further noted.
On a semi-annual basis, GDP rose by 1.8% in the year’s first six months compared to the same period last year.
Exports of services, final government consumption expenditure, private consumption expenditure, and gross fixed capital formation increased by 1%, 1.1%, 0.3%, and 1.8%, respectively, compared to the first half of 2024.
During this period, the implicit GDP deflator, which measures overall price change, registered an annual drop of 0.5%, noted the DSEC.
