Macau’s 2025 gross domestic product (GDP) grew 4.7 percent year-on-year in real terms, to MOP417.28 billion (US$51.89 billion), helped by a surge in fourth-quarter visitors that pushed that quarter’s GDP expansion to 7.6 percent year-on-year.
Performance in the three months to December 31 was driven by factors including “surging visitor arrivals resulting from the hosting of numerous large-scale events… and government efforts to attract visitors”, said the city’s Statistics and Census Service in a Friday statement.
GDP for the final three months was MOP115.39 billion in real terms. Overall, 2025 economic output returned to 89.6 percent of that in 2019, the trading year immediately before the Covid-19 pandemic.
There had been“rapid growth in exports of services”, according to the statistics service’s remarks included in the Friday update of the preliminary economic data.
“Analysed by major component, total exports of services increased by 9.8 percent year-on-year in the fourth quarter of 2025, fuelled by a 15.4-percent rise in visitor arrivals,” stated the statistics service.
Gaming and tourism services in Macau are included in exports when calculating the city’s GDP. That is to reflect spending by tourists in the city’s casinos and other tourism-focused businesses, according to previous official disclosures.
Macau’s GDP had contracted by 1.3 percent in real terms in the first quarter of 2025, but the return to growth started from the second quarter, backed by exports of gaming services and of other tourism services.
For the first three quarters of 2025, Macau’s GDP expanded by 4.2 percent year-on-year, a period when the city’s exports of gaming services was up by 7.7 percent.
