Macau’s gross domestic product (GDP) expanded in 2025 as service exports and visitor arrivals strengthened, according to preliminary figures from the Statistics and Census Service (Direcção dos Serviços de Estatística e Censos, DSEC).
In its preliminary GDP notice, DSEC said Macau’s GDP for the full year rose by 4.7 percent year‑on‑year in real terms to MOP 417.28 billion ($51.9 billion). Output for 2025 amounted to 89.6 percent of the level recorded in 2019, the last full year before widespread pandemic disruption.
Fourth quarter shows accelerated expansion
DSEC also recorded more robust growth in the final quarter of 2025, with GDP in the three months to December growing by 7.6 percent year-on-year to MOP 115.39 billion ($14.3 billion). Economic output in 4Q25 was 94.1 percent of that in the same period of 2019, which is in line with the territory’s recovery path.
The statistics body attributed the bulk of fourth‑quarter growth to expanding exports of services, which rose 9.8 percent year‑on‑year in real terms. DSEC linked services export growth to a 15.4 percent increase in visitor arrivals during 4Q25, compared with the final quarter of the prior year.
In its official release, DSEC stated that visitor arrivals in the fourth quarter were “driven by multiple large‑scale events held in Macau during the fourth quarter of 2025” and by “a series of visitor attraction measures implemented by the SAR government”.
Domestic demand and economic structure
In addition to external demand, domestic expenditure recorded modest expansion. DSEC said that private consumption expenditure for the fourth quarter increased 1.1 percent year‑on‑year, while government final consumption expenditure rose 1.3 percent. Gross fixed capital formation, which reflects investment in fixed assets such as buildings and equipment, grew 0.9 percent year‑on‑year in 4Q25.
Macau’s economy is heavily weighted toward services, with tourism and gaming‑related activity forming a substantial share of total output. The contribution of services to GDP has historically been high, with the sector accounting for the majority of economic activity in pre‑pandemic years.
Recovery measured against 2019 baseline
DSEC still bases its measurement of Macau’s recovery on 2019. In the previous releases of the quarterly data for 2025, the economy was making progress towards the benchmark. In the third quarter, preliminary estimates showed that GDP had recovered to about 92.6 percent of the 2019 level, while the first three quarters were at 88.4 percent of the pre-pandemic benchmark. The stronger performance in 4Q25 lifted the full‑year recovery level to 89.6 percent. The information from DSEC shows that there is a trend of improvement from the low points experienced during the pandemic period.
Visitor statistics indicate that Macau achieved historic annual visitor arrivals in 2025, with total visitor arrivals recorded in immigration statistics exceeding the pre-pandemic level for the first time. Traffic statistics indicated that Macau accumulated 39.411 million visitor arrivals in 2025, breaking the previous record of 39.406 million in 2019.
The increase in visitor numbers across the year supported the recovery of service sectors, particularly travel, hospitality and related services, which in turn drove growth in exports of services as captured in the GDP data.
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