The local economy recorded real growth of 4.7% in 2025 compared to the previous year, confirming a sustained recovery trajectory after the years of greatest impact of the pandemic.
According to preliminary data released by the Statistics and Census Service (DSEC), gross domestic product (GDP) reached MOP 417.28 billion for the year as a whole, corresponding to 89.6% of the economic volume recorded in 2019.
Economic performance was particularly strong in the fourth quarter of 2025, when the overall economy of the Macao SAR maintained a stable and progressive growth trend. In that quarter, GDP stood at 115.39 billion patacas, representing a real increase of 7.6% compared to the same period in 2024 and already equivalent to 94.1% of the economic level observed in the fourth quarter of 2019.
According to the statistical authorities, this growth was strongly driven by the positive dynamics of service exports, which recorded a 9.8% year-on-year increase in the fourth quarter. This performance was directly related to the significant increase in the number of visitors, which rose by 15.4% compared to the same period last year.
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Tourist flows benefited in particular from several major events held during the quarter, as well as from the implementation of a set of government measures aimed at attracting visitors and boosting the tourism and leisure sector.
With regard to domestic demand, the data indicate moderate but stable growth. Final government consumption expenditure increased by 1.3% in annual terms, reflecting prudent management of public finances, while private consumption expenditure grew by 1.1%, signaling a gradual recovery in household confidence.
At the same time, gross fixed capital formation, an indicator of total investment in the economy, increased by 0.9%.
For 2025 as a whole, economic growth of 4.7% demonstrates the consolidation of Macao’s economic recovery, supported mainly by the service sector and the gradual return of tourism.
The authorities emphasize that, despite external challenges and the need for economic diversification, the results achieved reflect the effectiveness of the policies adopted and create a relatively solid foundation for the economic development of the MSAR in the coming years.
