The Gross Domestic Product (GDP) of the Macau Special Administrative Region (MSAR) grew by 4.7% in real terms in 2025, reaching approximately MOP 418 billion (aproximately 43.7 billion Euros), according to preliminary data released by the Statistics and Census Service (DSEC). The figure represents 89.6% of the economic level recorded in 2019, prior to the Covid-19 pandemic, and consolidates the recovery path of the local economy.
Growth was mainly driven by exports of services, namely tourism and gaming, supported by an increase in visitor arrivals and the hosting of large-scale events in the fourth quarter of 2025. During this period, quarterly GDP expanded by 7.6% year-on-year, already accounting for 94.1% of the economic output recorded in the fourth quarter of 2019.
However, according to economic analyses, the pace of expansion was constrained by a decline in investment and weaker domestic demand, factors that prevented a more robust economic acceleration. Gross fixed capital formation — an indicator of investment — declined over the course of the year, while the contribution of domestic demand, including private consumption and investment spending, remained moderate, reflecting still insufficient momentum in certain segments of the internal market.
GDP per capita also increased in 2025, reaching MOP 607,263, placing Macau second among Asian economies in terms of GDP per capita, behind only Singapore. Despite this prominent position, the figure remains below the historical peak recorded in 2014.
Experts have stressed the importance of boosting economic diversification and strengthening domestic demand and investment in order to sustain more balanced growth in the future. The continued reliance on the services sector — particularly gaming and tourism — while vital for the recovery, also exposes the economy to external risks and fluctuations in global demand.
The performance in 2025 thus highlights an economy that continues to recover gradually from the effects of the pandemic, with significant progress in services and tourism, yet still constrained by internal factors limiting a full return to pre-2019 levels of economic activity.
