Macau’s economy expanded by 5.1 percent year-on-year in the second quarter of 2025, reaching MOP100.38 billion ($12.63 billion) in real terms, according to preliminary data released by the Statistics and Census Service (DSEC).
The growth was mainly driven by a robust recovery in service exports, supported by a surge in visitor arrivals and steady domestic consumption.
Second-quarter output represented 88.8 percent of the level recorded in the same period of 2019, reflecting Macau’s ongoing post-pandemic recovery. A nearly 20 percent year-on-year increase in tourist arrivals helped lift total service exports by 5.8 percent in real terms, reinforcing the city’s position as a key regional tourism and gaming hub.
The statistical data also indicated that domestic demand contributed to overall growth. Government final consumption expenditure rose by 1.1 percent, while private consumption edged up by 0.3 percent. However, gross fixed capital formation fell by 3.6 percent, mainly due to reduced activity in private construction projects.
In contrast to the stronger second-quarter results, growth in the first half of 2025 was more modest. GDP expanded by 1.8 percent year-on-year to MOP200.14 billion ($25.18 billion), equivalent to 87.0 percent of the output recorded in the first half of 2019.
