Macao’s gross domestic product (GDP) grew by 4.7 percent year-on-year in real terms in 2025, reaching 417.28 billion patacas (US$51.8 billion), according to preliminary figures released by the Statistics and Census Service (known by its Portuguese initials DSEC).
The figure is 89.6 percent of GDP recorded in 2019, before the Covid-19 pandemic took a heavy toll on the SAR’s economy.
Last year’s growth was underpinned by a recovery in services exports attributed to rising visitor arrivals and government efforts to boost tourism through large-scale events and promotional activities, the DSEC said.
[See more: Shenzhen’s Nanshan district reached a GDP of 1 trillion yuan in 2025]
Momentum strengthened in the final quarter of the year, with GDP for the period rising 7.6 percent year-on-year in real terms to 115.39 billion patacas. Economic output in that quarter reached 94.1 percent of the level recorded in the same period of 2019.
Total exports of services increased by 9.8 percent year-on-year in the fourth quarter, driven by a 15.4 percent rise in visitor arrivals that underscored continued recovery in tourism-related activity.
Domestic demand showed modest growth during the last three months of the year, with government final consumption expenditure, private consumption expenditure and gross fixed capital formation rising by 1.3 percent, 1.1 percent and 0.9 percent respectively, according to the DSEC.
