Recent data released by the Statistics and Census Service (known by the Portuguese initials DSEC) paints a varied picture of Macao’s economic performance in mid-2025, revealing stable employment figures, a slight uptick in consumer prices, and mixed trade activity.
Rolling employment Data
Between June and August, both the general unemployment rate, at 2.0 percent, and the unemployment rate of local residents, at 2.6 percent, remained unchanged from the preceding May to July period. Of the 7,600 unemployed residents, a significant portion previously worked in the retail and construction sectors, figures show.
The number of new labour market entrants seeking their first job increased by 0.8 percentage points, reaching 14.5 percent of unemployed residents, a trend observed during the graduation season.
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Conversely, the underemployment situation showed improvement, with the general underemployment rate falling by 0.2 percentage points to 1.5 percent, and the underemployment rate of local residents also decreasing by 0.2 percentage points to 1.9 percent. The majority of the 5,600 underemployed residents were engaged in construction and real estate.
The total labour force, including Macao SAR residents and non-resident workers living outside the territory (approximately 108,100), and those living within Macao (379,200), saw a marginal increase of 300 from the previous period, reaching 487,300.
Last month’s Consumer Price Index
In August, the Composite Consumer Price Index (CPI) registered a year-on-year increase of 0.27 percent and a month-on-month rise of 0.11 percent. Over the 12 months ending in August 2025, the average Composite CPI grew by 0.25 percent compared to the previous period (September 2023to August 2024).
Analysing specific categories, the price index for food and non-alcoholic beverages rose by 0.44 percent year-on-year, largely due to increased charges for eating out and takeaway. Higher housing rentals contributed to a 0.33 percent increase in the housing and fuels price index. Recreation, sport and culture saw a notable year-on-year increase of 2.45 percent, while Information and communication (-3.00 percent) and clothing and footwear (-2.09 percent) experienced declines.
Month-on-month, the Composite CPI increased by 0.11 percent in August. Dearer vegetable prices and higher charges for eating out and takeaway pushed up the food and non-alcoholic beverages price index by 0.05 percent, though this was partially offset by lower fruit prices. The Transport price index recorded a 0.87 percent month-on-month rise due to increased airfares. In contrast, clothing and footwear (-0.47 percent) and miscellaneous goods and services (-0.11 percent) saw decreases.
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For the 12 months ending August 2025, the average Composite CPI climbed by 0.25 percent. Miscellaneous goods and services (+2.20 percent), recreation, sport and culture (+1.38 percent), and hHealth (+1.02 percent) saw relatively large growth, while transport (-2.57 percent) and information and communication (-2.09 percent) dropped.
The average Composite CPI for the first eight months of 2025 grew by 0.19 percent year-on-year, with food and non-alcoholic beverages rising by 0.46 percent.
Trade in August
In August, total merchandise exports amounted to 1.29 billion patacas (US$159 million), a decrease of 2.3 percent year-on-year, while imports totalled 9.85 billion patacas (US$1.22 billion), down by 6.1 percent. This resulted in a merchandise trade deficit of 8.56 billion patacas (US$1.06 billion), according to official figures.
Compared to August 2024, the value of re-exports increased slightly by 0.4 percent to 1.2 billion patacas (US$148 million) in August 2025. Re-exports of watches grew by 69.8 percent, while diamonds and diamond jewellery declined by 42.7 percent. Domestic exports decreased by 28.6 percent to 88 million patacas (US$10.9 million), with garments dropping by 64.1 percent and pharmaceutical products and organic chemicals rising by 15.3 percent. Total merchandise imports decreased by 6.1 percent year-on-year, with watches reducing by 25.5 percent and gold jewellery growing by 14.0 percent.
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By destination, merchandise exports to the Chinese mainland (833 million patacas or US$103 million) and Hong Kong (6.58 billion patacas or US$813 million) increased by 63.1 percent and 2.0 percent, respectively, in the first eight months. Exports to the USA (195 million patacas or US$24 million) and the EU (127 million patacas or US$15.7 million) dropped by 6.5 percent and 13.0 percent, respectively.
Regarding place of origin, merchandise imports from the Chinese mainland (24.18 billion patacas or US$2.99 billion) and the EU (23.41 billion patacas or US$2.89 billion) fell by 3.5 percent and 7.2 percent, respectively, in the first eight months. Imports from the Hong Kong SAR (4.46 billion patacas or approximately US$551 million) increased by 1.7 percent.
This article was drafted by AI before being reviewed by an editor.
