Macao’s economy continued to improve in the third quarter of 2025, expanding by 8 percent year-on-year in real terms to 103.86 billion patacas (US$12.97 billion), according to preliminary figures released on Friday by the Statistics and Census Service (known by its Portuguese initials DSEC).
Growth was fuelled by a strong tourism season, with visitor arrivals climbing 13.6 percent during the summer months. This supported a 10.5 percent year-on-year jump in service exports, including gaming – up from just 5.8 percent in the second quarter.
Private consumption edged up 0.8 percent year-on-year, while government expenditure increased 2.7 percent. The city’s overall economic output now stands at 92.6 percent of what it was in the same period in 2019, before the Covid-19 pandemic.
[See more: Macao’s gaming revenue in October sets a new monthly post-pandemic record]
Investment activity, however, weakened sharply in the third quarter: gross fixed capital formation fell 26.1 percent year-on-year, dragged down by declines in both private and public construction projects – reflecting in part the city’s still-struggling property market.
For the first three quarters of 2025, Macao’s economy expanded by 4.2 percent year-on-year in real terms to 301.33 billion patacas (US$37.64 billion). The first half of the year clocked growth of just 2.8 percent, weighed down by a first quarter contraction.
Revised and more detailed GDP results for the third quarter will be released on 14 November, the DSEC said.
