Detailed results of Gross Domestic Product for the second quarter of 2025

MACAU, August 15 - The Statistics and Census Service (DSEC) releases the detailed results of the revised figures for Gross Domestic Product (GDP) for the second quarter of 2025, after the release of the preliminary figures on 31 July to provide more timely GDP data to the public.

Information from DSEC indicated that the economy of Macao Special Administrative Region returned to positive growth in the second quarter of 2025, driven by surging visitor arrivals amid government efforts to boost visitation, alongside steady domestic private consumption. The revised GDP figure expanded by 5.1% year-on-year in real terms to MOP100.39 billion in the second quarter of 2025. The overall economic output corresponded to 88.8% of the total in the same period of 2019.

Analysed by major component, total exports of services increased by 6.0% year-on-year in real terms in the second quarter, fuelled by a nearly 20% rise in visitor arrivals; exports of other tourism services and gaming services recorded respective growth of 5.9% and 9.9%. With respect to merchandise trade, exports and imports of goods shrank by 6.6% and 4.1% year-on-year respectively in the second quarter.

As regards domestic demand, government final consumption expenditure and private consumption expenditure grew by 1.0% and 0.3% year-on-year respectively in the second quarter. On the other hand, gross fixed capital formation declined by 3.7% year-on-year owing to a decrease in private construction projects. Private equipment investment climbed by 11.7% year-on-year, and public construction investment and equipment investment increased by 19.9% and 83.0% respectively.

For the first half of 2025, the revised figure for GDP expanded by 1.8% year-on-year in real terms to MOP200.15 billion. The overall economic output returned to 87.0% of the level in the same period of 2019. Analysed by major component, exports of services, government final consumption expenditure, private consumption expenditure and gross fixed capital formation rose by 1.0%, 1.1%, 0.3% and 1.8% year-on-year in real terms respectively. The implicit deflator of GDP, which measures the overall changes in prices, fell by 0.5% year-on-year to 99.0.