Detailed results of gross domestic product for the third quarter of 2025

MACAU, November 14 - The Statistics and Census Service (DSEC) releases the detailed results of Gross Domestic Product (GDP) for the third quarter of 2025, after the release of the preliminary figures on 31 October to provide more timely GDP data to the public.

Information from DSEC indicated that the economy of the Macao Special Administrative Region (Macao SAR) continued to make steady progress in the third quarter of 2025, driven by further growth in exports of services, supported by surging visitor arrivals during the summer peak season and the sustained positive momentum in the tourism industry in the Macao SAR, alongside steady domestic private consumption. GDP expanded by 8.0% year-on-year in real terms to MOP103.86 billion in the third quarter of 2025. The overall economic output corresponded to 92.6% of the total in the same period of 2019.

Analysed by major component, total exports of services increased by 10.5% year-on-year in the third quarter, fuelled by a 13.6% rise in visitor arrivals; exports of other tourism services and gaming services recorded respective growth of 7.4% and 14.3%. With respect to merchandise trade, exports of goods rebounded by 4.5% year-on-year in the third quarter, while imports of goods shrank by 6.5%.

As regards domestic demand, government final consumption expenditure and private consumption expenditure grew by 2.7% and 0.8% year-on-year respectively in the third quarter. On the other hand, gross fixed capital formation declined by 26.1% owing to decreases in private and public construction projects.

For the first three quarters of 2025, GDP expanded by 4.2% year-on-year in real terms to MOP301.33 billion. The overall economic output returned to 88.4% of the level in the same period of 2019. Analysed by major component, exports of services, government final consumption expenditure and private consumption expenditure rose by 3.6%, 1.8% and 1.2% year-on-year respectively, while gross fixed capital formation reduced by 9.8%. The implicit deflator of GDP, which measures the overall changes in prices, fell by 1.1% year-on-year to 98.8.