Macau’s economy expanded by 7.6% year-on-year in Q4 2025, slightly above the downwardly revised 7.3% growth recorded in the previous quarter and in line with preliminary estimates. This was the third consecutive quarter of growth and the strongest pace since Q1 2024. The expansion was underpinned by a 9.8% increase in service exports (up from 9.6% in Q3), supported by a 15.4% surge in visitor arrivals and higher revenues from other tourism-related services (up 3.7%) and gaming services (up 18%).
Gross fixed capital formation returned to growth, rising 1.3% after a 25.9% contraction in the previous quarter, reflecting a rebound in both private and public construction investment. The decline in inventories also eased (-1.1% versus -3.4% previously). However, domestic demand acted as a drag on growth, as government consumption fell by 2.1% (after a 6.4% decrease) and household consumption declined by 0.7% (following a 1.3% drop). For the full year 2025, Macau’s GDP grew by 4.7%.
