Key Moments:
- Gaming services exports in Macau increased by 14.3% year-on-year in the third quarter of 2025
- Macau’s real GDP expanded by 8 percent to MOP103.86 billion (US$12.98 billion) in the three months to September
- Gross fixed capital formation fell 26.1 percent due to decreased construction activity in the quarter
Gaming Sector Drives Robust Service Exports
Recent data from Macau’s Statistics and Census Service show that gaming service exports surged by 14.3% year-on-year in the third quarter of 2025. This growth proved to be a primary engine for a 10.5% increase in total service exports during the summer months and underlines the sector’s pivotal role in Macau’s economic recovery.
Tourism and Visitor Arrivals Lift GDP
Macau’s GDP, measured in real terms, rose by 8 percent to MOP103.86 billion or approximately US$12.98 billion during the three months ending in September. This expansion was strongly linked to a 13.6 percent increase in visitor arrivals, which further signaled the resilience of tourism and travel activity following pandemic disruptions. Overall economic output during the period reached 92.6% of the third quarter 2019 levels, marking substantial progress in the city’s path to recovery.
| Indicator | Q3 2025 Year-on-Year Change | Notes |
|---|---|---|
| Gaming Service Exports | +14.3% | Strongest driver of service exports |
| Other Tourism Service Exports | +7.4% | Less robust than gaming services |
| Merchandise Goods Exports | +4.5% | Moderate growth |
| Merchandise Imports | -6.5% | Year-on-year decline |
| Gross Fixed Capital Formation | -26.1% | Reduced construction activity |
| Private Consumption | +0.8% | Minor increase |
| Government Consumption | +2.7% | Measured growth |
Domestic Demand and Investment Trends
While service sectors, particularly gaming, drove exports and economic output, domestic demand showed only modest gains. Government final consumption expenditure increased by 2.7 percent, and private consumption inched up by only 0.8 percent. The quarter, however, was marked by a sharp 26.1 percent decline in gross fixed capital formation, reflecting reduced investment from both the public and private sectors, primarily in construction-related activities.
Economic Performance Through Three Quarters
Analyzing the first nine months of 2025, Macau’s real GDP climbed 4.2 percent year-on-year, reaching MOP301.33 billion (US$37.67 billion). Service exports rose by 3.6 percent during this period, buoyed by sustained advances in tourism and gaming. Consumer spending retained a cautious but upward trend, with government and private consumption growing by 1.8% and 1.2% respectively.
Prices and Sectoral Dynamics
The implicit GDP deflator decreased by 1.1% to 98.8 in the third quarter, indicating mild deflationary pressure but overall stable price levels.
Looking Ahead: Strengths and Sectoral Shifts
The gaming industry remains central to Macau’s export expansion and economic trajectory. The city continues to benefit from increased visitor traffic and strong gaming performance, underscoring the sector’s critical role in supporting jobs and overall recovery. However, with a significant contraction in investment and the construction sector, the evolving dynamics suggest important sectoral shifts as the economy advances post-pandemic.
Emerging initiatives in gaming, tourism development, and sustained visitor arrivals point toward continued upward momentum. Macau’s dependence on gaming persists, yet the steady progress in recovery hints at a transition towards broader, more inclusive economic foundations.
- Author
Daniel Williams
