Macau’s recovery stays on course despite slower momentum
Tourism-driven rebound lifts 2025 GDP by 8.8%, though export growth eases in Q1.
Key points:
– Macau’s economy expanded by 8.8% in 2024
– Q1 2025 sees a mild contraction of 1.3% due to weaker service exports
– Inbound tourism nearly back to pre-pandemic levels
As reported by Macao Daily, Macau’s economy continues to recover steadily, though the pace of growth has cooled in early 2025. According to the Monetary and Financial Stability Assessment published by the Monetary Authority of Macao, the city recorded an 8.8% increase in real GDP in 2024, led by the revival of tourism and private consumption.
However, the first quarter of 2025 showed signs of a slowdown. Service exports declined by 3.4% year-on-year, leading to a 1.3% dip in overall economic output. Authorities attributed the contraction to a higher comparison base and evolving tourist spending habits. Net service exports, after deducting imports, fell 4.4%, dragging GDP growth down by 3.1 percentage points.
Macau’s gross gaming revenue rose by 23.8% in 2024, fuelling a 9.2% increase in service exports that year. In contrast, the first quarter of 2025 saw only a modest 0.6% year-on-year rise in gaming revenue. Revenue from mass-market and VIP baccarat edged up just 0.6% and 0.5% respectively.
Good to know: Visitor numbers have rebounded sharply, reaching 95% of pre-pandemic levels
Boosted by travel policy easing, including multiple-entry visa arrangements, inbound tourism grew 15.2% in the first five months of 2025 to 16.33 million arrivals.
Mainland Chinese visitors, who form Macau’s largest tourist group, climbed 19.1% to 11.77 million, with individual travellers rising by 23.8%. Visitor arrivals from Hong Kong and Taiwan also increased by 1.8% and 16.1% respectively.
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