Following the successful hosting of multiple major events and the positive effects of a series of proactive measures by the Macau SAR government to attract tourists, the Macau economy maintained a steady and progressive development trend in the fourth quarter of 2025, demonstrating a strong momentum of recovery. On January 30, the latest data released by the Statistics and Census Service of Macau showed that the preliminary figure for Macau's Gross Domestic Product (GDP) in the fourth quarter of 2025 was MOP 115.39 billion, representing a real-term year-on-year growth of 7.6%, with the economic scale recovering to 94.1% of the same period in 2019.

The data revealed that visitor arrivals to Macau in the fourth quarter of 2025 surged significantly by 15.4% year-on-year, directly driving a notable 9.8% increase in overall service exports, which became the primary engine for economic growth. Internal demand also maintained stable growth, with government final consumption expenditure and private consumption expenditure increasing by 1.3% and 1.1% respectively, while the gross fixed capital formation also rose by 0.9%, collectively supporting the overall economic performance.

For the full year of 2025, the preliminary figure for Macau's Gross Domestic Product was MOP 417.28 billion, achieving a real-term year-on-year growth of 4.7%. The annual economic output recovered to 89.6% of the 2019 level, demonstrating the robust resilience of the ongoing economic recovery.

In terms of foreign trade, Macau's total export value in 2025 rose by 3.2% year-on-year to MOP 13.92 billion, while the total import value decreased by 3.0% to MOP 124.79 billion. The total merchandise trade volume for the year amounted to MOP 138.71 billion, resulting in a trade deficit of MOP 110.86 billion.

Analyzing by export destination, shipments to Mainland China and Hong Kong showed impressive performance, with values rising sharply by 57.5% and 3.7% year-on-year respectively, collectively accounting for approximately 80% of the total export value. By product category, non-textile exports increased by 5.0% to MOP 12.56 billion, while exports of textiles and garments decreased by 10.5%, reflecting a continuing adjustment in the export structure.

On the import side, consumer goods imports edged down by 1.4%, but imports of gold jewelry bucked the trend with a 13.6% increase, indicating active demand in specific consumption areas.

Notably, the single-month goods export value in December 2025 increased by 11.0% year-on-year to MOP 1.17 billion, with both re-exports and domestic exports recording growth. The total import value also rose by 5.9% to MOP 11.78 billion, with categories such as gold jewelry and mobile phones experiencing rapid import growth.

The overall export and import values for the fourth quarter increased by 6.7% and 1.0% year-on-year, respectively. The economic data for the fourth quarter and the full year of 2025 indicate that Macau's "tourism+" cross-sector integration strategy and a series of visitor-attraction measures have yielded significant results. The robust recovery of the service sector has effectively driven the overall economy.

Despite the continued complexity of the external environment and the existence of a trade deficit, the internal economic drivers are steadily strengthening, and key economic indicators continue to show improvement.