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Gaming services exports in Macau surged 14.3% year-on-year in the third quarter of 2025, becoming one of the major factors contributing to the city’s very strong economic growth during this summer tourism season, according to the latest data from the Statistics and Census Service. The growth contributed significantly to a 10.5% rise in total service exports in the quarter.
Strong Visitor Arrivals Underpin GDP Growth
The DSEC estimated that Macau’s GDP grew in real terms by 8 percent to MOP103.86 billion, approximately US$12.98 billion, for the three months to September, supported by a 13.6 percent increase in visitor arrivals, reflecting a continued recovery of tourism and traveling after the pandemic-related shocks.
In all, Macau’s economic output in the period grew to 92.6% of the volume in the corresponding period in 2019, showing continued momentum in the city’s post-pandemic recovery.
Gaming Services Lead Service Export Growth
Of all service exports, gaming services were the biggest contributor, growing more than the 7.4 percent related to all other tourism services. Macau’s latest figures reflect the reality of the world’s largest gaming hub, where the casino industry still fuels tourism, jobs, and a huge portion of the city’s income.
Merchandise trade fortunes were mixed: goods exports rose moderately by 4.5%, while imports declined year-on-year by 6.5%.
Modest Domestic Demand Gains and Investment Decline
Domestically generated demand was kept under control; government final consumption expenditure rose 2.7 percent, while private consumption could only rise 0.8 percent. But gross fixed capital formation contracted 26.1 percent as both public and private construction activities were lower in the quarter, indicating that investment spending had cooled off.
Year-To-Date Economic Performance
The broader perspective now, including the first three quarters of 2025, translates into a year-on-year 4.2 percent increase in Macau’s real GDP, now valued at MOP301.33 billion (US$37.67 billion). Exports of services jumped 3.6 percent during the same period, on the back of continued growth in the tourist and gaming sectors.
Consumer spending continued to rise, but at a measured pace. Government consumption went up 1.8%, while private consumption increased 1.2%, showing a cautious but steady confidence among households and officials.
Prices and Outlook
The implicit GDP deflator, which reflects the broad trend of price inflation or deflation in the economy, contracted 1.1% to 98.8 in the third quarter and showed that there was mild deflationary pressure and reasonably stable price levels throughout the period.
Sustaining Momentum Amid Sectoral Nuances
Clearly, the gaming sector has been contributing to vigorous export growth, which continues to shore up the economic fortunes of Macau. It is certainly exciting to observe the upward trajectory in visitor arrivals and gaming services as positive pointers of this sector’s strength and its vital role in the wider economic recovery.
A sharp decline in fixed capital formation indicates that the investment cycle, particularly in construction, is slowing down temporarily and points to shifting sectoral challenges in view of ongoing rebalancing of growth drivers in the post-pandemic era.
With fresh gaming initiatives on the cards, new tourism projects, and visitor arrivals holding well, Macau is expected to continue on an upward trajectory in recovery. The challenge ahead, which indicates that Macau’s recovery, remarkably dependent on gaming, is progressing down a route towards firmer, more inclusive growth.
Source: Asia Gaming Brief (AGB)
