Information from DSEC indicated that, entering 2025, the preliminary figure for GDP of Macau reduced by 1.3% year-on-year in real terms to MOP99.78 billion in the first quarter, owing to a relatively high comparison base in the same quarter last year, changes in visitor consumption patterns and other factors. The overall economic output corresponded to 85.2% of the level in the same period of 2019.

The Macau government said that, since the beginning of this year, the global environment has been marked by volatility and challenges, with subdued growth momentum for the world economy and increasing uncertainties in China-U.S. relations. Rapid shifts in visitor consumption patterns, preferences, and demographics have weakened spending sentiment among visitors to Macao. The decline in visitor expenditure has exerted pressure on the local tourism industry, contributing to fluctuations in Macao’s economic recovery in the first quarter of the year.

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Nevertheless, the economy of Macao has maintained an overall recovery trend, with stable public finances and a positive outlook. On the whole, barring major changes in external and internal conditions, Macao is unlikely to face a cyclical economic downturn and is expected to sustain its recovery momentum.