Macao Taux de croissance annuel du PIB

Macau’s economy contracted by 1.3% year-on-year in the first quarter of 2025, reversing a 3.4% gain in the previous quarter — the weakest in two years. This marked the first economic contraction since the fourth quarter of 2022, primarily due to a notable slowdown in private consumption (0.3% vs. 2.9% in Q4) and government spending (1.1% vs. 6.3%). Conversely, gross fixed capital formation (7.3% vs -0.2%) rebounded, while changes in inventories (-8% vs -9.4%) decreased at a softer pace. In terms of net external demand, the decline in goods exports (-9.2% vs -11.7%) and goods imports (-5.1% vs -7.1%) moderated. However, exports of services (-3.4% vs 2.1%) tumbled, while imports of services (2.5% vs 9.2%) grew at a slower rate.