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Macau’s economy grew 5.1% year-on-year in Q2 2025, in line with preliminary estimates and rebounding from a 1.3% contraction in the previous quarter. This marked the strongest growth since Q2 2024, driven primarily by a 6.0% rise in exports of services, supported by a nearly 20% increase in visitor arrivals, with gains in other tourism services (+5.9%) and gaming services (+9.9%). Government final consumption expenditure rose 1.0%, while private consumption edged up 0.3%. However, growth was partially offset by a 3.7% decline in gross fixed capital formation, reflecting a slowdown in private construction projects. Trade also weighed on the economy, with goods exports down 6.6% and imports falling 4.1%. For the first half of 2025, GDP expanded 1.8% year-on-year, decelerating sharply from a 15.7% gain in the same period of 2024.