FX.co ★ Macau GDP Growth Slowest in 1½ Years

Macau’s economy grew by 0.1% year-on-year in the third quarter of 2026, in line with preliminary estimates and slowing from an upwardly revised 0.5% expansion in the previous quarter. This was the weakest performance since the contraction recorded in the first quarter of 2025.

The moderation was driven largely by softer domestic demand. Household consumption growth decelerated sharply to 0.7% from 2.5% in Q2, while government consumption swung into decline, falling 1.5% after a 3.5% increase previously. Net exports also exerted downward pressure on GDP: total exports edged up just 0.4%, weighed in part by a 4.7% drop in gaming services exports, whereas imports rose 4.6%.

In contrast, investment provided a notable offset. Growth in gross fixed capital formation accelerated to 17.3% from 10.0% in the prior quarter, supported by stronger investment in both the private (+14.9%) and public (+22.1%) sectors.

Over the first three quarters of 2026 as a whole, Macau’s GDP expanded by 2.9%. This reflected a 2.7% increase in private consumption expenditure and a 4.6% rise in gross fixed capital formation, while government final consumption expenditure edged down by 0.2%.