GDP drops as consumer spending declines

The Statistics and Census Bureau (DSEC) has announced a revised gross domestic product (GDP) figure of MOP 99.76 billion for the first quarter of this year, with spending on non-gaming by visitors contributing MOP 19.62 billion, or MOP1,989 per capita.

The bureau released preliminary figures for the first quarter of 2025 GDP on May 2, with revised and detailed results announced on Friday.

According to the DSEC, both indicators showed a downward trend, with a year-on-year decline of 1.3% in GDP and a 3.6% decrease in non-gaming spending.

“The overall economic scale was equivalent to 85.2% of the same period in 2019, while the GDP deflator, which measures overall price changes, decreased by 0.5% year-on-year to 99.6,” the DSEC stated.

Excluding the decrease in total non-gaming spending mainly caused by lower per capita expenditures, the authorities also noted that the slowing growth in visitor arrivals contributed to this decline.

“Despite an 11.1% year-on-year increase in inbound visitors in the first quarter, overall service exports recorded a 3.4% decline due to changes in visitor spending patterns and a higher base from the same period last year,” the DSEC added.

Total consumption by overnight visitors fell by 6.4% year-on-year to MOP15.38 billion, while non-overnight visitors experienced an 8.4% increase, reaching MOP 4.24 billion.

Per capita non-gaming spending decreased across most categories in the first quarter, except for visitors attending MICE events at MOP5,528 and those watching performances or events at MOP4,374.

Overnight visitors spent an average of MOP3,807, down 5.4%, while non-overnight visitors spent MOP729, a decrease of 10.8%. Most spending was allocated to shopping at 45.7%, followed by accommodation at 23.8% and dining at 23.2%.

By major source market, per capita spending decreased year-on-year for all visitors from mainland China, Hong Kong, and Taiwan, as well as international visitors, by 13.8%, 18.3%, and 9.8%, respectively, amounting to MOP2,297, MOP875, MOP1,840, and MOP1,644.

Among international visitors, only Singaporean visitors recorded a 1.1% increase, reaching MOP2,584.