Economy - overview:
Macau's economy enjoyed strong growth, largely on the back of its expanding tourism and gaming sectors, prior to a recent slowdown during the global economic crisis. After opening up its locally-controlled casino industry to foreign competition in 2001, the territory attracted tens of billions of dollars in foreign investment, transforming Macao into the world's largest gaming center. By 2006, Macau's gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for 75% of total government revenue. The expanding casino sector, and China's decision beginning in 2002 to relax travel restrictions, reenergized Macau's tourism industry. This city of just over 500,000 hosted more than 30 million visitors in 2008. Almost 60% came from mainland China despite increasing restrictions on travel from there. Macau's traditional manufacturing industry has been in a slow decline since the termination of the Multi-Fiber Agreement in 2005. In 2008, exports of textiles and garments generated only $1.1 billion, compared to $13.7 billion in gross gaming receipts. Throughout the first half of 2009, however, gaming revenues dropped, and GDP growth was negative. The economy in the latter half of 2009 showed signs of pulling out of the slowdown, with third quarter 2009 gaming revenues surging 22% over the same period of the previous year - the highest quarterly gaming revenues recorded in Macau. The Closer Economic Partnership Agreement (CEPA) between Macau and mainland China that came into effect on 1 January 2004 offers many Macau-made products tariff-free access to the mainland. Macau's currency, the Pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
GDP (purchasing power parity):
$18.14 billion (2008 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$21.7 billion (2008 est.)
GDP - real growth rate:
13.2% (2008 est.)
GDP - per capita (PPP):
$30,000 (2007 est.)
GDP - composition by sector:
agriculture: 0.1%
industry:
2.8%
services:
97.1% (2007 est.)
Labor force:
337,400 (2008 est.)
Labor force - by occupation:
manufacturing 7.4%, construction 12.6%, transport and communications 5%, wholesale and retail trade 12.5%, restaurants and hotels 12.7%, gambling 14%, public sector 6%, financial services 2.1%, other services and agriculture 27.7% (2008 est.)
Unemployment rate:
3% (2008 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $6.2 billion
expenditures:
$2.9 billion (2008)
Inflation rate (consumer prices):
6.2% (December 2008 est.)
Commercial bank prime lending rate:
5.43% (31 December 2008)
Stock of money:
$1.591 billion (31 December 2008)
Stock of quasi money:
$22.15 billion (31 December 2008)
Stock of domestic credit:
$11.5 billion (31 December 2008)
Market value of publicly traded shares:
$2.3 billion (31 December 2008)
Agriculture - products:
only 2% of land area is cultivated, mainly by vegetable growers; fishing, mostly for crustaceans, is important; some of the catch is exported to Hong Kong
Industries:
tourism, gambling, clothing, textiles, electronics, footwear, toys
Industrial production growth rate:
NA
Electricity - production:
1.106 billion kWh (2008 est.)
Electricity - consumption:
3.311 billion kWh (2008 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
2.215 billion kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
16,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
5,027 bbl/day (2008 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
82.3 million cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
81.9 million cu m (2008 est.)
Natural gas - proved reserves:
300,000 cu m (1 January 2008 est.)
Exports:
$2 billion (2008 est.)
Exports - commodities:
clothing, textiles, footwear, toys, electronics, machinery and parts
Exports - partners:
US 39.9%, Hong Kong 19.7%, China 12.3%, Germany 4% (2008)
Imports:
$5.4 billion (2008 est.)
Imports - commodities:
raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils
Imports - partners:
China 39.3%, Hong Kong 10.1%, Japan 8.5%, US 5.5%, France 5.3%, Switzerland 4.7% (2008)
Debt - external:
$0 (2006 est.)
Stock of direct foreign investment - at home:
$11 billion (2007 est.)
Stock of direct foreign investment - abroad:
$1 billion (2008 est.)
Exchange rates:
patacas (MOP) per US dollar - 8.011 (2007), 8.0015 (2006), 8.011 (2005), 8.022 (2004), 8.021 (2003)
NOTE: The information regarding Macau on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macau Economy 2010 information contained here. All suggestions for corrections of any errors about Macau Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10