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The Economy of Macau

Chinese Economy

Macau's map

Economy - overview: Macau's economy has enjoyed strong growth in recent years on the back of its expanding tourism and gaming sectors. 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. In 2008, government revenue from gaming was set to double 2006 collections. 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% of these came from mainland China, despite increasing restrictions on travel to the SAR. 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. 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:

GDP - real growth rate: 15% (2008) 16.6% (2006)

GDP - per capita:

GDP - composition by sector: agriculture: 0.1% industry: 2.8% services: 97.1% (2007 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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)

Unemployment rate: 3% (2008)

Budget: revenues: $6.2 billion expenditures: $2.9 billion (2008)

Industries: tourism, gambling, clothing, textiles, electronics, footwear, toys

Industrial production growth rate: NA

Electricity - production: 1.106 billion kWh (2008 est.)

Electricity - production by source:

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: 7,942 bbl/day (2008 est.)

Oil - exports: 0 bbl/day (2008)

Oil - imports: 5,027 bbl/day (2008 est.)

Oil - proved reserves: 0 bbl (1 January 2008 est.)

Natural gas - production: 0 cu m (2008 est.)

Natural gas - consumption: 81.6 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.)

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

Exports: $2 billion f.o.b.; note - includes reexports (2008 est.)

Exports - commodities: clothing, textiles, footwear, toys, electronics, machinery and parts

Exports - partners: US 40.6%, China 14.8%, Hong Kong 13.1%, Germany 6.4%, UK 4% (2007)

Imports: $5.4 billion c.i.f. (2008 est.)

Imports - commodities: raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils

Imports - partners: China 42.6%, Hong Kong 10.1%, Japan 9%, US 5.6%, Germany 4.4%, France 4.2% (2007)

Debt - external: $0 (2006)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: patacas (MOP) per US dollar - 8.011 (2007), 8.0015 (2006), 8.011 (2005), 8.022 (2004), 8.021 (2003)

Fiscal year: