Macau Economy Profile 2013

Economy - overview

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 Macau into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. By 2006, Macau's gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for more than 70% of total government revenue. In 2008, Macau introduced measures to cool the rapidly developing sector. Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-11, largely on the back of tourism from mainland China and the gaming sectors. This city of 550,000 hosted nearly 25 million visitors in 2010. Almost 53% came from mainland China. Macau's traditional manufacturing industry slowed greatly since the termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) between Macau and mainland China that came into effect in January 2004 offers Macau-made products tariff-free access to the mainland; nevertheless, China is Macau's second largest goods export market, behind Hong Kong, and followed by the United States. However, exports in 2010 were less than US$900 million, while gaming receipts were almost US$24 billion, a 58% increase over 2009. Macau's economy expanded at a slower pace in 2012 - around 10% - reflecting continued global economic uncertainties. Macau continues to face the challenges of managing its growing casino industry, money-laundering, and the need to diversifying the economy away from heavy dependence on gaming revenues. 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)

$42.9 billion (2011 est.)
$35.54 billion (2010 est.)
$27.99 billion (2009 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$36.43 billion (2011 est.)

GDP - real growth rate

20.7% (2011 est.)
27% (2010 est.)
1.7% (2009 est.)

GDP - per capita (PPP)

$74,900 (2011 est.)
$62,600 (2010 est.)
$50,000 (2009 est.)

GDP - composition by sector

agriculture: 0%
industry: 7.4%
services: 92.6% (2010 est.)

Population below poverty line

NA%

Labor force

330,900 (2010 est.)

Labor force - by occupation

manufacturing: 4.3%
construction: 8.7%
transport and communications: 5.5%
wholesale and retail trade: 13.3%
restaurants and hotels: 12.7%
gambling: 13.3%
public sector: 6.7%
financial services: 2.4%
other services: 33.2% (2010)

Unemployment rate

2% (2012 est.)
2.2% (2011 est.)

Unemployment, youth ages 15-24

total: 7.5%
male: 9.8%
female: 5.4% (2009)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $16.95 billion
expenditures: $6.934 billion (2012 est.)

Taxes and other revenues

76.7% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

45.3% of GDP (2012 est.)

Inflation rate (consumer prices)

5.4% (2012 est.)
5.8% (2011 est.)

Commercial bank prime lending rate

5.4% (31 December 2012 est.)
5.25% (31 December 2011 est.)

Stock of narrow money

$4.992 billion (31 December 2012 est.)
$4.532 billion (31 December 2011 est.)

Stock of money

$4.55 billion (31 December 2009)
$3.09 billion (31 December 2008)

Stock of broad money

$39.29 billion (31 December 2012 est.)
$37.35 billion (31 December 2011 est.)

Stock of quasi money

$22.68 billion (31 December 2009 est.)
$22.15 billion (31 December 2008)

Stock of domestic credit

$6.558 billion (31 December 2012 est.)
$8.612 billion (31 December 2011 est.)

Market value of publicly traded shares

$46.1 billion (31 February 2011 est.)
$2.3 billion (31 December 2008)
$413.1 million (2004 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

Industries

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

Industrial production growth rate

3.9% (2011)

Current Account Balance

$17.01 billion (2011 est.)
$12.06 billion (2010 est.)

Exports

$1.119 billion (2011 est.)
$1.053 billion (2010 est.)
note: includes reexports

Exports - commodities

clothing, textiles, footwear, toys, electronics, machinery and parts

Exports - partners

Hong Kong 44.6%, China 15.9%, US 7.9% (2011)

Imports

$8.926 billion (2011 est.)
$6.552 billion (2010 est.)

Imports - commodities

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

Imports - partners

China 30.4%, Hong Kong 12%, France 10.4%, Switzerland 7.5%, Italy 7.5%, Japan 6.2%, US 6.1% (2011)

Reserves of foreign exchange and gold

$34.03 billion (31 December 2011 est.)
$23.73 billion (2010 est.)

Debt - external

$0 (2010)

Stock of direct foreign investment - at home

$12.1 billion (2008 est.)
$10.5 billion (#REF! est.)

Stock of direct foreign investment - abroad

$240 million (2009 est.)
$964 million (2008)

Exchange rates

patacas (MOP) per US dollar -
7.99 (2012 est.)
8.0182 (2011 est.)
8.0022 (2010 est.)
7.983 (2008)
8.011 (2007)

Fiscal year

calendar year