Macau Economy Profile 2009

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% 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 (purchasing power parity)

$18.14 billion (2008 est.)
$12.5 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate)

$22.04 billion (2008 est.)

GDP - real growth rate

15% (2008)
16.6% (2006)

GDP - per capita (PPP)

$30,000 (2007)
$28,400 (2006)

GDP - composition by sector

agriculture: 0.1%
industry: 2.8%
services: 97.1% (2007 est.)

Population below poverty line

NA%

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)
3.1% (2006)

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)
7.2% (2006)

Commercial bank prime lending rate

5.25% (31 December 2008)

Stock of money

$2.66 billion (31 December 2008)
$1.16 billion (31 December 2007)

Stock of quasi money

$20.5 billion (31 December 2008)
$21.91 billion (31 December 2007)

Stock of domestic credit

$11.5 billion (31 December 2008)
$NA (31 December 2007)

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

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

5,027 bbl/day (2008 est.)

Oil - exports

0 bbl/day (2008)

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 (2008 est.)
$2.557 billion (2006 est.); note - includes reexports

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.)
$4.559 billion (2006 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)

Stock of direct foreign investment - at home

$7.9 billion (2007)
$6.5 billion (2006)

Stock of direct foreign investment - abroad

$1.9 billion (2007)
$1.1 billion (2006)

Market value of publicly traded shares

$2.3 billion (31 December 2008 est.)
$NA (31 December 2007)
$413.1 million (2004 est.)

Economic aid - recipient

$13.7 million (2004)

Currency (code)

MOP

Currency (code)

pataca (MOP)

Exchange rates

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

Fiscal year

calendar year