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Macau Economy Profile

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Economy - overview

Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory 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. In 2016, Macau's gaming-related taxes accounted for more than 76% of total government revenue.

Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in the 2010-13 period, largely on the back of tourism from mainland China and the gaming sectors. In 2015, this city of 646,800 hosted nearly 30.7 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s anti-corruption campaign brought Macau’s gambling boom to a halt in 2014, with spending in casinos contracting 34.3% in 2015. As a result, Macau's inflation-adjusted GDP contracted 21.5% in 2015 and another 2.1% in 2016 - down from double-digit expansion rates in the period 2010-13 - but the economy recovered handsomely in 2017.

Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify 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)
$77.33 billion (2018)
$71.82 billion (2017 est.)
$65.84 billion (2016 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$50.36 billion (2017 est.)
GDP - real growth rate
9.1% (2017 est.)
-0.9% (2016 est.)
-21.6% (2015 est.)
GDP - per capita (PPP)
$122,000 (2018)
$110,000 (2017 est.)
$102,100 (2016 est.)
GDP - composition, by end use
household consumption: 24.2% (2017 est.)
government consumption: 9.9% (2017 est.)
investment in fixed capital: 18.5% (2017 est.)
investment in inventories: 0.8% (2017 est.)
exports of goods and services: 79.4% (2017 est.)
imports of goods and services: -32% (2017 est.)
GDP - composition by sector
agriculture: 0% (2016 est.)
industry: 6.3% (2017 est.)
services: 93.7% (2017 est.)
Population below poverty line
NA
Labor force
392,000 (2020 est.)
Labor force - by occupation
agriculture: 2.5%
industry: 9.8%
services: 4.4%
industry and services: 12.4%
agriculture/fishing/forestry/mining: 15%
manufacturing: 25.9%
construction: 7.1%
transportation and utilities: 2.6%
commerce: 20.3% (2013 est.)
Unemployment rate
2% (2017 est.)
1.9% (2016 est.)
Unemployment, youth ages 15-24
total: 5.3%
male: 6.7%
female: 3.9% (2017 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Distribution of family income - Gini index
35 (2013)
38 (2008)
Budget
revenues: 14.71 billion (2017 est.)
expenditures: 9.684 billion (2017 est.)
Taxes and other revenues
29.2% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
10% (of GDP) (2017 est.)
Public debt
0% of GDP (2017 est.)
0% of GDP (2016 est.)
Inflation rate (consumer prices)
1.2% (2017 est.)
2.4% (2016 est.)
Commercial bank prime lending rate
5.25% (31 December 2017 est.)
5.25% (31 December 2016 est.)
Stock of narrow money
$8.866 billion (31 December 2017 est.)
$7.858 billion (31 December 2016 est.)
Stock of broad money
$8.866 billion (31 December 2017 est.)
$7.858 billion (31 December 2016 est.)
Stock of domestic credit
$18.24 billion (31 December 2017 est.)
$17.16 billion (31 December 2016 est.)
Market value of publicly traded shares
$85.5 billion (2 March 2012 est.)
$2.3 billion (31 December 2008 est.)
$46.1 billion (31 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
2% (2017 est.)
Current Account Balance
$16.75 billion (2017 est.)
$12.22 billion (2016 est.)
Exports
$1.45 billion (2018)

note: includes reexports

Exports - commodities
clothing, textiles, footwear, toys, electronics, machinery and parts
Exports - partners
Hong Kong 62.1%, China 16.5%, US 1% (2018)
Imports
$11.1 billion (2018)
$9.7 billion (2017 est.)
Imports - commodities
raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco, garments and footwear, motor vehicles), capital goods, mineral fuels and oils
Imports - partners
China 35%, Italy 8.6%, Hong Kong 7.8%, France 8.4%, Switzerland 7.7%, Japan 8.1%, US 4.1% (2018)
Reserves of foreign exchange and gold
$20.17 billion (31 December 2017 est.)
$18.89 billion (31 December 2015 est.)

note: the Fiscal Reserves Act that came into force on 1 January 2012 requires the fiscal reserves to be separated from the foreign exchange reserves and to be managed separately; the transfer of assets took place in February 2012

Debt - external
$0 (31 December 2013)
$0 (31 December 2012)
Stock of direct foreign investment - at home
$18.91 billion (31 December 2011 est.)
$14.91 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad
$1.166 billion (2012 est.)
$667.8 million (2011 est.)
Exchange rates
patacas (MOP) per US dollar -
8 (2017 est.)
7.9951 (2016 est.)
7.9951 (2015 est.)
7.985 (2014 est.)
7.9871 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

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