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Economy -
overview:
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Macau's economy
slowed dramatically in 2009 as a result of the
global economic slowdown, but strong growth
resumed in 2010, largely on the back of strong
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 Macau into one of the world's largest
gaming center. 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. This city of nearly 570,000 hosted more
than 21 million visitors in 2009. Almost 51% came
from mainland China. Macau's traditional
manufacturing industry has virtually disappeared
since the termination of the Multi-Fiber Agreement
in 2005. In 2009, total exports were less than
US$1 billion, while gaming receipts were almost
US$15 billion. By October 2010, gross gaming
revenue had already reached US$19 billion for the
year. The Macau government plans to tighten
control over the opening of new casinos and
strengthen supervision of local casino operations
in 2011 and has introduced measures to diversify
the economy. The Closer Economic Partnership
Agreement (CEPA) between Macau and mainland China
that came into effect on 1 January 2004 offers
Macau-made products tariff-free access to the
mainland; nevertheless, China remains Macau's
third largest goods export market, behind Hong
Kong and the United States. Macau's currency, the
Pataca, is closely tied to the Hong Kong dollar,
which is also freely accepted in the territory.
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GDP
(purchasing power parity):
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$18.47 billion
(2009 est.)
country
comparison to the world: 129
$18.14 billion
(2008 est.)
$14.4 billion
(2006)
note: data
are in 2010 US dollars
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GDP
(official exchange rate):
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$22.1 billion
(2009 est.)
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GDP - real
growth rate:
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1% (2009 est.)
country
comparison to the world: 180
12.9% (2008)
26% (2007)
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GDP - per
capita (PPP):
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$33,000 (2009)
country
comparison to the world: 41
$31,800 (2008)
$28,400 (2006)
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GDP -
composition by sector:
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agriculture: 0.1%
industry: 2.8%
services: 97.1%
(2009 est.)
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Labor force:
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322,000 (2009
est.)
country
comparison to the world: 163 |
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Labor force
- by occupation:
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manufacturing: 4.9%
construction: 9.3%
transport and
communications: 5.2%
wholesale and
retail trade: 12.6%
restaurants and
hotels: 13.6%
gambling: 14.2%
public sector: 6.6%
financial
services: 2.1%
other services
and agriculture: 31.5%
(2009 est.)
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Unemployment
rate:
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3.6% (2009)
country
comparison to the world: 30
3% (2008)
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Population
below poverty line:
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NA%
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Household
income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Budget:
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revenues: $7.2
billion
expenditures: $3.6
billion (2009)
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Inflation
rate (consumer prices):
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1.2% (December
2009)
country
comparison to the world: 26
8.6% (2008)
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Commercial
bank prime lending rate:
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5.25% (31
December 2009 est.)
country
comparison to the world: 146
5.43% (31
December 2008 est.)
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Stock of
narrow money:
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$3.831 billion
(31 December 2009)
$3.099 billion
(31 December 2008)
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Stock of
broad money:
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$26.56 billion
(31 December 2009 est.)
$23.78 billion
(31 December 2008)
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Stock of
domestic credit:
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$1.717 billion
(31 December 2008 est.)
country
comparison to the world: 131
$847 million
(31 December 2007 est.)
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Market value
of publicly traded shares:
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$2.3 billion
(31 December 2008 est.)
$NA (31
December 2007)
$413.1 million
(2004 est.)
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Agriculture
- products:
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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
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Industries:
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tourism,
gambling, clothing, textiles, electronics,
footwear, toys
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Industrial
production growth rate:
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NA%
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Electricity
- production:
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1.424 billion
kWh (2009 est.)
country
comparison to the world: 141 |
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Electricity
- consumption:
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3.474 billion
kWh (2009 est.)
country
comparison to the world: 119 |
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Electricity
- exports:
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0 kWh (2009
est.)
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Electricity
- imports:
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2.215 billion
kWh (2009 est.)
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Oil -
production:
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0 bbl/day (2009
est.)
country
comparison to the world: 169 |
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Oil -
consumption:
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16,000 bbl/day
(2009 est.)
country
comparison to the world: 137 |
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Oil -
exports:
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0 bbl/day (2009
est.)
country
comparison to the world: 185 |
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Oil -
imports:
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9,294 bbl/day
(2009 est.)
country
comparison to the world: 141 |
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Oil - proved
reserves:
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0 bbl (1
January 2010 est.)
country
comparison to the world: 144 |
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Natural gas
- production:
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0 cu m (2009
est.)
country
comparison to the world: 162 |
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Natural gas
- consumption:
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91.3 million cu
m (2009)
country
comparison to the world: 103 |
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Natural gas
- exports:
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0 cu m (2009
est.)
country
comparison to the world: 159 |
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Natural gas
- imports:
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97.8 million cu
m (2009 est.)
country
comparison to the world: 66 |
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Natural gas
- proved reserves:
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300,000 cu m (1
January 2008 est.)
country
comparison to the world: 103 |
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Current
account balance:
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$NA
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Exports:
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$950 million
(2009 est.)
country
comparison to the world: 154
$2 billion
(2008); note - includes reexports
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Exports -
commodities:
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clothing,
textiles, footwear, toys, electronics, machinery
and parts
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Exports -
partners:
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Hong Kong
38.7%, US 17.9%, China 14.4%, Germany 4% (2009)
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Imports:
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$4.5 billion
(2009 est.)
country
comparison to the world: 124
$5.4 billion
(2008 est.)
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Imports -
commodities:
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raw materials
and semi-manufactured goods, consumer goods
(foodstuffs, beverages, tobacco), capital goods,
mineral fuels and oils
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Imports -
partners:
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China 31.1%,
Hong Kong 10.8%, Japan 8.1%, France 8%, US 6.2%
(2009)
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Reserves of
foreign exchange and gold:
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$NA
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Debt -
external:
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$0 (2009)
country
comparison to the world: 199 |
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Stock of
direct foreign investment - at home:
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$13.6 billion
(2008 est.)
country
comparison to the world: 77
$11.1 billion
(#REF! est.)
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Stock of
direct foreign investment - abroad:
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$980 million
(2009 est.)
country
comparison to the world: 74
$1 billion
(2008 est.)
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Exchange
rates:
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patacas (MOP)
per US dollar - 7.985 (2009), 7.983 (2008), 8.011
(2007), 8.0015 (2006)
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