| People | Macau |
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Economy - overview:
|
Macau's economy has enjoyed strong growth in recent years on the back of its expanding tourism and gaming sectors. Since opening up its locally-controlled casino industry to foreign competition in 2001, the territory has attracted tens of billions of dollars in foreign investment that have helped transform it into the world's largest gaming center. In 2006, Macau's gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for 75% of total government revenue. The expanding casino sector, and China's decision beginning in 2002 to relax travel restrictions, have reenergized Macau's tourism industry, which saw total visitors grow to 27 million in 2007, up 62% in three years. Macau's strong economic growth has put pressure its labor market prompting businesses to look abroad to meet their staffing needs. The resulting influx of non-resident workers, who totaled one-fifth of the workforce in 2006, has fueled tensions among some segments of the population. Macau's traditional manufacturing industry has been in a slow decline. In 2006, exports of textiles and garments generated only $1.8 billion compared to $6.9 billion in gross gaming receipts. Macau's textile industry will continue to move to the mainland because of the termination in 2005 of the Multi-Fiber Agreement, which provided a near guarantee of export markets, leaving the territory more dependent on gambling and trade-related services to generate growth. However, 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):
|
$12.5 billion (2006) |
GDP (official exchange rate):
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$14.3 billion (2006) |
GDP - real growth rate:
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16.6% (2006) |
GDP - per capita (PPP):
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$28,400 (2006) |
GDP - composition by sector:
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agriculture: 0.1%
industry: 3.9%
services: 96% (2006 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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7.2% (2006) |
Labor force:
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275,000 (2006) |
Labor force participation rate:
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59.68 % of population |
Labor force - by occupation:
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manufacturing 11.1%, construction 11.7%, transport and communications 6.3%, wholesale and retail trade 13.7%, restaurants and hotels 11.3%, gambling 19.8%, public sector 7.7%, financial services 2.6%, other services and agriculture 15.7% (2006 est.) |
Unemployment rate:
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3.1% (2006) |
Budget:
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revenues: $4.6 billion
expenditures: $3.4 billion (2006) |
Budget revenues per capita:
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9,983 USD per capita |
Public debt:
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void |
Industries:
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tourism, gambling, clothing, textiles, electronics, footwear, toys |
Industrial production growth rate:
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3.8% (2006) |
Electricity - production:
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1.67 billion kWh (2006) |
Electricity - production per capita:
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3,624 kWh per capita |
Electricity - consumption:
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2.37 billion kWh (2006) |
Electricity - consumption - per capita:
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5,143 kWh per capita |
Electricity - exports:
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0 kWh (2006) |
Electricity - imports:
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964.4 million kWh (2006) |
Oil - production:
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0 bbl/day (2006 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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13,920 bbl/day (2006 est.) |
Oil - consumption - per capita:
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11.03 bbl/year per capita |
Oil - exports:
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21 bbl/day (2005) |
Oil - imports:
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13,870 bbl/day (2006) |
Oil - proved reserves:
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0 bbl (1 January 2008) |
Natural gas - production:
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0 cu m (2006 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2006 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2006 est.) |
Natural gas - imports:
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0 cu m (2006) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
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 |
Current account balance:
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void |
Current account balance - per capita:
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void |
Exports:
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$2.557 billion f.o.b.; note - includes reexports (2006) |
Exports per capita:
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5,549 USD per capita |
Exports - commodities:
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clothing, textiles, footwear, toys, electronics, machinery and parts |
Exports - partners:
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US 44.1%, China 14.8%, Hong Kong 11.3%, Germany 7.3%, UK 4.1% (2006) |
Imports:
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$4.559 billion c.i.f. (2006) |
Imports per capita:
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9,894 USD per capita |
Imports - commodities:
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raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils |
Imports - partners:
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China 45.2%, Hong Kong 10.2%, Japan 8.4%, US 5.5%, Singapore 4.1%, France 4% (2006) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$0 (2006) |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
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$6.5 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$1.1 billion (2006) |
Market value of publicly traded shares:
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$413.1 million (2004) |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$13.7 million (2004) |
Economic aid - recipient per capita:
|
30 USD per capita |
Currency (code):
|
pataca (MOP) |
Exchange rates:
|
patacas per US dollar - 8.011 (2007), 8.0015 (2006), 8.011 (2005), 8.022 (2004), 8.021 (2003) |
Fiscal year:
|
calendar year |
|
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