| Economy | Macau |
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Economy - overview:
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Macau's economy enjoyed strong growth, largely on the back of its expanding tourism and gaming sectors, prior to a recent slowdown during the global economic crisis. 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. 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 from there. 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. Throughout the first half of 2009, however, gaming revenues dropped, and GDP growth was negative. The economy in the latter half of 2009 showed signs of pulling out of the slowdown, with third quarter 2009 gaming revenues surging 22% over the same period of the previous year - the highest quarterly gaming revenues recorded in Macau. 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. |
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This page was last updated on 1 February, 2010 |
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