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Macau:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$12.5 billion (2006)
GDP (official exchange rate)
Definition
$14.3 billion (2006)
GDP - real growth rate
Definition - World rank and map
16.6% (2006)
GDP - per capita
Definition - World rank and map
$28,400 (2006)
GDP - composition by sector
Definition
agriculture: 0.1%
industry: 3.9%
services: 96% (2006 est.)
Labor force
Definition
275,000 (2006)
Labor force - by occupation
Definition
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)
Unemployment rate
Definition - World rank and map
3.1% (2006)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
7.2% (2006)
Budget
Definition
revenues: $4.6 billion
expenditures: $3.4 billion (2006)
Agriculture - products
Definition
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
Definition
tourism, gambling, clothing, textiles, electronics, footwear, toys
Industrial production growth rate
Definition - World rank and map
3.8% (3rd quarter)
Electricity - production
Definition - World rank and map
1.67 billion kWh (2006)
Electricity - consumption
Definition - World rank and map
2.37 billion kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
5,143 kWh (2006)
Electricity - exports
Definition
0 kWh (2006)
Electricity - imports
Definition
964.4 million kWh (2006)
Oil - production
Definition - World rank and map
0 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
13,920 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
30.2 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
21 bbl/day (2005)
Oil - imports
Definition - World rank and map
13,870 bbl/day (2006)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2006 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2006 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2006 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2006 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2006)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$2.557 billion f.o.b.; note - includes reexports (2006)
Exports - commodities
Definition
clothing, textiles, footwear, toys, electronics, machinery and parts
Exports - partners
Definition
US 40%, China 15.7%, Hong Kong 13.2%, Germany 6.4%, UK 4.1% (2006)
Imports
Definition - World rank and map
$4.559 billion c.i.f. (2006)
Imports - commodities
Definition
raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils
Imports - partners
Definition
China 42.2%, Hong Kong 9.7%, Japan 8%, Chile 6%, US 5.1% (2006)
Debt - external
Definition - World rank and map
$0 (2006)
Stock of direct foreign investment - at home
Definition
$6.5 billion (2006)
Stock of direct foreign investment - abroad
Definition
$1.1 billion (2006)
Market value of publicly traded shares
Definition
$413.1 million (2004)
Economic aid - recipient
Definition
$13.7 million (2004)
Currency (code)
Definition
pataca (MOP)
Exchange rates
Definition
patacas per US dollar - 8.011 (2007), 8.0015 (2006), 8.011 (2005), 8.022 (2004), 8.021 (2003)
Fiscal year
Definition
calendar year


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