Macau:
Economy

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Other pages in this profile of Macau:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Macau: Economy

Macau:
Economy