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EconomyEconomy - overview
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 centers. 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. 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 tourism from mainland China and the gaming sectors. This city of 550,000 hosted nearly 25 million visitors in 2010. Almost 53% came from mainland China. Macau''s traditional manufacturing industry slowed greatly since the termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) between Macau and mainland China that came into effect in January 2004 offers Macau-made products tariff-free access to the mainland; nevertheless, China is Macau''s second largest goods export market, behind Hong Kong, and followed by the United States. However, exports in 2010 were less than US$900 million, while gaming receipts were almost US$24 billion, a 58% increase over 2009. Macau continues to face the challenges of managing its growing casino industry, money-laundering, and the need to diversifying the economy away from heavy dependence on gaming revenues. 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) World Ranking: 132
$18.47 billion (2009 est.)
$18.14 billion (2008 est.) $14.4 billion (2006) Note Data are in 2011 US dollars Gdp (official exchange rate)
$22.1 billion (2009 est.)
Gdp - real growth rate World Ranking: 178
1% (2009 est.)
12.9% (2008) 26% (2007) Gdp - per capita (ppp) World Ranking: 39
$33,000 (2009)
$31,800 (2008) $28,400 (2006) Gdp - composition by sector
Agriculture 0.1%
Industry 9.4% Services 90.6% (2009 est.) Labor force World Ranking: 163
330,900 (2010 est.)
Labor force - by occupation
Manufacturing 4.3%
Construction 8.7% Transport and communications 5.5% Wholesale and retail trade 13.3% Restaurants and hotels 12.7% Gambling 13.3% Public sector 6.7% Financial services 2.4% Other services and agriculture 33.2% (2010 est.) Unemployment rate World Ranking: 25
2.9% (2010)
3.6% (2009) Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $14.52 billion
Expenditures $5.014 billion (2011 est.) Taxes and other revenues World Ranking: 6
65.7% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 1
43% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 144
5.8% (2011 est.)
2.8% (2010 est.) Commercial bank prime lending rate World Ranking: 153
5.25% (31 December 2011 est.)
5.3% (31 December 2010 est.) Stock of narrow money World Ranking: 105
$4.482 billion (31 December 2011 est.) $4.24 billion (31 December 2010 est.) Stock of broad money World Ranking: 74
$37.18 billion (31 December 2011 est.) $30.37 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 104
$8.612 billion (31 December 2011 est.) $4.36 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 96
$46.1 billion (31 February 2011 est.) $2.3 billion (31 December 2008) $413.1 million (2004 est.)Agriculture - products
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
Tourism, gambling, clothing, textiles, electronics, footwear, toys Industrial production growth rate World Ranking: 166
-23.7% (2010)
Electricity - production World Ranking: 143
1.1 billion kWh (2010 est.)
Electricity - consumption World Ranking: 123
3.66 billion kWh (2010 est.)
Electricity - exports
0 kWh (2010 est.)
Electricity - imports
2.79 billion kWh (2010 est.)
Oil - production World Ranking: 193
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 134
17,000 bbl/day (2010 est.)
Oil - exports World Ranking: 172
0 bbl/day (2010 est.)
Oil - imports World Ranking: 128
15,400 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 156
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 208
0 cu m (2010 est.)
Natural gas - consumption World Ranking: 101
154.7 million cu m (2010)
Natural gas - exports World Ranking: 136
0 cu m (2010 est.)
Natural gas - imports World Ranking: 70
154.5 million cu m (2010 est.)
Natural gas - proved reserves World Ranking: 104
174,000 cu m (July 2, 1905 est.) Current account balance World Ranking: 31
$6.238 billion (2009 est.)
$12.23 billion (2009) Exports World Ranking: 155
$1.045 billion (2010 est.)
$973 million (2009 est.) Note Includes reexports Exports - commodities
Clothing, textiles, footwear, toys, electronics, machinery and parts Exports - partners
Hong Kong 44.1%, China 15.6%, US 8.2% (2009 est.) Imports World Ranking: 117
$6.312 billion (2010 est.)
$4.5 billion (2009 est.) Imports - commodities
Raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils Imports - partners
China 30.8%, Hong Kong 18.8%, France 8.4%, Switzerland 6.4%, Italy 6.3%, US 5.7%, Japan 5.6% (2009 est.) Reserves of foreign exchange and gold World Ranking: 55
$23.73 billion (2010)
Debt - external World Ranking: 203
$0 (2010)
Stock of direct foreign investment - at home World Ranking: 80
$12.1 billion (2009 est.)
$10.5 billion (2008 est.) Stock of direct foreign investment - abroad World Ranking: 79
$240 million (2009 est.)
$964 million (2008 est.) Exchange rates
Patacas (MOP) per US dollar -
8.0182 (2011 est.) 8.0022 (2010 est.) 7.983 (2008) 8.011 (2007) Fiscal year
Calendar year
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Macau S A R (Special Administrative Region):
 
GPS points from Macau S A R (Special Administrative Region)
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Colonized by the Portuguese in the 16th century, Macau was the first European settlement in the Far East. Pursuant to an agreement signed by China and Portugal on 13 April 1987, Macau became the Macau Special Administrative Region (SAR) of the People's Republic of China on 20 December 1999. In this agreement, China promised that, under its "one country, two systems" formula, China's political and economic system would not be imposed on Macau, and that Macau would enjoy a high degree of autonomy in all matters except foreign affairs and defense for the next 50 years.