Economy - overview:
Macau's well-to-do economy has remained one of the most open in the world since its reversion to China in 1999. The territory's net exports of goods and services account for roughly 41% of GDP with tourism and apparel exports as the mainstays. Although the territory was hit hard by the 1998 Asian financial crisis and the global downturn in 2001, its economy grew 9.5% in 2002. A rapid rise in the number of mainland visitors because of China's easing of restrictions on travel drove the recovery. The budget also returned to surplus in 2002 because of the surge in visitors from China and a hike in taxes on gambling profits, which generated about 70% of government revenue. The liberalization of Macao's gambling monopoly contributes to GDP growth, as the three companies awarded gambling licenses have pledged to invest $2.2 billion in the territory. Much of Macau's textile industry may move to the mainland as the Multi-Fiber Agreement is phased out. The territory may have to rely more on gambling and trade-related services to generate growth. The government estimated GDP growth at 4% in 2003 with the drop in large measure due to concerns over the Severe Acute Respiratory Syndrome (SARS), but private sector analysts think the figure may have been higher because of the continuing boom in tourism.
GDP:
purchasing power parity - $9.1 billion (2003 est.)
GDP - real growth rate:
4% (2003 est.)
GDP - per capita:
purchasing power parity - $19,400 (2003 est.)
GDP - composition by sector:
agriculture: 1%
industry: 12%
services: 87% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
-2.6% (2003 est.)
Labor force:
214,000 (2002)
Labor force - by occupation:
restaurants and hotels 12%, manufacturing 20%, wholesale and retail trade 15%, public sector 8%, construction 7%, transport and communications 6%, gambling 7%, other services and agriculture 25% (2002 est.)
Unemployment rate:
6.3% (2003)
Budget:
revenues: $1.9 billion
expenditures: $1.68 billion, including capital expenditures of $194 million (2002)
Industries:
tourism, gambling, clothing, textiles, electronics, footwear, toys
Industrial production growth rate:
NA%
Electricity - production:
1.611 billion kWh (2002)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.688 billion kWh (2002)
Electricity - exports:
1 million kWh (2001)
Electricity - imports:
193 million kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
11,190 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Agriculture - products:
vegetables, livestock
Exports:
$2.356 billion f.o.b. (2002)
Exports - commodities:
clothing, textiles, footwear, cement, machines, and parts
Exports - partners:
US 48.5%, China 15.5%, Germany 7.4%, Hong Kong 5.8%, UK 5.4% (2002)
Imports:
$2.53 billion c.i.f. (2002)
Imports - commodities:
clothing, textiles, yarn, foodstuffs, fuel, automobiles, capital goods
Imports - partners:
China 41.7%, Hong Kong 14.5%, Japan 6.8%, Taiwan 6.6%, South Korea 5%, France 4.3%, US 4.2% (2002)
Debt - external:
$121 million (2001 est.)
Economic aid - recipient:
$NA (1997)
Currency:
pataca (MOP)
Currency code:
MOP
Exchange rates:
patacas per US dollar - 8.02 (2003), 8.03 (2002), 8.03 (2001), 8.03 (2000), 7.99 (1999)
Fiscal year:
calendar year
