Southeast Asia > Macau > Economy

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Agriculture > products only 2% of land area is cultivated, mainly by vegetable growers; fishing, mostly for crustaceans, is important, some of catch is exported to Hong Kong; most food requirements are met by imports, primarily from China
Big Mac Index	$1.40		[63rd of 65]
Budget > Revenues	$4,600,000,000.00		[91st of 166]
Consumer price index	99.03 %		[156th of 165]
Debt > External	$0.00		[135th of 136]
Economy > Overview 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.
Exchange rates patacas per US dollar - 8.022 (2004), 8.021 (2003), 8.033 (2002), 8.034 (2001), 8.026 (2000)
Exports	$2,557,000,000.00		[116th of 189]
Exports to US	$302,900,000.00		[65th of 224]
GDP	$14,285,010,000.00		[87th of 203]
GDP (purchasing power parity)	$12,500,000,000.00		[135th of 187]
GDP > Real growth rate	16.6%		[3rd of 198]
GDP growth > annual %	6.66 annual %		[37th of 187]
GDP per capita, PPP > current international $	36,579.25 PPP $		[5th of 169]
Imports of goods, services and income > BoP, current US$	7,069,980,000 BoP $		[82nd of 156]
Inflation rate (consumer prices)	7.2%		[53rd of 192]
Total reserves minus gold > current US$	6,689,437,000 $		[60th of 178]
Tourist arrivals by region of origin > Africa	7,941		[74th of 142]
Tourist arrivals by region of origin > Europe	161,204		[96th of 195]
Trade balance with US	-$289,100,000.00		[183rd of 224]

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