Macau: Economy#
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory 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. In 2015, Macau's gaming-related taxes accounted for more than 76% of total government revenue.Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-13, largely on the back of tourism from mainland China and the gaming sectors. In 2015, this city of 646,800 hosted nearly 30.7 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s ongoing anti-corruption campaign has brought Macau’s gambling boom to a halt, with spending in casinos contracting 34.3% in 2015. As a result, Macau's inflation-adjusted GDP contracted 20.3% from 2014, down from double-digit expansion rates in 2010-13. Non-inflation adjusted exports of goods and services dropped 1.8% from 2014, reflecting the slowdown in gaming exports.
Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify 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.
Economic Facts#
| GDP (purchasing power parity) | $63.22 billion (2016 est.) $66.38 billion (2015 est.) $83.33 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $44.07 billion (2015 est.) |
| GDP - real growth rate | -4.7% (2016 est.) -20.3% (2015 est.) -0.9% (2014 est.) |
| GDP - per capita (PPP) | $96,100 (2016 est.) $102,600 (2015 est.) $131,000 (2014 est.) |
| GDP - composition, by end use | household consumption: 28.7% government consumption: 11% investment in fixed capital: 21% investment in inventories: -0.1% exports of goods and services: 73.7% imports of goods and services: -34.3% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 0% industry: 11.2% services: 88.8% (2016 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 | 3% (2016 est.) |
| Labor force | 400,000 (2016 est.) |
| Labor force - by occupation | manufacturing: 2.5% construction: 9.8% transport and communications: 4.4% wholesale and retail trade: 12.4% restaurants and hotels: 15% gambling: 25.9% public sector: 7.1% financial services: 2.6% other services: 20.3% (2013) |
| Unemployment rate | 1.9% (2016 est.) 1.8% (2015 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Distribution of family income - Gini index | 35 (2013) 38 (2008) |
| Budget | revenues: $12.12 billion expenditures: $7.004 billion (2016 est.) |
| Taxes and other revenues | 27.5% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | 11.6% of GDP (2016 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 3.3% (2016 est.) 4.6% (2015 est.) |
| Commercial bank prime lending rate | 5.4% (31 December 2016 est.) 5.25% (31 December 2015 est.) |
| Stock of narrow money | $6.96 billion (31 December 2016 est.) $7.623 billion (31 December 2015 est.) |
| Stock of broad money | $64.67 billion (31 December 2014 est.) $55.29 billion (31 December 2013 est.) |
| Stock of domestic credit | $18.08 billion (31 December 2016 est.) $10.09 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $85.5 billion (2 March 2012 est.) $46.1 billion (31 February 2011 est.) $2.3 billion (31 December 2008 est.) |
| Current account balance | $12.51 billion (2016 est.) $12.92 billion (2015 est.) |
| Exports | $1.137 billion (2013 est.) $1.903 billion (2014 est.) note: includes reexports |
| Exports - commodities | clothing, textiles, footwear, toys, electronics, machinery and parts |
| Exports - partners | Hong Kong 63.4%, China 18.2% (2015) |
| Imports | $14.2 billion (2014 est.) $10.13 billion (2013 est.) |
| Imports - commodities | raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco, garments and footwear, motor vehicles), capital goods, mineral fuels and oils |
| Imports - partners | China 33.8%, Hong Kong 8.8%, Japan 8.5%, Switzerland 8%, France 6.9%, Italy 6.7%, US 6.7% (2015) |
| Reserves of foreign exchange and gold | $18.89 billion (31 December 2015 est.) $16.44 billion (31 December 2014 est.) note: the Fiscal Reserves Act that came into force on 1 January 2012 requires the fiscal reserves to be separated from the foreign exchange reserves and to be managed separately; the transfer of assets took place in February 2012 |
| Debt - external | $0 (31 December 2013) $0 (31 December 2012) |
| Stock of direct foreign investment - at home | $18.91 billion (31 December 2011 est.) $14.91 billion (31 December 2011 est.) |
| Stock of direct foreign investment - abroad | $1.166 billion (2012 est.) $667.8 million (2011 est.) |
| Exchange rates | patacas (MOP) per US dollar - 8.01 (2016 est.) 7.985 (2015 est.) 7.985 (2014 est.) 7.9871 (2013 est.) 7.99 (2012 est.) |