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Macau: Economy

Economy Macau
Economy - overview:
Macau's economy four years after reversion to China remains one of the most open in the world. The territory's net exports of goods and services account for 39% 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 an estimated 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 63% of government revenue. The liberalization of Macao's gambling monopoly may contribute to GDP growth, as the three companies awarded gambling licenses have pledged to invest $2.2 billion - roughly 33% of GDP - 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. Growth fell to 4% in 2003, according to early government forecasts, with the drop in large measure due to concerns over the Severe Acute Respiratory Syndrome (SARS).
GDP:
purchasing power parity - $8.6 billion (2002 est.)
GDP - real growth rate:
9.5% (2002 est.)
GDP - per capita:
purchasing power parity - $18,500 (2002 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% (2002 est.)
Labor force:
214,000 (2002)
Labor force - by occupation:
restaurants and hotels 12%, manufacturing 20%, other services and agriculture 68% (2002 est.)
Unemployment rate:
6.3% (2002)
Budget:
revenues: $1.41 billion
expenditures: $1.19 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:
11,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
vegetables, livestock
Exports:
$2.36 billion f.o.b. (2002)
Exports - commodities:
clothing, textiles, footwear, cement, machines, and parts
Exports - partners:
US 48.6%, 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 6.7%, Taiwan 6.6%, South Korea 5%, France 4.3%, US 4.1% (2002)
Debt - external:
$255 million (2000 est.)
Economic aid - recipient:
$NA
Currency:
pataca (MOP)
Currency code:
MOP
Exchange rates:
patacas per US dollar - 8.03 (2002), 8.03 (2001), 8.03 (2000), 7.99 (1999), 7.98 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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