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Economy of Macau

Economy of Macau
CurrencyMacanese pataca (MOP); Hong Kong dollar (HKD, unofficial)[1][2][3]
calendar year
Trade organisations
WTO, One Belt One Road, Boao Forum, The Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macau) and ICC etc.
Country group
Statistics
PopulationIncrease 657,647 (2021)[6]
GDP
  • Increase $55 billion (nominal, 2024)[7]
  • Increase $93 billion (PPP, 2024)[7]
GDP rank
GDP growth
  • 27.2 % (March 2024) 4.7% (2018)
  • −4.7% (2019)[7][8] −52.3% (2020e)[7]
GDP per capita
  • Increase $78,962 (nominal, 2024)[7]
  • Increase $125,510 (PPP, 2024)[7]
GDP per capita rank
GDP by sector
3.005% (2018)[7]
Population below poverty line
NA[9]
35 medium (2013)[9]
Labour force
  • Increase 388,620 (2019)[11]
  • Decrease 70.9% employment rate (2016)[12]
Labour force by occupation
  • agriculture: 2.5%
  • industry: 9.8%
  • services: 4.4%
  • industry and services: 12.4%
  • agriculture/fishing/forestry/mining: 15%
  • manufacturing: 25.9%
  • construction: 7.1%
  • transportation and utilities: 2.6%
  • commerce: 20.3%
  • (2013 est.)[9]
UnemploymentSteady 1.7% (Q2, 2019)[13]
Main industries
tourism, gambling, clothing, textiles, electronics, footwear, toys
External
Exports$1.45 billion (2018 est.) [14]
Export goods
clothing, textiles, footwear, toys, electronics, machinery and parts
Main export partners
Imports$11.55 billion (2016 est.)[9]
Import goods
raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco, garments and footwear, motor vehicles), capital goods, mineral fuels and oils
Main import partners
FDI stock
  • Increase $18.91 billion (31 December 2011 est.)[9]
  • Increase Abroad: $1.166 billion (2012 est.)[9]
Increase $16.75 billion (2017 est.)[9]
Steady $0 (31 December 2013)[9]
Public finances
Steady 0% of GDP (2017 est.)[9]
Revenues14.71 billion (2017 est.)[9]
Expenses9.684 billion (2017 est.)[9]
Increase $20.17 billion (31 December 2017 est.)[9][note 2]
All values, unless otherwise stated, are in US dollars.

The economy of Macau is a highly developed market economy. Macau's economy has remained one of the most open in the world since its handover to China in 1999. Apparel exports and gambling-related tourism are mainstays of the economy. Since Macau has little arable land and few natural resources, it depends on mainland China for most of its food, fresh water, and energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Although Macau was hit hard by the 1997–98 Asian financial crisis and the early 2000s recession, its economy grew approximately 13.1% annually on average between 2001 and 2006.[17] Macau is a full Member of the World Trade Organization.[18] Public security has greatly improved after handover to the People's Republic of China.[19] With the tax revenue from the profitable gambling industry, the Macau government is able to introduce the social welfare program of 15 years of free education to all Macau citizens.[20] In 2015, Macau's economy saw a sharp decrease (-26.4% year-on-year in Q2 2015) due to the reduced spending by visitors from Mainland China since the Anti-corruption campaign under Xi Jinping.[21]

During the first three-quarters of 2007, Macau registered year-on-year GDP increases of 31.4%.[17] A rapid rise in the number of mainland visitors due to China's easing of travel restrictions, increased public works expenditures, and significant investment inflows associated with the liberalisation of Macau's gaming industry drove the five-year recovery. The budget also returned to surplus after 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 Hong Kong dollar is itself a reserve currency for the Macanese pataca, which is pegged at the official rate of around 1 Hong Kong dollar to 1.03 Macanese pataca.[22]

  1. ^ Chan, S. S. (2000). The Macau Economy. Publications Centre, University of Macau. ISBN 99937-26-03-6.
  2. ^ "The Basics | Fodor's Travel". Archived from the original on 24 April 2016. Retrieved 7 May 2017.
  3. ^ "Macau: What to use in Macau - MOP or HKD? - Tripadvisor". Archived from the original on 21 August 2018. Retrieved 7 May 2017.
  4. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 17 June 2019. Retrieved 29 September 2019.
  5. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  6. ^ "Population, total - Macao SAR, China". data.worldbank.org. World Bank. Archived from the original on 19 October 2019. Retrieved 19 October 2019.
  7. ^ a b c d e f g "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  8. ^ "【內外夾擊】澳門上季經濟按年勁縮8.1%". 東網ON.CC. 東網ON.CC. 29 February 2020. Archived from the original on 8 April 2020. Retrieved 7 March 2020.
  9. ^ a b c d e f g h i j k l m "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 24 January 2021. Retrieved 19 October 2019.
  10. ^ "Macau in Figures, 2024". 澳門統計暨普查局(DSEC). p. 4. Retrieved 8 June 2024.
  11. ^ "Labor force, total - Macao SAR, China". data.worldbank.org. World Bank. Archived from the original on 19 October 2019. Retrieved 6 January 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Macao SAR, China". data.worldbank.org. World Bank. Archived from the original on 19 October 2019. Retrieved 19 October 2019.
  13. ^ "Employment Survey". dsec.gov.mo. Statistics and Census Service. Archived from the original on 19 October 2019. Retrieved 19 October 2019.
  14. ^ "Macau's Top 10 Exports 2019". Archived from the original on 25 February 2020. Retrieved 19 February 2020.
  15. ^ "Export Partners of Macau". The Observatory of Economic Complexity. Retrieved 9 September 2024.
  16. ^ "Import Partners of Macau". The Observatory of Economic Complexity. Retrieved 9 September 2024.
  17. ^ a b "Economic statistics from Monetary Authority of Macao". AMCM. Archived from the original on 19 December 2012. Retrieved 23 December 2007.
  18. ^ "WTO | Macao, China - Member information". Archived from the original on 1 August 2015. Retrieved 1 February 2013.
  19. ^ "Archived copy". Archived from the original on 14 May 2013. Retrieved 13 October 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  20. ^ "Archived copy". Archived from the original on 2 January 2020. Retrieved 28 December 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  21. ^ "Macau economy - introduction" (PDF). Archived from the original (PDF) on 24 January 2021. Retrieved 6 January 2016.
  22. ^ "Archived copy" (PDF). Archived from the original (PDF) on 5 June 2013. Retrieved 5 November 2012.{{cite web}}: CS1 maint: archived copy as title (link)


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Economy of Macau

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