Economy - overview Macau's economy two years after reversion to China remains one of the most open in the world, according to the World Trade Organization. The government collects no duty on imports and sets no restrictions on exports beyond those required by international agreements. The territory's net exports of goods and services account for 35% of GDP, with tourism and apparel exports as the mainstays. The territory therefore has been hit hard by the 2001 downturn in its key US and EU export markets. Tourism remained strong, however, driven by a surge in visitors from mainland China. In response to the expected contraction of the economy in 2002, the government has announced a stimulative income tax cut and public works program that will push the budget into deficit. China already has extended support by easing restrictions on travel to Macau and is proposing a China-Hong Kong-Macau free trade area. China's economic weight is increasingly felt, with the mainland now holding more than 50% of assets in the financial, real estate, and construction sectors. Mainlanders, however, have been excluded from bidding on the gambling industry licenses that Macau is offering to break up the territory's four-decade-old gambling monopoly. Gambling taxes account for up to 60% of revenue, and the government with Beijing's backing intends to revitalize the industry.

GDP purchasing power parity - $8 billion (2001 est.)

GDP - real growth rate 0.5% (2001 est.)

GDP - per capita purchasing power parity - $17,600 (2001 est.)

GDP - composition by sector
agriculture: 1%
industry: 25%
services: 74% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) -2% (2001 est.)

Labor force 218,000 (2001)

Labor force - by occupation restaurants and hotels 26%, manufacturing 20%, other services and agriculture 54% (2000 est.)

Unemployment rate 6.5% (2001 est.)

Budget
revenues: $1.15 billion
expenditures: $1.03 billion, including capital expenditures of $166 million (2000 est.)

Industries tourism, gambling, clothing, textiles, electronics, footwear, toys

Industrial production growth rate NA%

Electricity - production 1.4 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.476 billion kWh (2000)

Electricity - exports 1 million kWh (2000)

Electricity - imports 175 million kWh (2000)

Agriculture - products rice, vegetables

Exports $2.5 billion (f.o.b., 2000)

Exports - commodities clothing, textiles, cement, electronics, cameras

Exports - partners US 48%, EU 28%, China 10%, Hong Kong 7% (2000)

Imports $2.3 billion (c.i.f., 2000)

Imports - commodities clothing, textiles, yarn, minerals, electrical machinery, fuel, livestock

Imports - partners China 41%, Hong Kong 15%, EU 10%, Taiwan 10%, Japan 6% (2000)

Debt - external $1.5 billion (1998)

Economic aid - recipient $NA

Currency pataca (MOP)

Currency code MOP

Exchange rates patacas per US dollar - 8.033 (January 2002), 8.034 (2001), 8.026 (2000), 7.992 (1999), 7.979 (1998), 7.975 (1997); note - linked to the Hong Kong dollar at the rate of 1.03 patacas per Hong Kong dollar

Fiscal year calendar year

NOTE: The information regarding Macau on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macau Economy 2002 information contained here. All suggestions for corrections of any errors about Macau Economy 2002 should be addressed to the CIA.