Macau/Economy

Economy - overview: The economy is based largely on tourism (including gambling) and textile and fireworks manufacturing. Efforts to diversify have spawned other small industries - toys, artificial flowers, and electronics. The tourist sector has accounted for roughly 25% of GDP, and the clothing industry has provided about three-fourths of export earnings; the gambling industry probably represents over 40% of GDP. The casino industry, the linchpin of the economy, has been controlled by the Sociedade de Turismo e Diversoes de Macau (STDM) monopoly for the last 39 years. That will change in 2001 when casino licenses will be offered to other casino operators. Macau depends on 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. Output dropped 4% in 1998 and the economy remained weak in 1999. Macau reverted to Chinese administration on 20 December 1999. Gang violence, a dark spot in the economy, probably will be reduced in 2000 to the advantage of the tourism sector.

GDP: purchasing power parity - $7.65 billion (1998 est.)

GDP - real growth rate: -4% (1998 est.)

GDP - per capita: purchasing power parity - $17,500 (1998 est.)

GDP - composition by sector:
agriculture: 1%
industry: 40%
services: 59% (1997)

Population below poverty line: NA%

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

Inflation rate (consumer prices): -3% (1999 est.)

Labor force: 281,117 (1998)

Labor force - by occupation: industry 31%, restaurants and hotels 28%, other services 41%

Unemployment rate: 6.9% (1999)

Budget:
revenues: $1.34 billion
expenditures: $1.34 billion, including capital expenditures of $260 million (1998 est.)

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

Industrial production growth rate: NA%

Electricity - production: 1.34 billion kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1.42 billion kWh (1998)

Electricity - exports: 1 million kWh (1998)

Electricity - imports: 175 million kWh (1998)

Agriculture - products: rice, vegetables

Exports: $1.7 billion (f.o.b., 1999)

Exports - commodities: textiles, clothing, toys, electronics, cement, footwear, machinery

Exports - partners: US 48%, EU 31%, Hong Kong 8%, China 7% (1998)

Imports: $1.5 billion (c.i.f., 1999)

Imports - commodities: raw materials, foodstuffs, capital goods, fuels, consumer goods

Imports - partners: China 33%, Hong Kong 24%, EU 11%, Taiwan 10%, Japan 8% (1998)

Debt - external: $1.7 billion (1997)

Economic aid - recipient: $NA

Currency: 1 pataca (P) = 100 avos

Exchange rates: patacas (P) per US$1 - 8.01 (January 2000), 7.99 (1999), 7.98 (1998), 7.99 (1997), 7.962 (1996), 8.034 (1993-95); note - linked to the Hong Kong dollar at the rate of 1.03 patacas per Hong Kong dollar

Fiscal year: calendar year