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. 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