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Currency | Macanese pataca (MOP); Hong Kong dollar (HKD, unofficial)[1][2][3] |
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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 ( Macao) and ICC etc. |
Country group | |
Statistics | |
Population | ![]() |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3.005% (2018)[7] | |
Population below poverty line | NA[9] |
35 medium (2013)[9] | |
Labour force | |
Labour force by occupation |
|
Unemployment | ![]() |
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 |
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FDI stock | |
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Gross external debt | ![]() |
Public finances | |
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Revenues | 14.71 billion (2017 est.)[9] |
Expenses | 9.684 billion (2017 est.)[9] |
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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.[15] Macau is a full Member of the World Trade Organization.[16] Public security has greatly improved after handover to the People's Republic of China.[17] 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.[18] 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.[19]
During the first three-quarters of 2007, Macau registered year-on-year GDP increases of 31.4%.[15] 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.[20]
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