Is Macau a rich country?
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. In 2016, Macau's gaming-related taxes accounted for more than 76% of total government revenue.
Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in the 2010-13 period, largely on the back of tourism from mainland China and the gaming sectors. In 2015, this city of 646,800 hosted nearly 30.7 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s anti-corruption campaign brought Macau’s gambling boom to a halt in 2014, with spending in casinos contracting 34.3% in 2015. As a result, Macau's inflation-adjusted GDP contracted 21.5% in 2015 and another 2.1% in 2016 - down from double-digit expansion rates in the period 2010-13 - but the economy recovered handsomely in 2017.
Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
What is the GDP of Macau?
|GDP - Gross Domestic Product (PPP)||$51,680,000,000 (USD)|
|GDP - official exchange rate||$51,680,000,000 (USD)|
|GDP - real growth rate||11.9%|
|GDP Per Capita||$88,700.00 (USD)|
|GDP by Sector- Industry||8.4%|
|GDP by Sector- services||91.6%|
|GDP - composition, by end use||
household consumption: 26.2%
government consumption: 9.7%
investment in fixed capital: 21.4%
investment in inventories: -0.1%
exports of goods and services: 84.2%
imports of goods and services: -41.4%
|Fiscal Year||calendar year|
|Annual Budget||$9,950,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||23.3%|
|Taxes and other revenues - percent of GDP||37.6%|
|Major Industries||tourism, gambling, clothing, textiles, electronics, footwear, toys|
|Industrial Growth Rate||-23.7%|
|Agriculture Products||vegetables, livestock|
|Currency Code||pataca (MOP)|
|Labor Force By Occupation - financial services||2.6%|
|Labor Force By Occupation - restaurants and hotels||15%|
|Labor Force By Occupation - transport and communications||4.4%|
|Labor Force By Occupation - wholesale and retail trade||12.4%|
|Labor Force By Occupation- construction||9.8%|
|Labor Force By Occupation- gambling||25.9%|
|Labor Force By Occupation- manufacturing||2.5%|
|Labor Force By Occupation- other services||20.3%|
|Labor Force By Occupation- public sector||7.1%|
|Commercial Bank Prime Lending Rate||5.25%|