Economy - overview:
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.
GDP (purchasing power parity):
$73.58 billion (2017 est.)
$64.86 billion (2016 est.)
$66.28 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 97
GDP (official exchange rate):
$51.16 billion (2017 est.)
GDP - real growth rate:
13.4% (2017 est.)
-2.1% (2016 est.)
-21.5% (2015 est.)
country comparison to the world: 2
GDP - per capita (PPP):
$114,400 (2017 est.)
$100,600 (2016 est.)
$102,400 (2015 est.)
country comparison to the world: 4
GDP - composition, by end use:
household consumption: 24.5%
government consumption: 9.4%
investment in fixed capital: 17.7%
investment in inventories: 0%
exports of goods and services: 79.3%
imports of goods and services: -30.8% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 0%
industry: 11.3%
services: 88.7% (2016 est.)
Agriculture - products:
only 2% of land area is cultivated, mainly by vegetable growers; fishing, mostly for crustaceans, is important; some of the catch is exported to Hong Kong
Industries:
tourism, gambling, clothing, textiles, electronics, footwear, toys
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 138
Labor force:
400,000 (2017 est.)
country comparison to the world: 160
Labor force - by occupation:
manufacturing: 2.5%
construction: 9.8%
transport and communications: 4.4%
wholesale and retail trade: 12.4%
restaurants and hotels: 15%
gambling: 25.9%
public sector: 7.1%
financial services: 2.6%
other services: 20.3% (2013 est.)
Unemployment rate:
2% (2017 est.)
1.9% (2016 est.)
country comparison to the world: 14
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
35 (2013 est.)
38 (2008 est.)
country comparison to the world: 98
Budget:
revenues: $14.24 billion
expenditures: $10.55 billion (2017 est.)
Taxes and other revenues:
27.8% of GDP (2017 est.)
country comparison to the world: 97
Budget surplus (+) or deficit (-):
7.2% of GDP (2017 est.)
country comparison to the world: 4
Public debt:
0% of GDP (2016 est.)
0% of GDP (2015 est.)
country comparison to the world: 207
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.5% (2017 est.)
2.4% (2016 est.)
country comparison to the world: 64
Commercial bank prime lending rate:
5.5% (31 December 2017 est.)
5.25% (31 December 2016 est.)
country comparison to the world: 134
Stock of narrow money:
$8.993 billion (31 December 2017 est.)
$7.783 billion (31 December 2016 est.)
country comparison to the world: 87
Stock of broad money:
$77.31 billion (31 December 2017 est.)
$66.57 billion (31 December 2016 est.)
country comparison to the world: 61
Stock of domestic credit:
$20.18 billion (31 December 2017 est.)
$17.16 billion (31 December 2016 est.)
country comparison to the world: 91
Market value of publicly traded shares:
$85.5 billion (2 March 2012 est.)
$46.1 billion (31 February 2011 est.)
$2.3 billion (31 December 2008 est.)
country comparison to the world: 43
Current account balance:
$16.86 billion (2017 est.)
$12.31 billion (2016 est.)
country comparison to the world: 18
Exports:
$1.137 billion (2013 est.)
$1.959 billion (2015 est.)
note: includes reexports
country comparison to the world: 154
Exports - commodities:
clothing, textiles, footwear, toys, electronics, machinery and parts
Exports - partners:
Hong Kong 64.1%, China 20.2% (2016)
Imports:
$0 (2014 est.)
$13.52 billion (2015 est.)
country comparison to the world: 221
Imports - commodities:
raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco, garments and footwear, motor vehicles), capital goods, mineral fuels and oils
Imports - partners:
China 36.7%, Hong Kong 8.6%, Italy 7.9%, Switzerland 7.6%, France 7.4%, Japan 6.3%, US 5.8% (2016)
Reserves of foreign exchange and gold:
$19.49 billion (31 December 2016 est.)
$18.89 billion (31 December 2015 est.)
note: the Fiscal Reserves Act that came into force on 1 January 2012 requires the fiscal reserves to be separated from the foreign exchange reserves and to be managed separately; the transfer of assets took place in February 2012
country comparison to the world: 62
Debt - external:
$0 (31 December 2013 est.)
$0 (31 December 2012 est.)
country comparison to the world: 205
Stock of direct foreign investment - at home:
$18.91 billion (31 December 2011 est.)
$14.91 billion (31 December 2011 est.)
country comparison to the world: 81
Stock of direct foreign investment - abroad:
$1.166 billion (2012 est.)
$667.8 million (2011 est.)
country comparison to the world: 84
Exchange rates:
patacas (MOP) per US dollar -
8 (2017 est.)
8 (2016 est.)
8 (2015 est.)
7.99 (2014 est.)
7.99 (2013 est.)