Macau Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$35.58 billion (2020 est.)

$81.44 billion (2019 est.)

$83.64 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

9.1% (2017 est.)

-0.9% (2016 est.)

-21.6% (2015 est.)

Real GDP per capita

$54,800 (2020 est.)

$127,200 (2019 est.)

$132,400 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$53.841 billion (2019 est.)

Inflation rate (consumer prices)

2.7% (2019 est.)

3% (2018 est.)

1.2% (2017 est.)

Credit ratings

Fitch rating: AA (2018)

Moody's rating: Aa3 (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0% (2016 est.)

industry: 6.3% (2017 est.)

services: 93.7% (2017 est.)

GDP - composition, by end use

household consumption: 24.2% (2017 est.)

government consumption: 9.9% (2017 est.)

investment in fixed capital: 18.5% (2017 est.)

investment in inventories: 0.8% (2017 est.)

exports of goods and services: 79.4% (2017 est.)

imports of goods and services: -32% (2017 est.)

Agricultural products

pork, poultry, beef, pig fat, pig offals, eggs, pepper, cattle offals, cattle hides, goose/guinea fowl meat

Industries

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

Industrial production growth rate

2% (2017 est.)

Labor force

392,000 (2020 est.)

Labor force - by occupation

agriculture: 2.5%

industry: 9.8%

services: 4.4%

industry and services: 12.4%

agriculture/fishing/forestry/mining: 15%

manufacturing: 25.9%

construction: 7.1%

transportation and utilities: 2.6%

commerce: 20.3% (2013 est.)

Unemployment rate

2% (2017 est.)

1.9% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 8.1%

male: 9.9%

female: 6.4% (2020 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

35 (2013)

38 (2008)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 14.71 billion (2017 est.)

expenditures: 9.684 billion (2017 est.)

Budget surplus (+) or deficit (-)

10% (of GDP) (2017 est.)

Public debt

0% of GDP (2017 est.)

0% of GDP (2016 est.)

Taxes and other revenues

29.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$16.75 billion (2017 est.)

$12.22 billion (2016 est.)

Exports

$45.35 billion (2019 est.) note: data are in current year dollars

$45.62 billion (2018 est.) note: data are in current year dollars

note: includes reexports

Exports - partners

Hong Kong 66%, China 9% (2019)

Exports - commodities

broadcasting equipment, jewelry, watches, trunks/cases, telephones (2019)

Imports

$17.35 billion (2019 est.) note: data are in current year dollars

$18.28 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 33%, Hong Kong 31%, France 5% (2019)

Imports - commodities

jewelry, watches, electricity, aircraft, cars (2019)

Reserves of foreign exchange and gold

$20.17 billion (31 December 2017 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

Debt - external

$0 (31 December 2013)

$0 (31 December 2012)

Exchange rates

patacas (MOP) per US dollar -

8 (2017 est.)

7.9951 (2016 est.)

7.9951 (2015 est.)

7.985 (2014 est.)

7.9871 (2013 est.)

NOTE: The information regarding Macau on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Macau 2022 information contained here. All suggestions for corrections of any errors about Macau 2022 should be addressed to the CIA or the source cited on each page.