Macau Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income, Chinese special administrative region economy; known for apparel exports and gambling tourism; currency pegged to Hong Kong dollar; significant recession due to 2015 Chinese anticorruption campaign; COVID-19 further halved economic activity

Real GDP (purchasing power parity)

$44.49 billion (2021 est.)

$37.303 billion (2020 est.)

$81.511 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

19.27% (2021 est.)

-54.24% (2020 est.)

-2.51% (2019 est.)

Real GDP per capita

$64,800 (2021 est.)

$55,200 (2020 est.)

$122,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$53.841 billion (2019 est.)

Inflation rate (consumer prices)

0.81% (2020 est.)

2.75% (2019 est.)

3% (2018 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

5.17% (2021 est.)

Labor force

404,500 (2021 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

3.01% (2021 est.)

2.57% (2020 est.)

1.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.2%

male: 11.7%

female: 6.6% (2021 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

35 (2013 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $18.119 billion (2019 est.)

expenditures: $10.165 billion (2019 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

21.73% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$2.956 billion (2021 est.)

$3.926 billion (2020 est.)

$18.714 billion (2019 est.)

Exports

$26.625 billion (2021 est.) note: data are in current year dollars

$15.807 billion (2020 est.) note: data are in current year dollars

$45.557 billion (2019 est.)

note: includes reexports

Exports - partners

Hong Kong 66%, China 9% (2019)

Exports - commodities

jewelry, broadcasting equipment, watches, telephones, clothing and apparel (2021)

Imports

$22.788 billion (2021 est.) note: data are in current year dollars

$15.216 billion (2020 est.) note: data are in current year dollars

$17.594 billion (2019 est.)

Imports - partners

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

Imports - commodities

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

Reserves of foreign exchange and gold

$26.665 billion (31 December 2021 est.)

$25.145 billion (31 December 2020 est.)

$22.215 billion (31 December 2019 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 -

8.006 (2021 est.)

7.989 (2020 est.)

8.07 (2019 est.)

8.073 (2018 est.)

8.026 (2017 est.)

NOTE: The information regarding Macau on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Macau 2023 information contained here. All suggestions for corrections of any errors about Macau 2023 should be addressed to the CIA or the source cited on each page.