Macau Economy - 2024

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.)

Unemployment rate

3.01% (2021 est.)
2.57% (2020 est.)
1.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.2% (2021 est.)

male: 11.7%

female: 6.6%

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

Remittances

0.08% of GDP (2020 est.)
0.04% of GDP (2019 est.)
0.04% of GDP (2018 est.)

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 -

Exchange rates:
8.006 (2021 est.)
7.989 (2020 est.)
8.07 (2019 est.)
8.073 (2018 est.)
8.026 (2017 est.)