ECONOMY
Macau's economy is based largely on tourism, including gambling, and textile and garment manufacturing. Efforts to diversify have spawned other small industries, such as footwear, and machinery and mechanical appliances. The clothing industry has provided about three-fourths of export earnings, and it is estimated that the gambling and related industries contributed more than 46.5% of GDP in 2006. The opening of the formerly monopolized gambling sector in 2002 has led to significant new investment in casinos, hotels, and related facilities. More than 27 million tourists visited Macau in 2007. The recent growth in gambling and tourism has been driven primarily by mainland Chinese and tourists from Hong Kong.
Macau
depends on China for most of its food, fresh water, and energy
imports. The European Union and Hong Kong are the main suppliers
of raw materials and capital goods.
In the last few years much of Macau's manufacturing operations (mainly textiles and garments) have moved across the border to mainland China. Mainland competition, along with the 2005 end of Multi-Fiber Arrangement (MFA) quotas, which had provided a near guarantee of export markets, will eventually spell the end of Macau's low-end mass production of textiles, which has comprised the bulk of the SAR's merchandise export earnings. For future growth, Macau is betting heavily on becoming a regional center for gaming, tourism, conventions and corporate incentive travel; foreign and local investors have massively expanded the casino, hotel and restaurant sector.
GDP at 2002 constant prices (2006): $12.6 billion.
GDP real growth rate (2006): 17.0%.
Per capita GDP at 2002 constant prices (1st quarter 2007): $28,436.
Agriculture: Products--rice and vegetables; most foodstuffs and water are imported.
Industry: Types--tourism, gambling, clothing, textiles, electronics, toys, footwear, construction, and real estate development.
Trade (2006): Exports--$2.6 billion f.o.b.: textiles and clothing, manufactured goods (especially toys, footwear and machinery & mechanical appliances). Major markets--U.S. 44.1%, Hong Kong 11.2%, China 14.8%, EU 19.5%. Imports--$4.6 billion: consumer goods, foodstuffs, fuels, and raw materials. Major suppliers--China 45.1%, Hong Kong 10.2%, EU 13.1%, U.S. 5.5%, Taiwan 3.2%, Japan 8.3%.
