Editing Economy of Macau

{{Short description|none}}
{{Use dmy dates|date=November 2020}}
{{Infobox economy
|country = Macau
|image = Macau Skyline (157931361).jpeg
|image_size = 310px
|caption = 
|currency = [[Macanese pataca]] (MOP); [[Hong Kong dollar]] (HKD, unofficial)<ref>Chan, S. S. (2000). The Macau Economy. Publications Centre, University of Macau. {{ISBN|99937-26-03-6}}.</ref><ref>{{cite web| url = http://www.fodors.com/world/asia/china/macau/travel-tips/the-basics-2801154| title = The Basics {{!}} Fodor's Travel| access-date = 7 May 2017| archive-date = 24 April 2016| archive-url = https://web.archive.org/web/20160424205614/http://www.fodors.com/world/asia/china/macau/travel-tips/the-basics-2801154| url-status = dead}}</ref><ref>{{cite web | url=https://www.tripadvisor.com.sg/Travel-g664891-c210032/Macau:China:What.To.Use.In.Macau.Mop.Or.Hkd.html | title=Macau: What to use in Macau - MOP or HKD? - Tripadvisor | access-date=7 May 2017 | archive-date=21 August 2018 | archive-url=https://web.archive.org/web/20180821223313/https://www.tripadvisor.com.sg/Travel-g664891-c210032/Macau:China:What.To.Use.In.Macau.Mop.Or.Hkd.html | url-status=live }}</ref>
|year = calendar year
|organs = [[World Trade Organization|WTO]], [[One Belt One Road]], [[Boao Forum]], {{ill|The Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macau)|zh|中國—葡語國家經貿合作論壇（澳門）}} and [[International Chamber of Commerce|ICC]] etc.
|group = {{plainlist|
*[[Developed country|Developed/Advanced]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=110&sg=All+countries+%2f+Advanced+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019 |archive-date=17 June 2019 |archive-url=https://web.archive.org/web/20190617091701/https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=110&sg=All+countries+%2f+Advanced+economies |url-status=live }}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-date=28 October 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |url-status=live }}</ref>}}
|population = {{increase}} 657,647 (2021)<ref>{{cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=MO&name_desc=false |title=Population, total - Macao SAR, China |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 October 2019 |archive-date=19 October 2019 |archive-url=https://web.archive.org/web/20191019120310/https://data.worldbank.org/indicator/SP.POP.TOTL%3Flocations%3DMO%26name_desc%3Dfalse |url-status=live }}</ref>
|gdp = {{plainlist|
*{{increase}} $55 billion (nominal, 2024)<ref name="IMFWEO.MO">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: April 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref>
*{{increase}} $93 billion ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEO.MO"/>}}
| gdp rank = {{plainlist|  
* [[List of countries by GDP (nominal)|90th (nominal; 2024)]]
* [[List of countries by GDP (PPP)|101st (PPP; 2024)]]
}}
|growth = {{plainlist|
*27.2 %&nbsp;(March 2024) 4.7%&nbsp;(2018)
*−4.7%&nbsp;(2019)<ref name="IMFWEO.MO"/><ref>{{cite news |title=【內外夾擊】澳門上季經濟按年勁縮8.1% |url=https://hk.on.cc/hk/bkn/cnt/finance/20200229/bkn-20200229125347404-0229_00842_001.html |access-date=7 March 2020 |agency=東網ON.CC |publisher=東網ON.CC |date=29 February 2020 |archive-date=8 April 2020 |archive-url=https://web.archive.org/web/20200408220637/https://hk.on.cc/hk/bkn/cnt/finance/20200229/bkn-20200229125347404-0229_00842_001.html |url-status=live }}</ref> −52.3%&nbsp;(2020e)<ref name="IMFWEO.MO"/>}}
|per capita = {{plainlist|
*{{increase}} $78,962 (nominal, 2024)<ref name="IMFWEO.MO"/>
*{{increase}} $125,510 ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEO.MO"/>}}
| per capita rank = {{plainlist|
* [[List of countries by GDP per capita (nominal)|9th (nominal; 2024)]]
* [[List of countries by GDP per capita (PPP)|4th (PPP; 2024)]]
}}
|sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 0% (2016 est.)
*[[Secondary sector of the economy|industry]]: 6.3% 
*[[Tertiary sector of the economy|services]]: 93.7%
*(2017 est.)<ref name="CIAWFMC">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/macau/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=19 October 2019 |archive-date=24 January 2021 |archive-url=https://web.archive.org/web/20210124190003/https://www.cia.gov/the-world-factbook/countries/macau/ |url-status=live }}</ref>}}
|inflation = 3.005% (2018)<ref name="IMFWEO.MO"/>
|poverty = NA<ref name="CIAWFMC"/>
|gini = 35 {{color|darkorange|medium}} (2013)<ref name="CIAWFMC"/>
|hdi = {{plainlist|
*{{increase}} 0.925 {{color|darkgreen|very high}} (2022)<ref>{{Cite web|url=https://www.dsec.gov.mo/getAttachment/ab7d3848-5edc-4947-9d2a-8e8a97b8a7c8/C_MN_PUB_2024_Y.aspx|title=Macau in Figures, 2024|publisher=澳門統計暨普查局(DSEC)|page=4|language=en|access-date=2024-06-08}}</ref>{{refn|group=note|The UN does not calculate the HDI of Macau. The government of Macau calculates its own HDI.}} ([[List of countries by Human Development Index#Non-UN members (not calculated by the UNDP)|24th]])
*N/A [[List of countries by inequality-adjusted HDI|IHDI]] (2017)}}
|labour = {{plainlist|
*{{increase}} 388,620 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=MO&name_desc=false |title=Labor force, total - Macao SAR, China |publisher=[[World Bank]] |website=data.worldbank.org |access-date=6 January 2020 |archive-date=19 October 2019 |archive-url=https://web.archive.org/web/20191019120307/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN%3Flocations%3DMO%26name_desc%3Dfalse |url-status=live }}</ref>
*{{decrease}} 70.9% employment rate (2016)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=MO&name_desc=false |title=Employment to population ratio, 15+, total (%) (national estimate) - Macao SAR, China |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 October 2019 |archive-date=19 October 2019 |archive-url=https://web.archive.org/web/20191019121812/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS%3Flocations%3DMO%26name_desc%3Dfalse |url-status=live }}</ref>}}
|occupations = {{plainlist|
*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.)<ref name="CIAWFMC"/>}}
|unemployment = {{steady}} 1.7% (Q2, 2019)<ref>{{cite web |url=https://www.dsec.gov.mo/getAttachment/f643b0ba-0ee4-45d7-aa69-8f418db260bc/E_IE_PUB_2019_Q2.aspx?disposition=attachment |title=Employment Survey |publisher=[[Statistics and Census Service]] |website=dsec.gov.mo |access-date=19 October 2019 |archive-date=19 October 2019 |archive-url=https://web.archive.org/web/20191019120309/https://www.dsec.gov.mo/getAttachment/f643b0ba-0ee4-45d7-aa69-8f418db260bc/E_IE_PUB_2019_Q2.aspx%3Fdisposition%3Dattachment |url-status=live }}</ref>
|industries = tourism, gambling, clothing, textiles, electronics, footwear, toys
|exports = $1.45 billion (2018 est.) <ref>{{Cite web|url=http://www.worldstopexports.com/macaus-top-10-exports/|title=Macau's Top 10 Exports 2019|access-date=19 February 2020|archive-date=25 February 2020|archive-url=https://web.archive.org/web/20200225143548/http://www.worldstopexports.com/macaus-top-10-exports/|url-status=live}}</ref>
|export-goods = clothing, textiles, footwear, toys, electronics, machinery and parts
|export-partners = {{plainlist|
*{{flag|Hong Kong}} 64.9%
*{{flag|China}} 8.33%
*{{flag|United States}} 7.17% 
*{{flag|Switzerland}} 3%
*{{flag|Israel}} 1.99%
*{{flag|Singapore}} 1.46%
*{{flag|Japan}} 1.03% (2022)<ref name="OECExport">{{cite web |title=Export Partners of Macau |url=https://oec.world/en/visualize/tree_map/hs92/export/mac/show/all/2022/ |publisher=[[The Observatory of Economic Complexity]] |access-date=9 September 2024}}</ref>}}
|imports = $11.55 billion (2016 est.)<ref name="CIAWFMC"/>
|import-goods = raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco, garments and footwear, motor vehicles), capital goods, mineral fuels and oils
|import-partners = {{plainlist|
*{{flag|China}} 39%
*{{flag|Hong Kong}} 25.3% 
*{{flag|France}} 4.54%
*{{flag|Italy}} 3.54%
*{{flag|United States}} 3.35%
*{{flag|Japan}} 3.06%
*{{flag|United Kingdom}} 2.98%
*{{flag|Singapore}} 1.87%
*{{flag|Germany}} 1.65%
*{{flag|Vietnam}} 1.33% (2022)<ref name="OECImport">{{cite web |title=Import Partners of Macau |url=https://oec.world/en/visualize/tree_map/hs92/import/mac/show/all/2022 |publisher=[[The Observatory of Economic Complexity]] |access-date=9 September 2024}}</ref>}}
|current account = {{increase}} $16.75 billion (2017 est.)<ref name="CIAWFMC"/>
|FDI = {{plainlist|
*{{increase}} $18.91 billion (31 December 2011 est.)<ref name="CIAWFMC"/>
*{{increase}} Abroad: $1.166 billion (2012 est.)<ref name="CIAWFMC"/>}}
|gross external debt = {{steady}} $0 (31 December 2013)<ref name="CIAWFMC"/>
|debt = {{steady}} 0% of GDP (2017 est.)<ref name="CIAWFMC"/>
|revenue = 14.71 billion (2017 est.)<ref name="CIAWFMC"/>
|expenses = 9.684 billion (2017 est.)<ref name="CIAWFMC"/>
|budget balance = +10% (of GDP) (2017 est.)<ref name="CIAWFMC"/>
|reserves = {{increase}} $20.17 billion (31 December 2017 est.)<ref name="CIAWFMC"/>{{refn|group=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}}
|cianame = macau
|spelling = us
}}
{{Update|date=March 2025|reason=there's no coverage of the serious impact of the COVID pandemic on the economy}}

The '''economy of [[Macau]]''' is a [[Advanced economy|highly developed]] [[market economy]]. Macau's economy has remained one of the [[Open economy|most open]] in the world since its [[Handover of Macau|handover to China]] in 1999. Apparel exports and [[Gambling in Macau|gambling]]-related tourism are mainstays of the economy. Since [[Macau]] has little arable land and few natural resources, it depends on [[mainland China]] for most of its food, fresh water, and energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Although Macau was hit hard by the 1997–98 [[Asian financial crisis]] and the [[early 2000s recession]], its economy grew approximately 13.1% annually on average between 2001 and 2006.<ref name="AMCMstat">{{cite web|url=http://www.amcm.gov.mo/economic_statistics/economic.htm|title=Economic statistics from Monetary Authority of Macao|access-date=23 December 2007|publisher=AMCM|url-status=dead|archive-url=https://archive.today/20121219210637/http://www.amcm.gov.mo/economic_statistics/economic.htm|archive-date=19 December 2012}}</ref> Macau is a full Member of the [[World Trade Organization]].<ref>{{Cite web | url=http://www.wto.org/english/thewto_e/countries_e/macao_china_e.htm | title=WTO &#124; Macao, China - Member information | access-date=1 February 2013 | archive-date=1 August 2015 | archive-url=https://web.archive.org/web/20150801143957/https://www.wto.org/english/thewto_e/countries_e/macao_china_e.htm | url-status=live }}</ref> [[Public security]] has greatly improved after handover to the People's Republic of China.<ref>{{Cite web |url=http://chinaperspectives.revues.org/pdf/808 |title=Archived copy |access-date=13 October 2012 |archive-date=14 May 2013 |archive-url=https://web.archive.org/web/20130514074601/http://chinaperspectives.revues.org/pdf/808 |url-status=dead }}</ref> With the tax revenue from the profitable gambling industry, the Macau government is able to introduce the [[social welfare]] program of 15 years of free education to all Macau citizens.<ref>{{Cite web |url=http://hup.sub.uni-hamburg.de/giga/jcca/article/download/12/12 |title=Archived copy |access-date=28 December 2012 |archive-date=2 January 2020 |archive-url=https://web.archive.org/web/20200102213711/http://hup.sub.uni-hamburg.de/giga/jcca/article/download/12/12 |url-status=dead }}</ref> In 2015, Macau's economy saw a sharp decrease (-26.4% year-on-year in Q2 2015) due to the reduced spending by visitors from Mainland China since the [[Anti-corruption campaign under Xi Jinping]].<ref>{{cite web| url = https://www.economia.gov.mo/public/data/ei/aame/attach/572748bd256a8b59ee8c0dee582b1b86/en/macau_economy_intro_en.pdf?ts=1452047842173| title = Macau economy - introduction| access-date = 6 January 2016| archive-date = 24 January 2021| archive-url = https://web.archive.org/web/20210124081855/https://www.economia.gov.mo/public/data/ei/aame/attach/572748bd256a8b59ee8c0dee582b1b86/en/macau_economy_intro_en.pdf?ts=1452047842173| url-status = dead}}</ref>

During the first three-quarters of 2007, Macau registered year-on-year GDP increases of 31.4%.<ref name="AMCMstat" /> A rapid rise in the number of mainland visitors due to China's easing of travel restrictions, increased public works expenditures, and significant investment inflows associated with the liberalisation of Macau's gaming industry drove the five-year recovery. The budget also returned to surplus after 2002 because of the surge in visitors from China and a hike in taxes on gambling profits, which generated about 70% of government revenue. The [[Hong Kong dollar]] is itself a [[reserve currency]] for the [[Macanese pataca]], which is pegged at the official rate of around 1 Hong Kong dollar to 1.03 Macanese pataca.<ref>{{Cite web |url=http://www.hkma.gov.hk/eng/exhibition/2.pdf |title=Archived copy |access-date=5 November 2012 |archive-url=https://web.archive.org/web/20130605003028/http://www.hkma.gov.hk/eng/exhibition/2.pdf |archive-date=5 June 2013 |url-status=dead }}</ref>

==History==
Macau was a barren fishing village with a population of about 400 before the [[Portugal|Portuguese]] arrived in the 16th century, during the [[History of Portugal (1415–1542)|Age of Discovery]].<ref name="Macau economy">{{cite book |title=The Macau Economy|last=Chan|first=S. S.|year=2000|publisher=Publications Centre, University of Macau|location=Macau|isbn=978-99937-26-03-6}}</ref> In 1535, the Portuguese traders obtained by bribing the right to anchor ships in Macau harbours and engage in trading activities. Portuguese and Chinese merchants flocked to Macau, and it quickly became an important regional trading center in Portugal's lucrative trade along three major routes: Macau-[[Malacca]]-[[Goa]]-[[Lisbon]], [[Guangzhou]]-Macau-[[Nagasaki, Nagasaki|Nagasaki]] and Macau-[[Manila]]-[[Mexico]].<ref name="Macau a General Introduction">{{cite book |title=Macau: a General Introduction |last=Fung |first=Bong Yin|year=1999|publisher=Joint Publishing (H.K.) Co. Ltd. |location=Hong Kong |isbn=978-962-04-1642-2|language =zh}}</ref> However, with the decline of Portugal as a world power in the 17th and 18th centuries, the trading routes were challenged by other powers such as the Dutch and the British. After China ceded Hong Kong to the British in 1842, Macau's position as a major regional trading center declined further still because larger ships were drawn to the deep water port of [[Victoria Harbour]]. In an attempt to reverse the decline, from 1848 to the early 1870s Macau engaged in the infamous trade of [[coolies]] (slave labourers) as a transit port, shipping locals from southern China to [[Cuba]], Peru, and other South American ports to work on plantations or in mines.<ref name="Macau a General Introduction"/>

Fishing re-emerged as a dominant economic activity in Macau as it lost its position as a regional trading center. In the early 1920s, over 70% of Macau's 84,000 residents were engaged in fishing.<ref name="Macau economy"/> Meanwhile, some other businesses started to develop, such as matches, firecrackers, incense and fishing-boat building. But the most notable was the gambling business. Gambling was first legalised in the 19th century in an attempt to generate revenues for the government. The first casino monopoly concession was granted to the Tai Xing Company in 1937.<ref name="Macau 2007">{{cite book|year=2007|title=Macau Yearbook 2007|publisher=Government Information Bureau of the Macau SAR|isbn=978-99937-56-09-5}}</ref> The company was, however, too conservative to fully exploit the economic potential of gambling. The industry saw a major breakthrough in 1962 when the government granted the ''[[Sociedade de Turismo e Diversoes de Macau]]'' (STDM), a syndicate jointly formed by Hong Kong and Macau businessmen, the monopoly rights to all forms of gambling. The STDM introduced western-style games and modernised the marine transport between Macau and Hong Kong, bringing millions of gamblers from Hong Kong every year.<ref name="Macau economy"/>

In the 1970s Macau also saw a rapid development in its manufacturing sector. With Macau's low-cost operating environment and its surplus quotas under the [[Multi Fiber Arrangement]] (MFA), many Hong Kong industrialists established textile and garment manufacturing bases in Macau. At its golden age in the 1980s, the manufacturing sector accounted for about 40% of Macau's GDP; textiles and garments accounted for about 90% of Macau's total visible exports.<ref name="Macau economy"/> However, the manufacturing sector has experienced a gradual decline since the early 1990s due to phasing out of the MFA quota system and the rising labour costs relative to mainland China and Southeast Asian countries.
{{Economy of Macau}}

==Labor and employment==
{| cellpadding="1" style="float: left; margin: 0em 1em 1em 0em; border:1px #bbbbbb solid; border-collapse: collapse; font-size: 90%;"
|- align="center" bgcolor=salmon
!colspan=3|Employed population by occupation 2007<ref name="occupation">{{cite web|url=http://www.dsec.gov.mo//english/indicator/e_ie_indicator_8.html|title=DSEC – for the current data of employed population by occupation|access-date=27 December 2007|publisher=DSEC|archive-url = https://web.archive.org/web/20071124192250/http://www.dsec.gov.mo/english/indicator/e_ie_indicator_8.html <!-- Bot retrieved archive --> |archive-date = 24 November 2007}}</ref>
|- align=center bgcolor=lightsalmon
|Occupation|| No. in thousands
|-
|Senior officials/managers || 14.6
|-
|Professionals|| 9.9
|-
|Technicians|| 28.1
|-
|Clerks|| 83.7
|-
|Service & sale workers|| 63.2
|-
|Workers in agriculture/fishery|| 0.8
|-
|Craft & similar workers|| 33.7
|}
The work force in Macau is mainly composed of manufacturing; construction; wholesale and retail; hotels and restaurants; financial services, real estate, and other business activities; public administration and other personal and social services, including gaming; transport, storage and communications. Due to the double-digit economic growth in recent years, the [[unemployment rate]] dropped from the record high 6.8% in 2000 to 3.1% in Qtr 3, 2007.<ref name="laborstat">{{cite web|url=http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_ie_indicator_1.html|title=DSEC – for the current data of unemployment rate and labor force participation rate|access-date=27 December 2007|publisher=DSEC|archive-date=2 January 2008|archive-url=https://web.archive.org/web/20080102030727/http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_ie_indicator_1.html|url-status=dead}}</ref>

With the opening of several casino resorts and other major constructions underway, it is reported that many sectors, especially the construction sector, experience a shortage of labour. The government responds by importing labour from other neighbouring regions, including mainland China, Hong Kong, the [[Philippines]] and [[India]]. Currently the number of imported labours stands at a record high of 75,391 (Q2 2007), representing more than a quarter of the labour force in Macau.<ref name="pstat">{{cite web|url=http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_piem_indicator.html|title=DSEC – for data on the principal statistical indicators|access-date=27 December 2007|publisher=DSEC|url-status=dead|archive-url=https://web.archive.org/web/20080102030741/http://www.dsec.gov.mo/index.asp?src=%2Fenglish%2Findicator%2Fe_piem_indicator.html|archive-date=2 January 2008}}</ref><ref name="laborstat2">{{cite web|url=http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_ie_indicator_2.html|title=DSEC – for the current data of labor force and employed population|access-date=27 December 2007|publisher=DSEC|archive-date=2 January 2008|archive-url=https://web.archive.org/web/20080102030736/http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_ie_indicator_2.html|url-status=dead}}</ref> Some local workers complain about the lack of jobs due to the influx of cheap imported labour. Some also claim that the problem of illegal labour is severe.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/asia-pacific/6611245.stm|title=Rare Macau protest turns violent|access-date=27 December 2007|publisher=BBC News – Business|date=1 May 2007|archive-date=20 October 2018|archive-url=https://web.archive.org/web/20181020150411/http://news.bbc.co.uk/2/hi/asia-pacific/6611245.stm|url-status=live}}</ref> Another concern is the widening of income inequality in the region: Macau's [[Gini coefficient]], a popular measure of income inequality where a low value indicates a more equal income distribution, rises from 0.43 in 1998 to 0.48 in 2006. It is higher than those of other neighbouring regions, such as mainland China (0.447), [[South Korea]] (0.316) and [[Singapore]] (0.425).<ref>{{cite news|url=http://news.bbc.co.uk/chinese/trad/hi/newsid_7160000/newsid_7165400/7165442.stm|title=Profile of China: The problems behind Macau's prosperity|access-date=15 January 2008|publisher=BBC Chinese|language=zh|date=31 December 2007|archive-date=25 September 2018|archive-url=https://web.archive.org/web/20180925212313/http://news.bbc.co.uk/chinese/trad/hi/newsid_7160000/newsid_7165400/7165442.stm|url-status=live}}</ref>

==The monetary system==
[[Image:Bnu-tower01.jpg|thumb|160px|right|BNU Tower in Macau.]]
Macau adopts the so-called [[Currency board|currency board system]] under which the [[legal tender]], [[Macanese pataca|pataca]] (MOP), is 100 percent backed by foreign exchange reserves, the [[Hong Kong dollar]] (HKD). Moreover, the currency board, [[Monetary Authority of Macao]] (AMCM), has a statutory obligation to issue and redeem pataca on demand against Hong Kong dollar at a fixed exchange rate and without limit. The pataca is pegged to the Hong Kong dollar at a rate of 1.03 MOP per HKD, which is maintained by the AMCM.<ref name="pataca history">{{cite web|url=http://www.amcm.gov.mo/history/pataca_info.htm|title=The history of pataca|publisher=Monetary Authority of Macao|access-date=4 January 2008|url-status=dead|archive-url=https://archive.today/20121220090641/http://www.amcm.gov.mo/history/pataca_info.htm|archive-date=20 December 2012}}</ref>

Each pataca divides into 100 avos. Coins are issued in 10, 20, and 50 avos and 1, 2, 5, and 10 patacas (2 and 10 patacas coins are rarely used in the territory); notes are in 5, 10, 20, 50, 100, 500, and 1000 pataca denominations. Hong Kong dollar is freely used and accounts for more than half of the total deposits in Macau's banks.<ref>Chan, 39</ref> In addition, [[Chinese yuan]] is also widely accepted. Two banks issue currency: the [[Banco Nacional Ultramarino]] and the [[Bank of China]] (starting from October 1995).
The historical exchange rates between the pataca and the US dollar (USD) are given below.
{|class="wikitable"
! MOP per USD !! Period
|-
|8.01 || 2000
|-
|7.99 || 1999
|-
|7.98 || 1998
|-
|7.99 || 1997
|-
|7.962 || 1996
|-
|8.034 || 1993–95
|}

==Trade==
In 2003, China's [[Ministry of Commerce (China)|Ministry of Commerce]] established [[Forum Macao]] in 2003.<ref name=":32">{{Cite book |last1=Shinn |first1=David H. |title=China's Relations with Africa: a New Era of Strategic Engagement |last2=Eisenman |first2=Joshua |date=2023 |publisher=[[Columbia University Press]] |isbn=978-0-231-21001-0 |location=New York |author-link1=David H. Shinn}}</ref>{{Rp|page=62}} The Forum's objective is to increase economic ties between China and the Portuguese-speaking countries.<ref name=":0">{{Cite web |last=Galveston |first=Fernanda Lacerate Pereira |display-authors=etal |date=November 2017 |title=Fact Sheet: Macao Forum for Economic and Trade Co-Operation between China and Portuguese-Speaking Countries |url=https://bricspolicycenter.org/en/publications/forum-for-economic-and-trade-cooperation-between-china-and-portuguese-speaking-countries-macao/ |access-date=September 8, 2023 |website=BRICS Policy Center |archive-date=1 October 2022 |archive-url=https://web.archive.org/web/20221001221537/https://bricspolicycenter.org/en/publications/forum-for-economic-and-trade-cooperation-between-china-and-portuguese-speaking-countries-macao/ |url-status=dead }}</ref> Its permanent secretariat is located in Macau.<ref name=":32"/>{{Rp|page=62–63}}

In 2011, Macau's market economy produced total exports of US$1.119 billion (MOP 8.94 billion) and consisted mainly of clothing, textiles, footwear, toys, electronics, machinery and parts. Total imports for the same period reached US$8.926 billion (MOP 71.32 billion), and consisted mostly of raw materials and semi-manufactured goods, consumer goods (foodstuffs, beverages, tobacco), capital goods, mineral fuels and oils. Macau's primary export partner in 2011 was Hong Kong (44.6%). Other exports go to Mainland China (15.9%) and United States (7.9%). Macau import partners are Mainland China (30.4%), Hong Kong (12%), France (10.4%), Switzerland (7.5%), Italy (7.5%), Japan (6.2%), and United States (6.1%).

In the second half of the 20th century, Macau's economy was diversified with the development of light industry, the influx of migrants from mainland China to serve as a labor force, and increased tourism. Portugal's efforts to develop economic and cultural links between Macau and Brazil and Portuguese holdings in Africa, however, were not successful. Economic ties to the [[European Union]] and [[Republic of China|Taiwan]] are considered important aspects of Macau's economic role as part of the People's Republic of China. Direct access to the neighbouring [[Zhuhai]] [[Special Economic Zone]] facilitates trade with mainland China. As a special administrative region, Macau functions as a [[free port]] and as a separate customs territory.

==Sectors==

===Tourism and gambling===
{{main|Gambling in Macau|Tourism in Macau}}
[[Image:Nightview of mtower.jpg|thumb|left|upright|[[Macau Tower]] at night.]]
{| cellpadding="1" style="float: right; margin: 0em 1em 1em 0em; border:1px #bbbbbb solid; border-collapse: collapse; font-size: 90%;"
|- align="center" bgcolor=8899AA
!colspan=2|Visitor arrivals by place of residence in 2006<ref name="DSEC tourists">{{cite web|url=http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_tur_indicator_1.html|title=DSEC – for the current data of visitor arrivals by place of residence|access-date=8 January 2008|publisher=DSEC}}{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
|- align=center bgcolor=AABBCC
|Place of residence||No. of visitor arrivals <br/>(in thousands)
|- align="center"
|Mainland China||11,985.6
|- align="center"
|Hong Kong||6,940.7
|- align="center"
|Taiwan (ROC)||1,437.8
|- align="center"
|Southeast Asia||693.4
|- align="center"
|'''Total'''||'''21,998.1'''
|}
Tourism is the backbone of Macau's economy, and much of it geared towards gambling, which was legalised in the 19th century and has since been the linchpin of the economy and an important source of revenue for the government. As of at least 2015, 90% of tourist revenues in Macau are derived from gambling.<ref name=":1">{{Cite book |last=Simpson |first=Tim |title=Betting on Macau: Casino Capitalism and China's Consumer Revolution |date=2023 |publisher=[[University of Minnesota Press]] |isbn=978-1-5179-0031-1 |series=Globalization and Community series |location=Minneapolis}}</ref>{{Rp|page=22}} For the Macau government, taxes derived from the table game of [[baccarat]] are the largest single source of public funds.<ref name=":1" />{{Rp|page=22}}

From 1962, the gambling industry operated under a government-issued monopoly licence by [[Stanley Ho]]'s [[Sociedade de Turismo e Diversões de Macau]] (STDM), which replaced the [[Tai Heng Entertainment Corporation]] that had held a gaming monopoly for the previous 24 years.<ref name="Macau 2007" /> The monopoly ended in 2001 when the gaming industry was liberalised and several casino operators from [[Las Vegas Valley|Las Vegas]] entered the market. These new operators include [[Las Vegas Sands]], which opened [[Sands Macao]], the largest casino in the world as measured by total number of table games, in 2004<ref>{{cite news|url=http://www.lasvegassun.com/sunbin/stories/gaming/2006/sep/09/566648537.html|title=Las Vegas gaming operations are building Chinese resort town|access-date=2 November 2006|author=Richard N. Velotta and Jeff Simpson|newspaper=Las Vegas Sun|archive-url=https://web.archive.org/web/20061016014020/http://www.lasvegassun.com/sunbin/stories/gaming/2006/sep/09/566648537.html|archive-date=16 October 2006|url-status=dead}}</ref> and [[Venetian Macau]] in 2007; [[Wynn Resorts]], which opened [[Wynn Macau]] in 2006; and [[MGM Mirage]], which opened [[MGM Grand Macau]] in 2007.

In addition, other casino owners, including Australian [[Crown Melbourne|Crown Casino]] and Hong Kong [[Galaxy entertainment|Galaxy Entertainment Group]] have also opened several hotel casinos in Macau. As a result of the surge in number of casinos and construction from other new casino entrants, Macau's economy has grown rapidly, and gambling revenues from Macau's casinos are now greater than those of [[Las Vegas Strip]],<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/6083624.stm|title=Macau, a tiny special administrative region of China, appears to have overtaken the famous Las Vegas Strip as the world's top gambling destination|access-date=28 December 2007|publisher=BBC News – Business|date=25 October 2006|archive-date=25 September 2018|archive-url=https://web.archive.org/web/20180925193736/http://news.bbc.co.uk/2/hi/business/6083624.stm|url-status=live}}</ref> making Macau the highest-volume gambling center in the world.<ref>{{cite news|url=https://www.nytimes.com/2007/01/24/business/worldbusiness/24Macao.html?ex=1327294800&en=150850fd9370148a&ei=5088&partner=rssnyt&emc=rss |title=Asian Rival Moves Past Las Vegas |access-date=24 January 2007 |author=David Barboza |work=The New York Times|url-status=dead |archive-url=https://web.archive.org/web/20070127042030/http://www.nytimes.com/2007/01/24/business/worldbusiness/24macao.html?ex=1327294800&en=150850fd9370148a&ei=5088&partner=rssnyt&emc=rss |archive-date=27 January 2007 }}</ref> Numerous other hotel casinos, including Galaxy Cotai Megaresort and Ponte 16, are also to be opened in near future.
[[Image:Macau Hotel Casino Lisboa Macau Mo707.JPG|thumb|left|250px|[[Casino Lisboa, Macau|Casino Lisboa]]]]
[[Image:The Venetian Macao Interior1.jpg|thumb|300px|right|upright|The interior of [[The Venetian Macao]]]]
Due to the opening of the new hotel casinos and China's easing of travel restrictions, there has been a rapid rise in the number of mainland visitors. From 9.1 million visitors in 2000, arrivals to Macau has grown to 18.7 million visitors in 2005 and 22 million visitors in 2006, with over 50% of the arrivals coming from mainland China and another 30% from Hong Kong.<ref name="DSEC tourists"/> Macau is expected to receive between 24 and 25 million visitors in 2007.<ref>{{cite web|url=http://www.macauhub.com.mo/en/news.php?ID=2999 |title=Macau expected to receive between 24 and 25 million tourists in 2007 |access-date=15 March 2007 |publisher=MacauHub |url-status=dead |archive-url=https://web.archive.org/web/20071009003623/http://www.macauhub.com.mo/en/news.php?ID=2999 |archive-date=9 October 2007 }}</ref> Macau also received the Future Award 2007, voted by 26,000 German travel trade members of GoAsia, for being regarded as the most promising future tourism destination in Asia.<ref>{{cite web|url=http://www.traveldailynews.com/new.asp?newid=36081&subcategory_id=107|archive-url=https://web.archive.org/web/20070926223230/http://www.traveldailynews.com/new.asp?newid=36081&subcategory_id=107|url-status=dead|archive-date=26 September 2007|title=German travel trade give most promising destination award to Macau|access-date=15 March 2007|author=Theodore Koumelis|publisher=Travel Daily News}}</ref> Macau is currently rated as one of the [[World Tourism Rankings|world's top tourism destinations]] by the [[World Tourism Organization]].<ref>{{cite web|url=http://www.world-tourism.org/facts/eng/pdf/indicators/Top25_ita.pdf World's Top Tourism Destinations|title=World's Top Tourism Destinations (absolute no.) – Top 25|access-date=15 November 2007|publisher=The Organisation of World Tourism|url-status=dead|archive-url=https://web.archive.org/web/20070808213546/http://www.world-tourism.org/facts/eng/pdf/indicators/Top25_ita.pdf|archive-date=8 August 2007}}</ref>

Because Macau benefits from favorable taxation rules, it is a favored location for tourists from elsewhere in China to purchase luxury goods like cosmetics, jewelry, and designer fashion goods.<ref name=":1" />{{Rp|page=116}}

===Manufacturing===

Macau's manufacturing industries emerged in the first few decades of the 20th century, which mainly consisted of junk building, factories for matches, firecrackers and incense. Modern industries, however, did not take off until the 1970s when the textiles and garments industry was rising rapidly, while other light industries such as plastics, electronics, toys, and artificial flowers also experienced respectable growth. Textiles and garments further increased its dominance in the manufacturing sector towards the end of the 1980s.

Much of Macau's textile industry has moved to the mainland as the [[Multi-Fiber Agreement]] is phased out. The territory has relied more on gambling and tourism-related services to generate growth.

===Banking===
Macau is an [[offshore financial centre]], a [[tax haven]], and a [[free port]] with no foreign exchange control regimes.<ref>{{cite web|url=http://www.macaubusiness.com/index.php?id=666|access-date=5 September 2007|title=Offshore Operation in Macao|author=Luis Pereira|publisher=Macau Business|archive-date=27 September 2007|archive-url=https://web.archive.org/web/20070927201352/http://www.macaubusiness.com/index.php?id=666|url-status=live}}</ref>
<ref>{{cite web|url=http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm#table1|title=Countries, Territories, and Jurisdictions with Offshore Financial Centers|access-date=5 September 2006|author=Errico and Musalem (1999)|publisher=IMF|archive-date=10 August 2006|archive-url=https://web.archive.org/web/20060810083436/http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm#table1|url-status=live}}</ref><ref>{{cite web|url=http://www.asiarooms.com/travel-guide/macau/macau-overview/macau-currency.html|title=Macau Currency|access-date=2 January 2008|publisher=AsiaRooms.com|archive-url=https://web.archive.org/web/20080112081310/http://www.asiarooms.com/travel-guide/macau/macau-overview/macau-currency.html|archive-date=12 January 2008|url-status=usurped}}</ref> The offshore finance business is regulated and supervised by the [[Monetary Authority of Macao]],<ref>{{cite web|url=http://www.amcm.gov.mo/|title=The homepage of Monetary Authority of Macao|access-date=15 November 2007|publisher=The Monetary Authority of Macao, the Govt. of Macau SAR|archive-date=1 June 2007|archive-url=https://web.archive.org/web/20070601001559/http://www.amcm.gov.mo/|url-status=live}}</ref> while the regulation and supervision of the offshore non-finance business is mainly controlled by the Macau Trade and Investment Promotion Institute.<ref>{{cite web|url=http://www.ipim.gov.mo/en/index2.asp IPIM|title=The Macau Trade and Investment Promotion Institute|access-date=15 November 2007|publisher=The Macau Trade and Investment Promotion Institute, the Govt. of Macau SAR|url-status=dead|archive-url=https://web.archive.org/web/20071107112053/http://www.ipim.gov.mo/en/index2.asp|archive-date=7 November 2007}}</ref> In 2007, [[Moody's Investors Service]] upgraded Macau's foreign and local currency government issuer ratings to 'Aa3' from 'A1', citing its government's solid finances as a large net creditor. The rating agency also upgraded Macau's foreign currency bank deposit ceiling to 'Aa3' from 'A1'.<ref>{{cite web|url=http://www.hemscott.com/news/latest-news/item.do?newsId=47556025388962|title=the web site of Hemscott and Empowering Inverstors|access-date=15 November 2007|publisher=Hemscott.com|archive-date=27 September 2007|archive-url=https://web.archive.org/web/20070927191140/http://www.hemscott.com/news/latest-news/item.do?newsId=47556025388962|url-status=live}}</ref>

There are twenty other licensed banks, sixteen of which are foreign. Macau has five of the top 500 commercial banks in Asia, including [[Tai Fung Bank|Banco Tai Fung]] and [[Industrial and Commercial Bank of China]].

===Construction===
[[File:Porte 16 (unfinished).JPG|thumb|[[Ponte 16]] under construction]]
In 2014, the construction sectors in Macau engaged 45,368 people. The value of construction was MOP78.15 billion, in which MOP66.88 billion belong to the private sectors. The intermediate consumption was MOP61.03 billion and labor cost was MOP11.35 billion.<ref>{{cite web|url=http://www.macaunews.com.mo/content/view/3653/53/lang,english/|title=Macau News - Macau construction sector boots local economy|author=MACAULINK|work=Macau News|access-date=7 October 2015|archive-url=https://web.archive.org/web/20160304104335/http://www.macaunews.com.mo/content/view/3653/53/lang,english/|archive-date=4 March 2016|url-status=dead}}</ref>

===Transportation companies===
[[Air Macau]] is Macau's [[Flag carrier]] and is based out of [[Macau International Airport]].<ref>"[http://en.airmacau.com.mo/contact/area_macau.asp Contact Us Service] {{webarchive|url=https://web.archive.org/web/20100325235046/http://en.airmacau.com.mo/contact/area_macau.asp |date=25 March 2010 }}." [[Air Macau]]. Retrieved on 23 September 2009.</ref>

===Media===
[[Media of Macau|Macau has reportedly]] the highest "media density" in the world - nine Chinese-language dailies, three Portuguese-language dailies, two English-language dailies and about half a dozen Chinese-language weeklies and one Portuguese-language weekly. About two dozen newspapers from Hong Kong, mainland China, Taiwan and the Philippines are shipped to Macau every early morning.

==Economic diversification==
The large role of [[gambling]] and tourism underscores a degree of risk for Macau's economy. Because the economy is so reliant on tourism and gambling for its well-being, if the flow of tourists slows, it could come as a shock to the small market. The push for diversification came in the closing years of Portuguese administration, under Governor [[Vasco Joaquim Rocha Vieira|General Vasco Rocha Vieira]], and has continued to the present, under Chief Executive [[Edmund Ho]]. The government is seeking foreign investment as a means of economic diversification as well. Much of the foreign investment into Macau, however, has gone into the gaming sector after the end of the monopoly in 2001. Otherwise, foreign companies have entered into the mobile phone market and internet services after telecommunications market liberalisation in 2001.

==Political economy and social welfare==

Prior to the 1930s Macau had a [[Laissez-Faire]] type of welfare provision. Publicly funded schools available were taught in Portuguese.<ref>{{cite journal|last1=Hui|first1=Samuel|last2=Aspalter|first2=Christian|last3=Lai|first3=Dicky|title=Social Welfare in Macau - Between East and West: A Comparative, Analytical Welfare Regime Perspective|date=23 March 2012|doi=10.2139/ssrn.2027764|s2cid=150874326}}</ref> The first welfare program was created in the late 1930s – it was called the Public Charity Society. The main objective of the organization is to provide for the poor and orphans.<ref>{{cite web|title=. "Development History." Social Welfare Bureau of MSAR Government|url=http://www.ias.gov.mo/en/about-swb/development-history/development-history|website=Instituto De Accao social.|access-date=8 December 2017|archive-date=31 May 2019|archive-url=https://web.archive.org/web/20190531210703/http://www.ias.gov.mo/en/about-swb/development-history/development-history|url-status=dead}}</ref> The development of a welfare state was gradual and primitive. In 1947, a number of [[reforms]] were made. Most notably, the social relief card was established which was only given to those in need. In the 60s the Public Relief Society became the Public Relief Branch. Services broaden to cover other areas such as disaster relief. This is an important addition because Macau have high risks of frequent [[typhoons]]. In addition, many facilities were also built, including rehabilitation centers and center for blind and deaf assistance. Throughout the 60s and 70s, housing was provided to the poor, disabled and elderly. Financial aid for health care and education is also provided to poor.<ref>{{cite web|title="Development History." Social Welfare Bureau of MSAR Government|url=http://www.ias.gov.mo/en/about-swb/development-history/development-history|website=Instituto De Accao social|access-date=8 December 2017|archive-date=31 May 2019|archive-url=https://web.archive.org/web/20190531210703/http://www.ias.gov.mo/en/about-swb/development-history/development-history|url-status=dead}}</ref> During this period the government have also started subsidizing private schools.<ref>{{cite journal|last1=Hui|first1=Samuel|last2=Aspalter|first2=Christian|last3=Lai|first3=Dicky|title=Social Welfare in Macau – Between East and West: A Comparative, Analytical Welfare Regime Perspective|date=23 March 2012|doi=10.2139/ssrn.2027764|s2cid=150874326}}</ref> Another restructuring of the system happened in 1980. The Department of Social Welfare was officially established. Further adjustments were made in the late 80s that separated the department into three branches, including the Macao Governor, Social Welfare Committee and the Department for Social Welfare. It established four principles "equality, efficiency, mutual assistance and participation". Four offices were also set up in Santo António e São Lázaro, São Lourenço e Sé, Nossa Senhora de Fátima, and Ilias. The purpose of these offices is to make it more convenient for people to make a visit and for the workers to also get closer to the locals in their region. In the 90s, an additional office was set up in llhas Verde due to high demand in the Northern region. The department also became increasingly involved in familial issues by offering [[counseling]].<ref>{{cite web|title="Development History." Social Welfare Bureau of MSAR Government|url=http://www.ias.gov.mo/en/about-swb/development-history/development-history|website=Instituto De Accao social.|access-date=8 December 2017|archive-date=31 May 2019|archive-url=https://web.archive.org/web/20190531210703/http://www.ias.gov.mo/en/about-swb/development-history/development-history|url-status=dead}}</ref>

The Social Welfare Bureau – which remained to this day - was established after the handover to China in 1999. Initially Macau faced challenges from a weak economy and high [[unemployment]] rate but in 2002, gaming was legalized and increased the government revenue. Due to the rapid economic growth driven by the gambling industry, [[foreign investments]] and [[tourism]], the government is now able to provide more public services.<ref>{{cite book|last1=Chan|first1=Kam Wah|last2=Lee|first2=James|title=Social Welfare Policy: A 'Flexible' Strategy?|publisher=Hong Kong University Press|pages=197–214|date=2011|jstor=j.ctt1xwg2h.20|chapter=A 'Flexible' Strategy?|isbn=9789888083282}}</ref> Macau's social welfare programs have grown to be comparable to the most [[developed countries]] in the world. Free [[healthcare]] is universal and offered in public hospitals but private services is also subsidized by 30%, for pregnant women, students, civil servants and people 65 and above, it is completely subsidized. The government extend benefits for many of these citizens.<ref>{{Cite book |doi = 10.1109/SeGAH.2013.6665312|chapter = Public healthcare system in Macao|title = 2013 IEEE 2nd International Conference on Serious Games and Applications for Health (SeGAH)|pages = 1–8|year = 2013|last1 = Ferrao|first1 = Silvia O. S.|last2 = Gaspar|first2 = Elisa Lei|isbn = 978-1-4673-6165-1|s2cid = 14875937}}</ref> Improvements in the rise of employment and income is also linked to higher satisfaction with quality of life.<ref>{{cite journal|last1=Scott|first1=Ian|title=Social Stability and Economic Growth|journal=Gaming, Governance and Public Policy in Macao|pages=1–16|date=2011|jstor=j.ctt1xwg2h.8|isbn=9789888083282}}</ref> The government provide 15 years of free education, social insurance and social assistance to all citizens. Similar to a lot of East Asian countries, the social welfare model in Macau does not fit neatly in "the three worlds of [[welfare capitalism]]". It has been argued that it functions more like a regulatory welfare regime.<ref>{{Cite journal |doi = 10.1177/0020872812452176|title = Macao's welfare model: An extreme world of welfare capitalism?|journal = International Social Work|volume = 57|issue = 6|pages = 676–687|year = 2014|last1 = Lai|first1 = Dicky Wai Leung|s2cid = 143637023}}</ref>

Nevertheless, Macau's [[public sector]] appears to be quite small. Workers in the public sector is one of the highest paid occupation due to constitutional law that was set during the handover. Therefore, as a result the government often offer short-term or part-time contracts to make it more affordable although contracts usually get renewed.<ref>{{cite journal|last1=Chou|first1=Bill K.P.|title=Public Sector Reform in Macao After the Handover|journal=China Perspectives|date=1 October 2016}}</ref> It is reported that many workers in the police force have left to work in casinos for better pay. Economic growth also brings inequality, competition is getting higher as more foreigner and mainland workers are overtaking local poor in skills. This evidently produced an increase in citizen participation in [[elections]] and [[protests]].<ref>{{cite journal|last1=Edmonds|first1=Richard|title=Political Change in Macao. Lo Sonny Shiu-Hing. London and New York: Routledge, 2008. xvi + 166 pp. £75.00. {{Text|ISBN}} 978-0-415-39577-9|journal=The China Quarterly|date=2008|volume=195|pages=708–710|doi=10.1017/S0305741008001008|s2cid=153421849}}</ref> The focus on the gambling and tourism industry also come at the expense of other sectors. As of 2009, 44.9% of labor work in the tourist industry. It is reported in 2006 that 44 times the population of Macau visited the city that year. Furthermore, all profitable big business like hotels and casinos are owned by foreign investors, which comes at the expense of local family businesses. This had led to a violent protest on Labor Day in 2007. No such civil unrest has ever been record in Macau history before or after the handover but it caught real attention because the city had a [[GDP]] growth of 17% the year prior.<ref>{{cite journal|last1=Sheng|first1=Li|last2=Tsui|first2=Yanming|title=A general equilibrium approach to tourism and welfare: The case of Macao|journal=Habitat International|date=1 October 2009|volume=33 |issue=4|pages=419–424|doi=10.1016/j.habitatint.2009.01.002}}</ref>

==Energy==
{{main|Electricity sector in Macau|Energy in Macau}}
[[File:Coloane A Power Station.JPG|thumb|[[Coloane A Power Station]]]]

'''Electricity – production:''' 1.893 billion kWh (2004)
<br>''fossil fuel:'' 100%
<br>''hydro:'' 0%
<br>''nuclear:'' 0%
<br>''other:'' 0% (1998)
<br>'''Electricity – consumption:''' 1.899 billion kWh (2004)
<br>'''Electricity – exports:''' 0 kWh (2004)
<br>'''Electricity – imports:''' 153.3 million kWh (2004)

==See also==
* [[Economy of China]]
* [[Gambling in Macau]]
* [[Tourism in Macau]]
* [[Individual Visit Scheme]]
* [[Shipyards in Macau]]

==References==
{{reflist|30em}}

==Notes==
{{reflist|group=note}}

==Further reading==
*{{cite book
 |first = S. S. | last = Chan
 |title = The Macau Economy
 |publisher = Publications Centre, University of Macau
 |isbn = 978-99937-26-03-6
 |year = 2000
 }}
*{{cite book
 | title = Macau: a General Introduction
 | first = Bong Yin | last = Fung
 | publisher = Joint Publishing (H.K.) Co. Ltd.
 | year = 1999
 | isbn = 978-962-04-1642-2
 | language =zh
 }}
*{{cite book |last=Gunn |first=Geoffrey C. |date=1996 | title=Encountering Macau, A Portuguese City-State on the Periphery of China, 1557–1999 |publisher=[[Westview Press]] |isbn=0-8133-8970-4}}  
{{Province-level economies of China}}{{World Trade Organization}}
{{Asia in topic|Economy of}}

[[Category:Economy of Macau| ]]
[[Category:World Trade Organization member economies|Macau]]