n financial crisis and the global downturn
in 2001, its economy grew 10.1% in 2002, 14.2% in 2003, and 28.6% in
2004 before slowing to 6.7% in 2005. The economic boom was powered
by gambling, tourism, and the construction necessary to support such
endeavours. China's decision to ease travel restrictions led to a
rapid rise in the number of mainland visitors. The opening of
Macau's gaming industry to foreign access in 2001 spurred an
increase in public works expenditures. The budget also returned to
surplus in 2002 because of the surge in visitors from China and a
hike in taxes on gambling profits, which generated about 70% of
government revenue. Much of Macau's textile industry may move to the
mainland due to the termination in 2005 of the Multi-Fiber
Agreement, which provided a near guarantee of export markets,
leaving the territory more dependant on gambling and trade-related
services to generate growth. The Closer Economic Partnership
Agreement (CEPA) between Macau and mainland China that came into
effect on 1 January 2004 offers many Macau-made products tariff-free
access to the mainland. The range of products covered by CEPA was
expanded on 1 January 2005.

GDP (purchasing power parity):
$10 billion (2004)

GDP (official exchange rate):
$11.56 billion (2005)

GDP - real growth rate:
6.7% (2005)

GDP - per capita (PPP):
$24,300 (2005)

GDP - composition by sector:
agriculture: 0.1%
industry: 7.2%
services: 92.7% (2002 est.)

Labor force:
248,000 (2005)

Labor force - by occupation:
manufacturing 13.7%, construction 13.7%, transport and
communications 5.9%, wholesale and retail trade 10.5%, restaurants
and hotels 10.3%, gambling 5.9%, public sector 7.8%, other services
and agriculture 19.3% (2005 est.)

Unemployment rate:
4.1% (2005)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
4.4% (2005)

Budget:
revenues: $3.16 billion
expenditures: $3.16 billion; including capital expenditures of $NA
(FY05/06)

Agriculture - products:
only 2% of land area is cultivated, mainly by vegetable growers;
fishing, mostly for crustaceans, is important; some of the catch is
exported to Hong Kong

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

Industrial production growth rate: