Macao‘s economy

        Macao's economy out of the shadow of the financial tsunami first half of 2010 showed strong growth, the GDP recorded 1,027.4 billion patacas, real growth of 40.2% 1.Economic growth was driven by exports of services and stimulate private consumption expenditures, respectively, recorded 60.9% growth in real terms and 4.4%; while the gross fixed capital formation continued to shrink, down 34.0% in real terms.Public finances, revenue rose 39.2% to 35.52 billion patacas, while spending decreased 33.0% to 8.87 billion patacas.Composite Consumer Price Index rose 2.1%, of which food and non-alcoholic beverages, miscellaneous goods and services increased by 4.5% and 5.7%, while housing and fuels decreased by 0.5%.Employment market, 2nd quarter of 2010 was 32.6 million labor force, labor force participation rate of 71.6% over same period in 2009 the unemployment rate fell 0.8 percentage points to 2.8%, the overall median monthly employment earnings remain at 8,500 Macauelement level.
        External merchandise trade in the global economic recovery and continued expansion of domestic demand situation, import and export has improved considerably.The value of total exports experienced high double-digit decline stabilized after the first half year declines narrowed to 7.1%, recorded a 3.62 billion patacas, but the local textile and clothing export products mainly export situation has not improved, exportsvalue by 48.9% to 770 million patacas.Return to growth of total value of imports rose 20.9% to 20.48 billion patacas, imports of consumer goods, mainly raw materials and semi-manufactures, accounting for 73.1% of the value of imports.In the first half to 16.86 billion patacas deficit, major trading partners include China, U.S., EU and Hong Kong.
        Local retail market to maintain a rapid growth pace in the first half sales rose 34.6% to 13.77 billion patacas.Which, watches and gold rose 51.6% to 32.7 billion patacas, merchandise exports rose 40.3% to 20.6 billion patacas, adult clothing increased by 42.2% to 13.3 billion patacas, and leather products soared 66.2% to 1.29 billion patacas.
        Tourism, the first half of the visitors visit to Australia increased by 17.9% to 1,222.9 million, of which mainland visitors increased by 26.9% to 6,508,000         passengers.Same way a personal tour of mainland tourists to Macao for the 2.666 million passengers, up 12.4%.Rapid growth in entertainment services, gross gaming revenue rose 66.7% to 86.47 billion patacas; gaming tax revenue rose 62.9% to 31.9 billion patacas.Stable development of exhibition industry, in the first half and a total of 787 meetings held 22 exhibitions, respectively, 7.5 million and 15.0 million people participate.
        Construction industry performance remained weak, started building the new area reduced by 37.8% to 13.0 million square meters.Rapid recovery of the property market, first half of the total of 8,879 units for sale, a significant increase over last year 4,741 units, the total transaction amount of 11.42 billion patacas, up 144.5%.The banking sector, earnings fell slightly by 5.9% to 17.4 billion patacas, the total deposits 3,030.3 billion patacas, the total loans, compared with 2,236.4 billion patacas, rose 7.0% and 44.2%.
        Since the "Mainland and Macao Closer Economic Partnership Arrangement" ("CEPA") has been implemented in 2004, has enjoy zero tariff imports of goods of Macao origin of the mainland has a total of 1,210 items (rent during the year 2010, the number listed.)Ended June 30, 2010, "arrangement" exports of goods amounted to 137 million patacas, customs duties 1,058.6 million patacas.Trade in services, issued a cumulative total of "Macao Service Supplier Certificate" 387.Accordance with the "arrangement" on May 28 this year, a supplementary agreement signed by seven, from 1 January 2011 to further deepen the China Open starting construction, medical, audiovisual, distribution, banking, social services, tourism, entertainment, air transport, professional and technicalqualification examination and individual businesses in 11 areas of market access conditions, and add an open technical inspection analysis and inspection of goods, professional design, since the total open area of trade in services amounted to 43."Arrangement" is an open protocol, the two sides can continue to expand opening up through consultation in order to enrich and optimize their content for economic and trade cooperation and common development and bring important benefits.

        1 Unless otherwise specified, rates of change mentioned in this article refers to the 2010 and 2009 the rate of change over the same period.Source: Statistics and Census Service, Macao Monetary Authority, the Economic Services Bureau.

Updated: 2010-09-28