The Macao economy grew at a fast pace, owing to rapid expansion of the gaming and tourism industry.The real GDP rose by 16.6%1 to MOP 100.1 billion, in which the domestic demand grew by 18.8% to MOP 61.0 billion, the imports of goods and services rose by 17.4% to MOP 62.1 billion, and the exports of goods and services was up 15.8% to MOP 101.2 billion in 2006.In public accounts, the total revenue dropped 3% to MOP 27.4 billion, and the total expenditure decreased by 17.3% to MOP 17.5 billion.The continuous economic expansion pushed the CPI up to 5.2%, while the index of housing and fuels had the largest growth rate, up 11.8%.In the fourth quarter of 2006, total labour force increased to 286 thousand, compared with the corresponding period of 2005, rose by 27 thousand.Meanwhile, the unemployment rate dropped 0.5 percentage points to 3.5%, and the overall median employment earnings amounted to MOP 7,318, up 25.3%.
The Mainland China, the United States, the European Union and Hong Kong were still Macao鈥檚 major trading partners.In 2006, external trade posted a deficit of MOP 16.1 billion.Total exports increased by 3.2% to MOP 20.5 billion, in spite of the major exports items, textiles and garments decreased by 4.4% to MOP 14.7 billion.Total imports increased by 16.6% to MOP 36.5 billion, 71.7% of the amount were occupied by consumer goods, raw materials and semi-processed products.The retail markets grew rapidly causing total sales increased by 21.4% amounted to MOP 10.7 billion, whereas the manufacturing employment scale kept its down trend, declined obviously by 30.4% to 26 thousand.
The tourism sector in 2006 maintained sustained growth.The total number of visitors climbed 17.6% to 22 million, and the per-capita spending of visitors rose by 5.7% to MOP 1,610.The growth of Mainland visitors, which was largely benefited by the Individual Travel Scheme under The Mainland and Macao Closer Economic Partnership Arrangement (CEPA), rose by 14.6% to 12 million, while 5.8 million of those travellers were under this scheme, and the per-capita spending of Mainland visitors amounted to MOP 3,215.The gaming sector grew strongly in 2006, the gross revenue increased by 22.0% to MOP 55.9 billion.Meanwhile, the gaming tax receipts rose by 19.8% to MOP 20.8 billion, and the workforce of this sector increased critically by 39.4% to 36 thousand.
With respect to construction industry, the gross fixed capital formation in construction estimated at MOP 19.9 billion, and the gross floor area of buildings completed and extended was 1.3 million square meters, soared by 52.3% and 226.0% respectively, whereas the gross floor area of newly started buildings declined dramatically by 50.6% to 1.1 million square meters.As for the property market, the transaction declined by 21.5% to 26.4 thousand units, however, the total transaction value increased by 5.4% to MOP 25.1 billion.The financial sector performed well in 2006.The profits of banking industry increased largely by 30.1% to MOP 3.9 billion, and the total assets rose by 26.5% to MOP 273.8 billion.Meanwhile, total deposits and total loans amounted to MOP 229.9 billion and MOP 76.4 billion, up 24.2% and 17.1% respectively, and non-performing loan ratio declined to a record low of 1.1%.In the insurance sector, the gross premium continued to grow and reached MOP 2.5 billion, up 10.5%.
Since the implementation of CEPA on January 1st 2004, a total of 648 items classified as made-in-Macao products have been approved to be eligible to enjoy zero tariff when exported to the Mainland.Up to the end of 2006, total accumulated exports of CEPA goods amounted to MOP 19.2 million, and about MOP 1.9 million tariff were exempted.In respect of trade in services, 292 Certificates of Macao Service Supplier were issued from 2004 to 2006.Starting from 2007, the Mainland agreed to further liberalise and lower the entry threshold for Macao Service Suppliers, namely in services of legal, construction, convention and exhibition, audiovisual, distribution, tourism, transport as well as individually owned stores.CEPA is an open agreement, its contents will be continuously broadened through consultations, so as to facilitate economic and trade cooperation and development between the two places.
1 Unless otherwise specified, all rates of change mentioned in this article are comparisons of 2006 corresponding period of 2005.
Sources: Statistics and Census Bureau, Macao Monetary Authority, Finance Services Bureau, Gaming Inspection and Coordination Bureau, Macao Economic Services.
Last Updated: 2007-08-22
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