Political pressure groups and leaders:
NA
International organization participation:
IMF, IMO (associate), Interpol (sub-bureau), ISO (correspondent),
UNESCO (associate), UPU, WCO, WMO, WToO (associate), WTO
Diplomatic representation in the US:
none (special administrative region of China)
Diplomatic representation from the US:
the US has no offices in Macau; US interests are monitored by the
US Consulate General in Hong Kong
Flag description:
light green with a lotus flower above a stylized bridge and water
in white, beneath an arc of five gold, five-pointed stars: one large
in center of arc and four smaller
Economy Macau
Economy - overview:
Macau's well-to-do economy has remained one of the most open in the
world since its reversion to China in 1999. Apparel exports and
tourism are mainstays of the economy. Although the territory was hit
hard by the 1998 Asian financial crisis and the global downturn in
2001, its economy grew 9.5% in 2002 and 15.6% in 2003. During the
first three quarters of 2004, Macau registered year-on-year GDP
increases of more than 20 percent. A rapid rise in the number of
mainland visitors because of China's easing of restrictions on
travel, increased public works expenditures, and significant
investment inflows associated with the liberalization of Macau's
gaming industry drove the recovery. 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. The three companies awarded gambling licenses
have pledged to invest $2.2 billion in the territory, which will
boost GDP growth. Much of Macau's textile industry may move to the
mainland as the Multi-Fiber Agreement is phased out. The territory
may have to rely more on gambling and trade-related services to
generate growth. Two new casinos were opened by new foreign gambling
licensees in 2004; development of new infrastructure and facilities
in preparation for Macau's hosting of the 2005 East Asian Games will
bolster the construction sector. 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, and the range of products covered by CEPA
was to be expanded on 1 January 2005.
GDP (purchasing power parity):
$9.1 billion (2003)
GDP - real growth rate:
15.6% (2003)
GDP - per capita:
purchasing power parity - $19,400 (2003)