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Economy of Macau

Macau is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Macau is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Macau exports around $1.14 billion and imports roughly $10.13 billion. 2% of population in the country are unemployed. The total number of unemployed people in Macau is 12,648. In Macau, 2.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Macau is low, indicating that it has a stable economy. Investors should consider Macau to be a safe location for investments and other financial ventures. Government expenditure on education is 3.3% of GDP. The Gini Index of the country is 35. Macau is experiencing good equality. The majority of citizens in Macau fall within a narrow range of income, although some cases may show significant differences.

Currency

The currency of Macau is Macanese pataca. The plural form of the word Macanese pataca is patacas. The symbol used for this currency is ¥, and it is abbreviated as MOP. The Macanese pataca is divided into Avo; there are 100 in one pataca.

Credit rating

According to the Moody's credit-rating agency, Macau has a credit rating score of Aa3, and the prospects of this rating are stable.

Central bank

In Macau, the institution that manages the state's currency, money supply, and interest rates is called Monetary Authority of Macao. Locally, the central bank of Macau is called 澳門金融管理局. The average deposit interest rate offered by local banks in Macau is 0.1%.

Public debt

Macau has a government debt of 68% of the country's Gross Domestic Product (GDP), as assessed in 2011.

Tax information

The corporate tax in Macau is set at 12%. Personal income tax ranges from 0% to 12%, depending on your specific situation and income level.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Macau is $51.68 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Macau was last recorded at $0 million. PPP in Macau is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Macau is 51,753 billion. Based on this statistic, Macau is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Macau was last recorded at $82 million. The average citizen in Macau has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Macau averaged 11.9% in 2014. According to this percentage, Macau is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Macau.

Industry

Major industries in the country are tourism, gambling, clothing, textiles, electronics, footwear, toys. The total labor force of Macau is 382,380 people, wherein 2% of population in the country are unemployed. The total number of unemployed people in Macau is 12,648. The Industrial Production growth rate of Macau is 10%.To read more about industrial information within Macau click on industry of Macau.

Agriculture

There are 0 km2 of arable land in Macau, and it comprises 0% of the country's total territory. There are 0 km2 of cultivated land in Macau. The country's major agricultural crops and products are vegetables, fish, crustaceans.To read more about agriculture click on agriculture of Macau.