On Friday the Macau Statistics and Census Service reported that gross domestic product grew by 27.3% in 2007. GDP reached approximately US$19.2 billion and per-capita GDP increased to US$36,357, higher than in neighbouring Hong Kong. Macau has now become Asia’s richest territory, but it’s not all good news for local residents although nearly 27 million visitors arrived in Macau, the majority from Mainland China, and visitor spend rose. Visitor numbers were up 22.7% from 2006.

Annual gross gaming revenue rose 45.8% and investment grew 23% last year. According to the Statistics and Census Service, the Macau economy was not affected by the global slowdown in the fourth quarter of 2007 but remained buoyant because of support from the Chinese mainland. Unemployment in Macau remains below 3% but there is wide disparity between casino wages and those of other industries.

Earlier this month the Macau government launched a US$100 million programme to subsidise electricity and income costs for local residents, many of whom are becoming increasingly vocal about rising prices and the adverse effect the casino industry is having on their standard of living. Inflation is expected to be 10% this year, and there are growing calls for the number of migrant workers in the casino and construction industries to be cut. (E-03.31.08)

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