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Macau SAR Economy

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Overview of the Economy

• GDP: Approximately MOP 1.4 trillion (USD 175 billion)
• Financial sector assets: MOP 412 billion (approximately USD 51 billion) at September 2008
• Financial sector size relative to economy: Over 307% of GDP

Financial Sector Setting

Key Characteristics

• Mainly bank-oriented and foreign-owned
• Banking assets account for over 94% of total financial sector assets

Credit Institutions

• 27 commercial banks (11 locally incorporated, 16 branches of foreign banks)
• 1 government-owned postal savings bank
• 1 store value card issuer
• 1 finance company (non-deposit taking)

Insurance Companies

• 26 insurance companies (11 life, 15 non-life), with all but two being branches or subsidiaries of foreign entities

Balance of Payments

Current Account Balance

• USD 2.719 billion in 2007, increasing to USD 5.863 billion in 2011

Trade Balance

• Deficit of USD -920 million in 2006, increasing to a deficit of USD -5.094 billion in 2010

Exchange Rate

• Patacas per US dollar (end-of-period): Stable at 8.0 from 2007 to 2011