MORE GOOD NEWS FOR MACAU
4 April 2008
Survey characterises Asian gambling island as "the
richest place in Asia"
Following news of improved employment prospects recently
(see previous InfoPowa report) Macau investors were
buoyed this week by bullish predictions for the island
and new numbers from the government. These showed that
surging gambling revenue and investments in luxury
hotels and the entertainment industry has made the
former Portuguese enclave Asia's richest territory.
Macau has overtaken rivals such as Singapore, Brunei and
Japan to take the top Asian spot after gross domestic
product (GDP) per capita surged 27 percent to $36 357
last year, according to Macau government figures.
The results from the statistics and census service show
that in US dollar terms, Macau, with a population of 538
000, is the world's 20th richest economy, the South
China Morning Post reported. This puts the territory,
which like Hong Kong is a special administrative region
of China, ahead of Italy and just behind Germany and
France.
The rise in per capita GDP was boosted by a 47 percent
increase to $10.34 billion in gambling revenue last
year. Investment bank Morgan Stanley has forecast gaming
revenue will grow 23 percent this (2008) year and rise
by about 20 percent per year in 2009 and 2010.
But while the improved growth figures may be good news
for the territory's wealthy, it comes with a down side.
The average Macau resident saw median monthly employment
earnings rise by only 7.5 percent last year to about $1
020.
By comparison, inflation climbed by an annualised 9.5
percent in February, a 12-year high. Rent and medical
expenses are rising at a faster rate, by 15.6 percent
for rent and 24.2 percent for basic medical
consultations.
Online Casino News courtesy of
InfoPowa
More news here.
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