Banking News
- ADB: Macao ranks 3rd in per capita GDP in Asia-Pacific
Date: 13-Dec-2007 Sources: (Xinhua Online)
MACAO, Dec. 12 (Xinhua) -- An Asian Development Bank (ADB) survey says Macao ranks third in per capita real GDP among 23 'developing economies' in Asia and the Pacific, only after Brunei and Singapore, the Macao Daily News reported on Wednesday.
ADB's 2005 International Comparison Program (ICP), released on Monday, showed that Macao's per capita real GDP in that year stood at 211,907 HK dollars (27,175 U.S. dollars), as against 202,941 HK dollars (26,025 U.S. dollars) in Hong Kong.
But the ICP survey also tags Macao as the third costliest place to live, only after Fiji and Hong Kong in the region. In terms of per capita actual final consumption expenditure (AFCE), Hong Kong still appears as the biggest spender with its AFCE of 125,303 HK dollars (16,069 U.S. dollars) as against Macao's 67,160 HK dollars (8,612 U.S. dollars), ranking fifth in the survey.
Although Macao's booming gaming industry has contributed to the spike of its per capita GDP, most civilians still saw their salaries stay in low level, which resulted in its low AFCE, the newspaper quoted Dominic Sio, board chairman of Center of Strategic Research for Development of Macao, as saying.
Sio also pointed out that the government should make effort to turn Macao into a knowledge-orientated society like Hong Kong, the population of which comprises a large number of well-educated and affluent middle classes.
The survey is part of a global initiative spearheaded by the World Bank that allows cross-country comparisons of purchasing powers of currencies and living standards.
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