NEWS ANALYSIS: Macao's Economy to Grow at Moderate Pace in 2002 (1)
MACAO, February 7 (Xinhua) -- Macao's economy is tipped to grow at a moderate pace this year, propelled by a steadfast rise of investment and tourism and gambling business.A latest quarterly report of the Macao Monetary Authority predicts that the region's gross domestic product (GDP) increase for 2002 will hit 2.6 percent and that of 2001 has come to a subdued 0.7 percent.
In a couple of days, the special administrative region (SAR) government will post the list of three winners in months of bidding for new casino licenses. "This will bring another period of high growth of investment," Francis Tam Pak Yuen, secretary for economy and finance, has said, citing that new operators will add facilities.
The official noted the move will close a 40- year monopoly over the gambling market by the Macao Tourism and Amusement Company (STDM) and optimize management of casinos -- a pillar sector that contributes to roughly half of the SAR's fiscal revenues.
Figures released by the Statistics and Census Services show that the entertainment and gambling service companies inaugurated in the fourth quarter last year alone involved a combined capital volume of 830 million patacas (103.75 million U.S. dollars), skyrocketing 11.6 times from the year-ago period. Many are scouting for new chances amid market opening.
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