GDP Gross domestic product grew more than 20 per cent year on year in each of the five quarters to the end of September last year, and 18.5 per cent year on year in the final quarter. In the first quarter of this year, GDP growth slowed to 8.5 per cent year on year. Employment Unemployment dropped to 4.1 per cent at the end of last year from 6.1 per cent in January 2003. The rate has since held steady as Macau tries to resolve a labour shortage in its construction, gaming and tourism sectors. Salaries The entry of multinationals has boosted salaries in most service industries, with the median rising significantly since the Sands casino opened in May last year. Average monthly salaries have climbed 18.3 per cent to 5,680 patacas from 4,801 patacas at the end of 2003. Tourism arrivals Arrivals have risen every month since the handover except during Sars. Last year, 16 million people visited. Foreign exchange reserves Foreign exchange reserves have doubled since the handover, with the figure at 44.6 billion patacas in March.