Macao's gross domestic product (GDP) grew 15 percent in real terms in 2006, local media reported Friday.

The Macao Post Daily quoted Tam Pak Yuen, secretary for Economy and Finance, as saying that Macao's rapid economic growth had resulted in a host of challenges including "unbalanced development, " human resources shortages and inflation.

Macao's inflation rate stood at 5.15 percent in 2006, as against 4.40 percent in 2005, the official was quoted by the newspaper as saying.

A government-run Human Resources Bureau would be set up "as soon as possible" in a bid to raise efficiency in processing import labor applications, said the official.

The special administrative region's GDP rose 6.7 percent in 2005 and 28.4 percent in 2004.

Source: Xinhua