Hong Kong Economy: from the All Country Info reference guide to country facts

Hong Kong Economy

Hong Kong Economy: A summary of information about Hong Kong Economy, from government research data as well as independent research and other sources.

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Hong Kong: Economy

Economy - overview
Hong Kong has a bustling free market economy
highly dependent on international trade. Natural resources are
limited, and food and raw materials must be imported. Indeed, imports
and exports, including reexports, each exceed GDP in dollar value.
Even before Hong Kong reverted to Chinese administration on 1 July
1997 it had extensive trade and investment ties with China. Per capita
GDP compares with the level in the four big countries of Western
Europe. GDP growth averaged a strong 5% in 1989-97. The widespread
Asian economic difficulties in 1998 hit this trade-dependent economy
quite hard, with GDP down 5%. The economy is recovering, with growth
of 1.8% in 1999 to be followed by projected growth of 3.7% in 2000.
GDP
purchasing power parity - $158.2 billion (1999 est.)
GDP - real growth rate
1.8% (1999 est.)
GDP - per capita
purchasing power parity - $23,100 (1999 est.)
GDP - composition by sector
agriculture: 0.1%
industry: 14.7%
services: 85.2% (1997 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
-4% (1999 est.)
Labor force
3.36 million (1998 est.)
Labor force - by occupation
wholesale and retail trade, restaurants,
and hotels 31.9%, social services 9.9%, manufacturing 9.2%, financing,
insurance, and real estate 13.1%, transport and communications 5.7%,
construction 2.6%, other 27.6% (October 1998)
Unemployment rate
6% (1999 est.)
Budget
revenues: $23.1 billion
expenditures: $25.1 billion, including capital expenditures of $NA
(FY98/99)
Industries
textiles, clothing, tourism, electronics, plastics, toys,
watches, clocks
Industrial production growth rate
-8.7% (1998 est.)
Electricity - production
29.529 billion kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
34.612 billion kWh (1998)
Electricity - exports
610 million kWh (1998)
Electricity - imports
7.76 billion kWh (1998)
Agriculture - products
fresh vegetables; poultry
Exports
$169.98 billion (including reexports; f.o.b., 1999 est.)
Exports - commodities
clothing, textiles, footwear, electrical
appliances, watches and clocks, toys
Exports - partners
China 34%, US 23%, Japan 5%, Germany 4%, UK 4%,
Singapore 2% (1998)
Imports
$174.4 billion (c.i.f., 1999)
Imports - commodities
foodstuffs, transport equipment, raw materials,
semimanufactures, petroleum; a large share is reexported
Imports - partners
China 41%, Japan 13%, US 8%, Taiwan 7%, South
Korea 5%, Singapore 4% (1998)
Debt - external
$48.1 billion (1999)
Economic aid - recipient
none
Currency
1 Hong Kong dollar (HK$) = 100 cents
Exchange rates
Hong Kong dollars (HK$) per US$ - 7.7780 (January
2000), 7.7575 (1999), 7.7453 (1998), 7.7427 (1997), 7.730 (1996),
7.800 (1995); note - Hong Kong became a special administrative region
of China on 1 July 1997; before then, linked to the US dollar at the
rate of about 7.8 HK$ per 1 US$
Fiscal year
1 April - 31 March
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