
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.
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