Short facts about the economy in Hong Kong
| 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 undergoing a rapid recovery, with
growth of 10% in 2000 to be followed by projected growth of 5% in
2001. |
| GDP: |
purchasing power parity - $181 billion
(2000 est.) |
| GDP - real
growth rate: |
10% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $25,400 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 0.1%
industry: 14.3%
services: 85.6% (1999
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
3.7% (2000
est.) |
| Labor
force: |
3.39 million (2000
est.) |
| Labor force
- by occupation: |
wholesale and retail trade,
restaurants, and hotels 31.5%, community and social services 24%, financing,
insurance, and real estate 14.5%, transport and communications 11.6%,
manufacturing 7.7%, construction 2.6% (October
1999) |
| Unemployment
rate: |
4.5% (2000
est.) |
| Budget: |
revenues: $20.8 billion
expenditures: $24.5 billion, including
capital expenditures of $NA (FY99/00) |
| Industries: |
textiles, clothing, tourism,
electronics, plastics, toys, watches, clocks |
| Industrial
production growth rate: |
2.1%
(2000) |
| Electricity
- production: |
27.726 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 100%
hydro: 0%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
32.202 billion kWh
(1999) |
| Electricity
- exports: |
633 million kWh
(1999) |
| Electricity
- imports: |
7.05 billion kWh
(1999) |
| Agriculture
- products: |
fresh vegetables;
poultry |
| Exports: |
$204 billion (including reexports;
f.o.b., 2000 est.) |
| Exports -
commodities: |
clothing, textiles, footwear,
electrical appliances, watches and clocks, toys |
| Exports -
partners: |
China 33%, US 24%, Japan 5%, UK 4%,
Germany, Singapore (1999) |
| Imports: |
$215 billion (f.o.b.,
2000) |
| Imports -
commodities: |
foodstuffs, transport equipment, raw
materials, semimanufactures, petroleum; a large share is
reexported |
| Imports -
partners: |
China 44%, Japan 12%, US 7%, Taiwan 7%,
South Korea, Singapore (1999) |
| Debt -
external: |
$48.1 billion
(1999) |
| Currency: |
Hong Kong dollar
(HKD) |
| Exchange
rates: |
Hong Kong dollars per US dollar -
7.7990 (January 2001), 7.7912 (2000), 7.7575 (1999), 7.7453 (1998), 7.7421
(1997), 7.7343 (1996); note - Hong Kong became a special administrative region
of China on 1 July 1997; before then, the Hong Kong dollar was linked to the US
dollar at the rate of about 7.8 Hong Kong dollars per US
dollar |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
