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Hong Kong: Economy

Economy Hong Kong
Economy - overview:
Hong Kong has a free market economy highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. 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. Hong Kong has been further integrating its economy with China because China's growing openness to the world economy has increased competitive pressure on Hong Kong's service industries, and Hong Kong's re-export business from China is a major driver of growth. Per capita GDP compares with the level in the four big economies of Western Europe. GDP growth averaged a strong 5% in 1989-1997, but Hong Kong suffered two recessions in the past 6 years because of the Asian financial crisis in 1998 and the global downturn of 2001-2002. The Severe Acute Respiratory Syndrome (SARS) outbreak has also battered Hong Kong's economy but the resumption of strong growth began in 2003.
GDP:
purchasing power parity - $198.5 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita:
purchasing power parity - $27,200 (2002 est.)
GDP - composition by sector:
agriculture: 0.1%
industry: 13.4%
services: 86.5% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3% (2002 est.)
Labor force:
3.52 million (2001 est.)
Labor force - by occupation:
wholesale and retail trade, restaurants, and hotels 31%, financing, insurance, and real estate 13%, community and social services 12%, manufacturing 6%, transport and communications 6%, construction 5%, other 25% (2002 est.)
Unemployment rate:
7.5% (2002 est.)
Budget:
revenues: $22.8 billion
expenditures: $30.7 billion, including capital expenditures of $NA (FY02/03)
Industries:
textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
Industrial production growth rate:
-9.7% (2002 est.)
Electricity - production:
30.48 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
37.12 billion kWh (2001)
Electricity - exports:
1.581 billion kWh (2001)
Electricity - imports:
10.36 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
257,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
680.9 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
680.9 million cu m (2001 est.)
Agriculture - products:
fresh vegetables; poultry, fish, pork
Exports:
$200.3 billion f.o.b., including reexports (2002 est.)
Exports - commodities:
electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones
Exports - partners:
China 34%, US 19.5%, UK 5.5%, Japan 4.8% (2002)
Imports:
$208.1 billion (2002 est.)
Imports - commodities:
foodstuffs, transport equipment, raw materials, semimanufactures, petroleum, plastics, machinery, electrical equipment; a large share is reexported
Imports - partners:
China 37.5%, Japan 12.2%, Taiwan 7.3%, US 6.2%, Singapore 5.3%, South Korea 5% (2002)
Debt - external:
$49.5 billion (2002 est.)
Currency:
Hong Kong dollar (HKD)
Currency code:
HKD
Exchange rates:
Hong Kong dollars per US dollar - 7.8 (2002), 7.8 (2001), 7.79 (2000), 7.76 (1999), 7.75 (1998)
Fiscal year:
1 April - 31 March

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Source: The CIA World Fact Book 2003

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