| People | Hong Kong |
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Economy - overview:
|
Hong Kong has a free market economy highly dependent on international trade. In 2006, the total value of goods and services trade, including the sizable share of reexports, was equivalent to 400% of GDP. The territory has become increasingly integrated with mainland China over the past few years through trade, tourism, and financial links. The mainland has long been Hong Kong's largest trading partner, accounting for 46% of Hong Kong's total trade by value in 2006. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 13.6 million in 2006, when they outnumbered visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. Bolstered by several successful initial public offerings in early 2007, by September 2007 mainland companies accounted for one-third of the firms listed on the Hong Kong Stock Exchange, and more than half of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly and now accounts for 91% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. GDP growth averaged a strong 5% from 1989 to 2007, despite the economy suffering two recessions during the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. |
GDP (purchasing power parity):
|
$292.8 billion (2007 est.) |
GDP (official exchange rate):
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$206.7 billion (2007 est.) |
GDP - real growth rate:
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6.3% (2007 est.) |
GDP - per capita (PPP):
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$42,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 0.1%
industry: 8.1%
services: 91.7% (2007 est.) |
Investment (gross fixed):
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20.3% of GDP (2007 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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53.3 (2007) |
Inflation rate (consumer prices):
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2% (2007 est.) |
Labor force:
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3.62 million (2007 est.) |
Labor force participation rate:
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51.58 % of population |
Labor force - by occupation:
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manufacturing 6.5%, construction 2.1%, wholesale and retail trade, restaurants, and hotels 43.3%, financing, insurance, and real estate 20.7%, transport and communications 7.8%, community and social services 19.5%
note: above data exclude public sector (2007 est.) |
Unemployment rate:
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4.1% (2007 est.) |
Budget:
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revenues: $36.9 billion
expenditures: $29.4 billion (FY07-08 est.) |
Budget revenues per capita:
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5,258 USD per capita |
Public debt:
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7.1% of GDP (2007 est.) |
Industries:
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textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks |
Industrial production growth rate:
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-0.9% (2007 est.) |
Electricity - production:
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38.6 billion kWh (2006) |
Electricity - production per capita:
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5,500 kWh per capita |
Electricity - consumption:
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40.3 billion kWh (2006) |
Electricity - consumption - per capita:
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5,742 kWh per capita |
Electricity - exports:
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4.5 billion kWh (2006) |
Electricity - imports:
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10.9 billion kWh (2006) |
Oil - production:
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0 bbl/day (2006 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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292,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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15.19 bbl/year per capita |
Oil - exports:
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22,420 bbl/day (2006) |
Oil - imports:
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314,700 bbl/day (2006) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2006 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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2.944 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
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420 cu m per capita |
Natural gas - exports:
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0 cu m (2006 est.) |
Natural gas - imports:
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2.944 billion cu m (2006) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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fresh vegetables; poultry, pork; fish |
Current account balance:
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$25.46 billion (2007 est.) |
Current account balance - per capita:
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3,628 USD per capita |
Exports:
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$345.9 billion f.o.b., including reexports (2007 est.) |
Exports per capita:
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49,284 USD per capita |
Exports - commodities:
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electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones, printed material |
Exports - partners:
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China 47.8%, US 12.4%, Japan 4% (2006) |
Imports:
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$365.6 billion (2007 est.) |
Imports per capita:
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52,090 USD per capita |
Imports - commodities:
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raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is re-exported) |
Imports - partners:
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China 46.3%, Japan 10%, Singapore 7.1%, Taiwan 7.1%, US 4.9%, South Korea 4.3% (2006) |
Reserves of foreign exchange and gold:
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$152.7 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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21,757 USD per capita |
Debt - external:
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$588 billion (2007 est.) |
Debt - external - per capita:
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83,777 USD per capita |
Stock of direct foreign investment - at home:
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$780.4 billion (2007 est.) |
Stock of direct foreign investment - abroad:
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$716.2 billion (2007 est.) |
Market value of publicly traded shares:
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$2.97 trillion (2007 est.) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$6.95 million (2004) |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Hong Kong dollar (HKD) |
Exchange rates:
|
Hong Kong dollars per US dollar - 7.802 (2007), 7.7678 (2006), 7.7773 (2005), 7.788 (2004), 7.7868 (2003) |
Fiscal year:
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1 April - 31 March |
|
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