| Economy | Hong Kong |
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Economy - overview:
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Hong Kong has a free market economy highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump.The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 4.6% of total system deposits in Hong Kong by the end of 2010, an increase of over 392% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. 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 20 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2010 mainland Chinese companies constituted about 19% of the firms listed on the Hong Kong Stock Exchange and accounted for 62% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise over 5% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. |
GDP (purchasing power parity):
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$353.7 billion (2011 est.)
$333.7 billion (2010 est.)
$312 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$49,300 (2011 est.)
$46,900 (2010 est.)
$44,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$246.9 billion (2011 est.) |
GDP - real growth rate:
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6% (2011 est.)
7% (2010 est.)
-2.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 0%
industry: 7%
services: 92.6% (2011 est.) |
Investment (gross fixed):
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21.7% of GDP (2011 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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5% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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0.5% (31 December 2010 est.)
0.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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5.1% (31 December 2011 est.)
5% (31 December 2010 est.) |
Stock of money:
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$127.3 billion (31 December 2009)
$63.03 billion (31 December 2008) |
Stock of money - per capita:
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17,873 USD per capita |
Stock of quasi money:
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$757.6 billion (31 December 2009)
$721 billion (31 December 2008) |
Stock of quasi money - per capita:
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106,368 USD per capita |
Stock of domestic credit:
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$540.7 billion (31 December 2011 est.)
$445.8 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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75,915 USD per capita |
Stock of narrow money:
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$91.65 billion (31 December 2011 est.)
$82.18 billion (31 December 2010 est.) |
Stock of broad money:
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$837.5 billion (31 December 2011 est.)
$914.9 billion (31 December 2009) |
Labor force:
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3.701 million (2011 est.) |
Labor force participation rate:
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51.96 % of population |
Labor force - by occupation:
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manufacturing: 4.7%
construction: 2.2%
wholesale and retail trade, restaurants, and hotels: 41.7%
financing, insurance, and real estate: 12%
transport and communications: 6.3%
community and social services: 17%
note: above data exclude public sector (2010 est.) |
Unemployment rate:
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3.3% (2011 est.)
4.3% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 12.6%
male: 15.1%
female: 10.3% (2009) |
Budget:
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revenues: $47.55 billion
expenditures: $43.22 billion (2011 est.) |
Budget revenues per capita:
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6,677 USD per capita |
Taxes and other revenues:
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19.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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1.8% of GDP (2011 est.) |
Public debt:
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10.1% of GDP (2011 est.)
17.8% of GDP (2010 est.) |
Industries:
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textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks |
Industrial production growth rate:
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0.8% (2011 est.) |
Electricity - production:
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38.23 billion kWh (2010 est.) |
Electricity - production per capita:
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5,368 kWh per capita |
Electricity - consumption:
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42.64 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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5,987 kWh per capita |
Electricity - exports:
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2.23 billion kWh (2010 est.) |
Electricity - imports:
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12.26 billion kWh (2010 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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333,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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17.06 bbl/year per capita |
Oil - exports:
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22,670 bbl/day (2009 est.) |
Oil - imports:
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428,200 bbl/day (2010) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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4.02 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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565 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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4.02 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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fresh vegetables; poultry, pork; fish |
Current account balance:
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$16.15 billion (2011 est.)
$13.93 billion (2010 est.) |
Current account balance - per capita:
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2,268 USD per capita |
Exports:
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$451.6 billion (2011 est.)
$394 billion (2010 est.) |
Exports per capita:
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63,405 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 52.7%, US 11%, Japan 4.2% (2010 est.) |
Imports:
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$493.2 billion (2011 est.)
$437 billion (2010 est.) |
Imports per capita:
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69,246 USD per capita |
Imports - commodities:
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raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is reexported) |
Imports - partners:
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China 45.1%, Japan 9.6%, Taiwan 7.6%, Singapore 4.8%, US 4.7% (2010) |
Reserves of foreign exchange and gold:
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$288.8 billion (31 December 2011 est.)
$268.7 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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40,548 USD per capita |
Debt - external:
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$903.2 billion (30 June 2011 est.)
$750.8 billion (31 December 2010 est.) |
Debt - external - per capita:
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126,810 USD per capita |
Stock of direct foreign investment - at home:
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$1.141 trillion (31 December 2011 est.)
$1.098 trillion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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160,197 USD per capita |
Stock of direct foreign investment - abroad:
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$988 billion (31 December 2011 est.)
$948.5 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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138,716 USD per capita |
Market value of publicly traded shares:
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$2.711 trillion (31 December 2010)
$2.292 trillion (31 December 2009)
$1.329 trillion (31 December 2008 est.) |
Market value of publicly traded shares - per capita:
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380,625 USD per capita |
Currency (code):
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Hong Kong dollar (HKD) |
Exchange rates:
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Hong Kong dollars (HKD) per US dollar -
7.79 (2011 est.)
7.77 (2010 est.)
7.75 (2009)
7.751 (2008)
7.802 (2007) |
Fiscal year:
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1 April - 31 March |
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