Open menu Close menu Open Search Close search Open sharebox Close sharebox
ABC logo





. Index

. 1996 Index

. Flag

. Geography

. People

. Government

. Economy

. Transportation

. Commun'tions

. Defense

. Geo Names

. Feedback

===========

Ad

Hong Kong Economy 1996

    • Overview:
      Hong Kong has a bustling free market economy with few tariffs or nontariff barriers. Natural resources are limited, and food and raw materials must be imported. Manufacturing accounts for about 17% of GDP. Goods and services exports account for about 50% of GDP. Real GDP growth averaged a remarkable 8% in 1987-88, slowed to 3.0% in 1989-90, and picked up to 4.2% in 1991, 5.0% in 1992, 5.2% in 1993, and 5.5% in 1994. Unemployment, which has been declining since the mid-1980s, is now about 2%. A shortage of labor continues to put upward pressure on prices and the cost of living. Prospects for 1995-96 remain bright so long as major trading partners continue to be reasonably prosperous and so long as investors feel China will support free market practices after the takeover in 1997.

    • National product:
      GDP - purchasing power parity - $136.1 billion (1994 est.)

    • National product real growth rate:
      5.5% (1994 est.)

    • National product per capita:
      $24,530 (1994 est.)

    • Inflation rate (consumer prices):
      8.5% (1994)

    • Unemployment rate:
      1.9% (1994 est.)

    • Budget:

        revenues:
        $19.2 billion

        expenditures:
        $19.7 billion, including capital expenditures of $NA (FY93/94)

    • Exports:
      $168.7 billion (including re-exports of $121.0 billion )(f.o.b., 1994 est.)

        commodities:
        clothing, textiles, yarn and fabric, footwear, electrical appliances, watches and clocks, toys

        partners:
        China 32%, US 23%, Germany 5%, Japan 5%, UK 3% (1993 est.)

    • Imports:
      $160 billion (c.i.f., 1994 est.)

        commodities:
        foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; a large share is re-exported

        partners:
        China 36%, Japan 19%, Taiwan 9%, US 7% (1993 est.)

    • External debt:
      none (1993)

    • Industrial production:
      growth rate 2% (1993 est.)

    • Electricity:

        capacity:
        8,930,000 kW

        production:
        33 billion kWh

        consumption per capita:
        4,628 kWh (1993)

    • Industries:
      textiles, clothing, tourism, electronics, plastics, toys, watches, clocks

    • Agriculture:
      minor role in the economy; local farmers produce 26% fresh vegetables, 27% live poultry; 8% of land area suitable for farming

    • Illicit drugs:
      a hub for Southeast Asian heroin trade; transshipment and major financial and money-laundering center; increasing indigenous amphetamine and cocaine abuse

    • Economic aid:

        recipient:
        US commitments, including Ex-Im (FY70-87), $152 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $923 million

    • Currency:
      1 Hong Kong dollar (HK$) = 100 cents

    • Exchange rates:
      Hong Kong dollars (HK$) per US$ - 7.800 (1994), 7.800 (1993), 7.741 (1992), 7.771 (1991), 7.790 (1990); note - linked to the US dollar at the rate of about 7.8 HK$ per 1 US$ since 1985

    • Fiscal year:
      1 April - 31 March






Thank you for making this an award winning site

Please put this page in your BOOKMARKS - - - - -



ITA Home Page
 The IMMIGRATION Superhighway Feedback

ITA WWWDesign
Flags of all Countries
Yahoo search

Revised 13-August-1997

Copyright © 1995-2020 ITA (all rights reserved)