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    Hong Kong Economy - 1989

      Overview: Hong Kong has a free-market economy and is autonomous in financial affairs. Natural resources are limited and food and raw materials must be imported. Manufacturing is the backbone of the economy, accounting for more than 20% of GDP, employing 36% of the labor force, and exporting about 90% of output. In 1986 real GDP rose by 8.7%, a sharp rebound from the 0.6% of 1985, largely because of increased exports. The unemployment rate, which has been declining over the past four years, reached a new low of 2% in 1987. A shortage of labor continues to put upward pressure on prices and the cost of living.

      GDP: $46.2 billion, per capita $8,260; real growth rate 13.6% (1987)

      Inflation rate (consumer prices): 5.5% (1987)

      Unemployment rate: 1.8% (1987)

      Budget: $5.7 billion (FY88)

      Exports: $48.5 billion (f.o.b., 1987), including reexports of $22.9 billion; @m5commodities--clothing, textile yarn and fabric, footwear, electrical appliances, watches and clocks, toys; @m5partners--US 31%, China 14%, FRG 8%, UK 6%, Japan 5%

      Imports: $48.5 billion (c.i.f., 1987); @m5commodities--foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; @m5partners--China 31%, Japan 20%, Taiwan 9%, US 8%

      External debt: $9.6 billion (December 1988)

      Industrial production: growth rate 16.4% (1987)

      Electricity: 7,775,000 kW capacity; 22,000 million kWh produced, 3,890 kWh per capita (1988)

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

      Agriculture: minor role in the economy; rice, vegetables, dairy products; less than 20% self-sufficient; shortages of rice, wheat, water

      Aid: NA

      Currency: Hong Kong dollar (plural--dollars); 1 Hong Kong dollar (HK$) = 100 cents

      Exchange rates: Hong Kong dollars (HK$) per US$--7.800 (March 1989), 7.810 (1988), 7.760 (1987), 7.795 (1986), 7.811 (1985)

      Fiscal year: 1 April-31 March

      NOTE: The information regarding Hong Kong on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hong Kong Economy 1989 information contained here. All suggestions for corrections of any errors about Hong Kong Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)