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 is looking to further integrate 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 has suffered two recessions in the past five years because of the Asian financial crisis in 1998 and the global downturn of 2001-2002. The Severe Acute Respiratory Syndrome (SARS) outbreak has battered Hong Kong's economy and could delay the resumption of strong growth.
GDP:
purchasing power parity - $186 billion (2002 est.)
GDP - real growth rate:
-3% (2002 est.)
GDP - per capita:
purchasing power parity - $26,000 (2002 est.)
GDP - composition by sector:
agriculture: 0.1%
industry: 13.4%
services: 86.5% (2002 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 27% (2002 est.)
Unemployment rate:
7.5% (2002 est.)
Budget:
$22.8 billion
expenditures: $30.7 billion, including capital expenditures of $NA (FY02)
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
Oil - imports:
NA
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 39.3%, US 21.3%, Japan 5.4%, UK 3.7%, UK 3.5%, Germany 3%, Taiwan 2.2% (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 44.3%, Japan 11.3%, Taiwan 7.2%, US 5.3%, South Korea 4.7%, Singapore 4.7% (2002)
Debt - external:
$49.5 billion (2002 est.)
Currency:
Hong Kong dollar (HKD)
Currency code:
HKD
Exchange rates:
Hong Kong dollars per US dollar - 7.7989 (2002), 7.7988 (2001), 7.7912 (2000), 7.7575 (1999), 7.7453 (1998)
Fiscal year:
1 April - 31 March
NOTE: The information regarding Hong Kong on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Hong Kong Economy 2003 should be addressed to the CIA.
