Hong Kong Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programs

Real GDP (purchasing power parity)

$444.624 billion (2021 est.)

$418.103 billion (2020 est.)

$447.385 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.34% (2021 est.)

-6.55% (2020 est.)

-1.68% (2019 est.)

Real GDP per capita

$60,000 (2021 est.)

$55,900 (2020 est.)

$59,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$365.753 billion (2019 est.)

Inflation rate (consumer prices)

1.57% (2021 est.)

0.25% (2020 est.)

2.88% (2019 est.)

Credit ratings

Fitch rating: AA- (2020)

Moody's rating: Aa3 (2020)

Standard & Poors rating: AA+ (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.1% (2017 est.)

industry: 7.6% (2017 est.)

services: 92.3% (2017 est.)

GDP - composition, by end use

household consumption: 67% (2017 est.)

government consumption: 9.9% (2017 est.)

investment in fixed capital: 21.8% (2017 est.)

investment in inventories: 0.4% (2017 est.)

exports of goods and services: 188% (2017 est.)

imports of goods and services: -187.1% (2017 est.)

Agricultural products

pork, poultry, spinach, vegetables, pork offals, game meat, fruit, lettuce, green onions, pig fat

Industries

trading and logistics, financial services, professional services, tourism, cultural and creative, clothing and textiles, shipping, electronics, toys, clocks and watches

Industrial production growth rate

2.08% (2021 est.)

Labor force

3.842 million (2021 est.)

Labor force - by occupation

agriculture: 3.8% (2013 est.)

industry: 2% (2016 est.)

services: 54.5% (2016 est.)

industry and services: 12.5% (2013 est.)

agriculture/fishing/forestry/mining: 10.1% (2013)

manufacturing: 17.1% (2013 est.)

note: above data exclude public sector

Unemployment rate

5.32% (2021 est.)

5.83% (2020 est.)

2.93% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 15%

male: 16.3%

female: 13.6% (2021 est.)

Population below poverty line

19.9% (2016 est.)

Gini Index coefficient - distribution of family income

53.9 (2016 est.)

Average household expenditures

on food: 14.7% of household expenditures (2018 est.)

on alcohol and tobacco: 1.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.8% NA

highest 10%: 38.1% (2016) NA

Budget

revenues: $70.124 billion (2020 est.)

expenditures: $105.849 billion (2020 est.)

Budget surplus (+) or deficit (-)

5.2% (of GDP) (2017 est.)

Public debt

0.1% of GDP (2017 est.)

0.1% of GDP (2016 est.)

Taxes and other revenues

23.2% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$41.712 billion (2021 est.)

$24.092 billion (2020 est.)

$21.23 billion (2019 est.)

Exports

$751.26 billion (2021 est.) note: data are in current year dollars

$608.159 billion (2020 est.) note: data are in current year dollars

$645.007 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 23%, India 14%, Netherlands 6%, United Kingdom 5% (2019)

Exports - commodities

gold, integrated circuits, gas turbines, broadcasting equipment, silver, diamonds, telephones (2021)

Imports

$733.459 billion (2021 est.) note: data are in current year dollars

$601.528 billion (2020 est.) note: data are in current year dollars

$639.363 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 46%, Taiwan 7%, Singapore 7%, South Korea 5%, United States 5%, Japan 5% (2019)

Imports - commodities

integrated circuits, broadcasting equipment, office machinery, telephones, diamonds (2019)

Reserves of foreign exchange and gold

$496.867 billion (31 December 2021 est.)

$491.776 billion (31 December 2020 est.)

$441.35 billion (31 December 2019 est.)

Debt - external

$1,648,409,000,000 (2019 est.)

$1,670,919,000,000 (2018 est.)

Exchange rates

Hong Kong dollars (HKD) per US dollar -

7.773 (2021 est.)

7.757 (2020 est.)

7.836 (2019 est.)

7.839 (2018 est.)

7.793 (2017 est.)

NOTE: The information regarding Hong Kong on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Hong Kong 2023 information contained here. All suggestions for corrections of any errors about Hong Kong 2023 should be addressed to the CIA or the source cited on each page.