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Hong Kong:
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Other pages in this profile of Hong Kong:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Hong Kong has a free market economy highly dependent on international trade. In 2006, the total value of goods and services trade, including the sizable share of reexports, was equivalent to 400% of GDP. The territory has become increasingly integrated with mainland China over the past few years through trade, tourism, and financial links. The mainland has long been Hong Kong's largest trading partner, accounting for 46% of Hong Kong's total trade by value in 2006. 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 13.6 million in 2006, when they outnumbered visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. Bolstered by several successful initial public offerings in early 2007, by September 2007 mainland companies accounted for one-third of the firms listed on the Hong Kong Stock Exchange, and more than half 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 and now accounts for 91% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. GDP growth averaged a strong 5% from 1989 to 2007, despite the economy suffering two recessions during the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. |
GDP (purchasing power parity) |
Definition - World rank and map $292.8 billion (2007 est.) |
GDP (official exchange rate) |
Definition $206.7 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 6.3% (2007 est.) |
GDP - per capita |
Definition - World rank and map $42,000 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 0.1% industry: 8.1% services: 91.7% (2007 est.) |
Labor force |
Definition 3.62 million (2007 est.) |
Labor force - by occupation |
Definition manufacturing 6.5%, construction 2.1%, wholesale and retail trade, restaurants, and hotels 43.3%, financing, insurance, and real estate 20.7%, transport and communications 7.8%, community and social services 19.5% note: above data exclude public sector (2007 est.) |
Unemployment rate |
Definition - World rank and map 4.1% (2007 est.) |
Population below poverty line |
Definition NA% |
Household income or consumption by percentage share |
Definition lowest 10%: NA% highest 10%: NA% |
Distribution of family income - Gini index |
Definition - World rank and map 53.3 (2007) |
Inflation rate (consumer prices) |
Definition - World rank and map 2% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 20.3% of GDP (2007 est.) |
Budget |
Definition revenues: $36.9 billion expenditures: $29.4 billion (FY07-08 est.) |
Public debt |
Definition - World rank and map 7.1% of GDP (2007 est.) |
Agriculture - products |
Definition fresh vegetables; poultry, pork; fish |
Industries |
Definition textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks |
Industrial production growth rate |
Definition - World rank and map -0.9% (2007 est.) |
Electricity - production |
Definition - World rank and map 38.6 billion kWh (2006) |
Electricity - consumption |
Definition - World rank and map 40.3 billion kWh (2006) |
Electricity - consumption per capita |
Definition - World rank and map 5,741.9 kWh (2006) |
Electricity - exports |
Definition 4.5 billion kWh (2006) |
Electricity - imports |
Definition 10.9 billion kWh (2006) |
Oil - production |
Definition - World rank and map 0 bbl/day (2006 est.) |
Oil - consumption |
Definition - World rank and map 292,000 bbl/day (2006 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 41.6 bbl/day (2006 est.) |
Oil - exports |
Definition - World rank and map 22,420 bbl/day (2006) |
Oil - imports |
Definition - World rank and map 314,700 bbl/day (2006) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2006 est.) |
Natural gas - consumption |
Definition - World rank and map 2.944 billion cu m (2006 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 419 cu m (2006 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2006 est.) |
Natural gas - imports |
Definition - World rank and map 2.944 billion cu m (2006) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $25.46 billion (2007 est.) |
Exports |
Definition - World rank and map $345.9 billion f.o.b., including reexports (2007 est.) |
Exports - commodities |
Definition electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones, printed material |
Exports - partners |
Definition China 47.8%, US 12.4%, Japan 4% (2006) |
Imports |
Definition - World rank and map $365.6 billion (2007 est.) |
Imports - commodities |
Definition raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is re-exported) |
Imports - partners |
Definition China 46.3%, Japan 10%, Singapore 7.1%, Taiwan 7.1%, US 4.9%, South Korea 4.3% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $152.7 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $588 billion (2007 est.) |
Stock of direct foreign investment - at home |
Definition $780.4 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $716.2 billion (2007 est.) |
Market value of publicly traded shares |
Definition $2.97 trillion (2007 est.) |
Economic aid - recipient |
Definition $6.95 million (2004) |
Currency (code) |
Definition Hong Kong dollar (HKD) |
Exchange rates |
Definition Hong Kong dollars per US dollar - 7.802 (2007), 7.7678 (2006), 7.7773 (2005), 7.788 (2004), 7.7868 (2003) |
Fiscal year |
Definition 1 April - 31 March |
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