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Hong Kong:
Economy

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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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