Economy - overview Hong Kong has a bustling free market economy highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. Indeed, 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. Per capita GDP compares with the level in the four big economies of Western Europe. GDP growth averaged a strong 5% in 1989-97. The widespread Asian economic difficulties in 1998 hit this trade-dependent economy quite hard, with GDP down 5%. The economy, with growth of 10% in 2000, recovered rapidly from the Asian financial crisis. The recent global downturn has badly hurt Hong Kong's exports and GDP growth is estimated to be 0% in 2001. Private sector analysts project 2002 GDP growth to be 1.8%.

GDP purchasing power parity - $180 billion (2001 est.)

GDP - real growth rate 0% (2001 est.)

GDP - per capita purchasing power parity - $25,000 (2001 est.)

GDP - composition by sector
agriculture: 0.1%
industry: 14.3%
services: 85.6% (1999 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) -1.6% (2001 est.)

Labor force 3.44 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 11%, manufacturing 7%, transport and communications 6%, construction 2%, other 30% (2001 est.)

Unemployment rate 5.2% (2001 est.)

Budget
revenues: $22.9 billion
expenditures: $24.6 billion, including capital expenditures of $465 million (FY00/01)

Industries textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks

Industrial production growth rate -9% (2001 est.)

Electricity - production 29.449 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 35,401.57 million kWh (2000)

Electricity - exports 1.181 billion kWh (2000)

Electricity - imports 9.195 billion kWh (2000)

Agriculture - products fresh vegetables; poultry, fish, pork

Exports $191 billion (including reexports; f.o.b., 2001 est.)

Exports - commodities clothing, textiles, footwear, electrical appliances, watches and clocks, toys, plastics, precious stones

Exports - partners China 34%, US 23%, Japan 6%, Germany 4%, UK 4%, Taiwan 3%, Singapore 2% (2000)

Imports $203 billion (2001 est.)

Imports - commodities foodstuffs, transport equipment, raw materials, semimanufactures, petroleum, plastics, machinery, electrical equipment; a large share is reexported

Imports - partners China 43%, Japan 12%, Taiwan 8%, US 7%, South Korea 5%, Singapore 3% (2000)

Debt - external $58.8 billion (2001 est.)

Currency Hong Kong dollar (HKD)

Currency code HKD

Exchange rates Hong Kong dollars per US dollar - 7.798 (January 2002), 7.7994 (2001), 7.7918 (2000), 7.7589 (1999), 7.7462 (1998), 7.7425 (1997); note - the Hong Kong dollar is linked to the US dollar at a rate of about 7.8 Hong Kong dollars per US dollar

Fiscal year 1 April - 31 March

NOTE: The information regarding Hong Kong on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Hong Kong Economy 2002 information contained here. All suggestions for corrections of any errors about Hong Kong Economy 2002 should be addressed to the CIA.