Hong Kong |
|
| 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 has been further integrating 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 suffered two recessions in the
past 6 years because of the Asian financial crisis in 1998 and
the global downturn of 2001-2002. The Severe Acute Respiratory
Syndrome (SARS) outbreak has also battered Hong Kong's economy
but the resumption of strong growth began in 2003. |
| GDP |
purchasing power parity - $198.5
billion (2002 est.) |
| GDP
- real growth rate |
2.3% (2002 est.) |
| GDP
- per capita |
purchasing power parity - $27,200
(2002 est.) |
| GDP
- composition by sector |
agriculture: 0.1%
industry: 13.4%
services: 86.5% (2001 est.) |
| Population
below poverty line |
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 25% (2002 est.) |
| Unemployment
rate |
7.5% (2002 est.) |
| Industries |
textiles, clothing, tourism, banking,
shipping, electronics, plastics, toys, watches, clocks |
| Industrial
production growth rate |
-9.7% (2002 est.) |
|
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