Economy Of Hong Kong
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Economy overview
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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 also battered Hong Kong's economy, but a boom in tourism from the mainland because of China's easing of travel restrictions, a return of consumer confidence, and a solid rise in exports resulted in the resumption of strong growth in late 2003.
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GDP
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purchasing power parity - $213 billion (2004 est.)
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GDP - real growth rate
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3.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $28,800 (2004 est.)
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GDP - composition by sector
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agriculture: 0.1%
industry: 12.1%
services: 87.9% (2004 est.)
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Investment gross fixed
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22.3% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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-2.6% (2004 est.)
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Labor force
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3.5 million (2004 est.)
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Labor force by occupation
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manufacturing 8.2%, construction 2.9%, wholesale and retail trade, restaurants, and hotels 43.5%, financing, insurance, and real estate 19.5%, transport and communications 7.8%, community and social services 17.8% (Note: above data exclude public sector) (2002 est.)
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Unemployment rate
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7.9% (2004 est.)
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Budget
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revenues: $26.17 billion
expenditures: $32.64 billion, including capital expenditures of $5 billion (2004 est.)
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Public debt
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Agriculture products
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fresh vegetables, poultry, fish, pork
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Industries
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textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
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Industrial production growth rate
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-9.2% (2004 est.)
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Electricity production
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30.48 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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37.12 billion kWh (2001)
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Electricity exports
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1.581 billion kWh (2001)
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Electricity imports
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10.36 billion kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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257,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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0 cu m (2001 est.)
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Natural gas consumption
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680.9 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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680.9 million cu m (2001 est.)
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Natural gas proved reserves
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Current account balance
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$17.42 billion (2004 est.)
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Exports
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$225.9 billion f.o.b., including reexports (2004 est.)
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Exports commodities
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electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones
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Exports partners
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China 42.6%, US 18.7%, Japan 5.4% (2003)
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Imports
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$230.3 billion (2003 est.)
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Imports commodities
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electrical machinery and appliances, textiles, foodstuffs, transport equipment, raw materials, semimanufactures, petroleum, plastics; a large share is reexported
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Imports partners
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China 43.5%, Japan 11.9%, Taiwan 6.9%, US 5.5%, Singapore 5%, South Korea 4.8% (2003)
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Reserves of foreign exchange gold
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$118.4 billion (2004 est.)
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Debt external
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$59.21 billion (2004 est.)
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Economic aid recipient
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Currency
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Hong Kong dollar (HKD)
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Currency code
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HKD
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Exchange rates
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Hong Kong dollars per US dollar - 7.7868 (2003), 7.7989 (2002), 7.7988 (2001), 7.7912 (2000), 7.7575 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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