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Population |
6,980,412 (July 2007 est.) |
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GDP (purchasing power parity) |
$259.1 billion (2006 est.) |
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GDP - real growth rate |
6.9% (2006 est.) |
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GDP - per capita (PPP) |
$37,300 (Rank 14 - 2006 est.) |
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Labor force |
3.583 million (2006 est.) |
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Household income or consumption by % share |
lowest 10%: NA%
highest 10%: NA% |
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source: CIA-WFB |
econsultants
Cheung Kong Center
2 Queen's Road Central
Hong Kong
hong-kong@econsults.org |
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Economy - overview:
Hong Kong has a free market economy highly dependent on international trade. The territory has become more closely linked to mainland China over the past few years. Even before Hong Kong reverted to Chinese administration on 1 July 1997, it had extensive trade and investment ties with China. Hong Kong's service industry over the past decade has grown rapidly as its manufacturing industry has moved to the mainland. Hong Kong also has stepped up its efforts to gain approval to offer more mainland financial services in a bid to remain competitive with China's growing financial centers. Hong Kong's natural resources are limited, and food and raw materials must be imported. Gross imports and exports (including reexports to and from third countries) each exceed GDP in dollar value. Per capita GDP exceeds that of the four big economies of Western Europe. GDP growth averaged a strong 5% from 1989 to 2006, but Hong Kong suffered two recessions in the past eight years because of the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Although the Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 also battered Hong Kong's economy, a solid rise in exports, a boom in tourism from the mainland because of China's easing of travel restrictions, and a return of consumer confidence resulted in the resumption of strong growth from late 2003 through 2006. Moreover, several large initial public offerings of Chinese companies on the Hong Kong stock exchange since late 2005 have helped to boost Hong Kong's status as a financial hub and have contributed to the improved performance of the market in late 2006.
Leading Commercial Sectors
Computer Peripherals
Electronic Parts/Components
Travel/Tourism Services
Environmental Technologies
Landscape Architectural Services
Safety and Security Equipment
Laboratory and Scientific Instruments
Green Building Materials
Environment Energy Services Companies
Cosmetics and Toiletries
Education/Training
Transit Equipment |
