Econony

Hong Kong Trade Development Council
- http://www.tdctrade.com

The Yearly Budget of The Government of the Hong Kong Special Administrative Region
- http://www.budget.gov.hk

Trade and Industry Department of The Government of the Hong Kong Special Administrative Region
- http://www.tid.gov.hk/

InvestHK
- http://www.investhk.gov.hk

 

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Hong Kong is one of the world's most open and dynamic economies. Singapore, Taiwan and South Korea have all developed high-technology industries, whereas Hong Kong has become a services centre, in particular for foreign and Hong Kong companies doing business in China. The structure of economy has therefore changed dramatically over past decade. Real GDP expanded by 8.1% in 2004 year-on-year. While SARS caused the Hong Kong economy to shrink during the first half of 2003, second quarter real GDP expanded by 3.2%.

 

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Hong Kong have a accumulated public and private wealth from decades of unprecedented growth, a very mature banking system, virtually no public debt, a strong legal system and an able and rigorously enforced anti-corruption regime.

 

 

On the International front, Hong Kong is a separate and active member of the World Trade Organization (WTO) and the Asia Pacific Economic Cooperation (APEC) forum, where it is an articulate and effective champion of free markets and the reduction of trade barriers.

 

GDP - purchasing power parity: $254.2 billion (2005 est.)

GDP - official exchange rate: $181.6 billion (2005 est.)

GDP - real growth rate: 7% (2005 est.)

GDP - per capita: purchasing power parity - $36,800 (2005 est.)

GDP - composition by sector: agriculture: 0.1%, industry: 10%, services: 89.9% (2005 est.)

Labor force: 3.58 million (Q4 2005)

Labor force - by occupation: manufacturing 7.5%, construction 2.9%, wholesale and retail trade, restaurants and hotel 43.7%, financing, insurance and real estate 19.2%, transport and communications 7.9%, community and social services 18.5% (all data exlude public sector, 2004 est.)

Unemployment rate: 5.8% (Q4 2005)

Inflation rate - consumer prices: 0.9% (2005 est.)

Investment (gross fixed): 21.2% of GDP (2005 est.)

Budget: revenues: $31.31 billion, expenditures: $32.3 billion, including capital expenditures of $5.9 billion (2005 est.)

Agriculture - products: fresh vegetables, poultry, fish, pork

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

Industrial production growth rate: 1% (2005 est.)

Electricity - production: 33.38 billion kWh (2003)

Electricity - production by source: fossil fuel: 100%, hydro: 0%, nuclear: 0%, other: 0% (2001)

Electricity - consumption: 38.43 billion kWh (2003)

Electricity - exports: 3.008 billion kWh (2003)

Electricity - imports: 10.4 billion kWh (2003)

Oil - consumption: 260,000 bbl/day (2003 est.)

Natural gas - consumption: 680.9 million cu m (2001 est.)

Natural gas - imports: 680. million cu m (2001 est.)

Current account balance: $23 .85 billion (2005 est.)

Exports: $286.3 billion f.o.b., including reexports (2005 est.)

Exports - partners: China 44%, US 17%, Japan 5.3% (2004)

Reserves of foreign exchange and gold: $122.3 billion (2005 est.)

Debt - external: $416.5 billion (June 2005 est.)

Currency - code: Hong Kong dollar (HKD)

Exchange rates: Hong Kong dollars per US dollar: 7.79 (2005)

Fiscal year: 1 April - 31 March