Economic Trends/Outlook in Hong Kong SAR
After four years of maintained growth, the global financial crisis led the Hong Kong economy into recession during the third quarter of 2008. The recovery was nevertheless prompt and vigorous and in 2010 the economy resumed a trajectory of strong growth, especially thanks to the dynamism of exports, stimulated by the growth of China. In 2010, the growth is estimated at 6 %.
The government’s priority is now to deal with the vertiginous rise in the real estate prices, which creates problems of social cohesion and access to housing. The announced measures seek to reduce the lever effect on bank lending, reduce speculation, increase the transparency of the market and expand the land available to developers.
The economic crisis has lead to the deterioration of the labor market, particularly in the financial services. However, the unemployment rate decreased to 4.4% in 2010 and should further decrease in 2011.
|GDP (billions USD)||209.27||225.00e||244.53e||265.15e||282.83e|
|GDP (Constant Prices, Annual % Change)||-2.7||6.8e||5.4e||4.2e||4.2e|
|GDP per Capita (USD)||29,618||31,591e||34,058e||36,634e||38,764e|
|General Government Balance (in % of GDP)||-2.7||-0.9e||0.0e||0.6e||0.9e|
|General Government Gross Debt (in % of GDP)||3.3||4.8e||4.5e||4.2e||3.7e|
|Inflation Rate (%)||0.5||2.4e||5.8e||4.4e||2.5e|
|Unemployment Rate (% of the Labor Force)||5.2||4.3e||3.6e||3.8e||3.8e|
|Current Account (billions USD)||23.37e||26.96e||23.33e||23.20e||-|
|Current Account (in % of GDP)||11.1e||12.1e||10.1e||9.5e||-|
Source: IMF - World Economic Outlook Database
Note: (e) Estimated Data
Main Sectors of Industry
Since the agricultural sector is almost non-existent, Hong Kong has to import 80% of its food supplies. Hong Kong does not have any natural resources and depends entirely on imports of raw materials and power. Agriculture contributes practically nothing to the economy.
The manufacturing Industry's contribution to the GDP is also very low. The country's main industrial sectors are textiles, electronic components and household appliances, computer technology and communications.
The tertiary sector, particularly financial services, is the heart of economic activity. It contributes around 90% of the GDP and employs about 80% of the active population. Hong Kong is a services center for Asian companies, especially those that trade with China. Additionally, the tourism industry is booming. mainly due to an exponential increase in the number of visitors from mainland China.
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||0.2||14.2||85.6|
|Value Added (in % of GDP)||0.1||7.7||92.2|
|Value Added (Annual % Change)||-16.5||-1.2||2.9|
Source: World Bank - Last Available Data.
Indicator of Economic Freedom
- World Rank:
- Regional Rank:
Sources of General Economic Information
Business and Trade(information of the HK governement)
HK Trade Development Council
Commerce and Economic Development Bureau
Financial Services and the Treasury Bureau
Agriculture, Fisheries and Conservation Department
Trade and Industry Department
- Statistical Office
Census and Statistics Department
- Central Bank
HK Monetary Authority(HKMA)
- Stock Exchange
Hong Kong Stock Exchange(SEHK)
- Other Useful Resources
- Main Online Newspapers
South China Morning Post
China Daily HK Edition e-paper
- Economic Portals
Far Eastern Economic Review
Any Comments About This Content? Report It to Us.
Part of USDA, the United StatesThe Foreign Agricultural Service (FAS) of the U.S. Department of Agriculture (USDA) works to improve foreign market...