Economic Trends/Outlook in Hong Kong SAR

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Economic Overview

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.

Main Indicators 2009 2010 2011 2012 2013
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.

For more detailed background on Industries in Hong Kong, click here.

Indicator of Economic Freedom

World Rank:
Regional Rank:

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation


Country Risk

See the Country Risk Analysis Provided By Ducroire.


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Experts Views (1)
  • Exporter Guide - Hong Kong

    Hong Kong imports of high value food products from the U.S. reached US$3.45 billion in 2012, consolidating our position as the leading food supplier to Hong Kong.

    Foreign Agricultural Service on 14 May 2013 related to Economic Trends/Outlook in Hong Kong SAR

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  • Foreign Agricultural Service

    Part of USDA, the United States