Hong Kong Economy, GDP, Budget, Industry and Agriculture


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Hong Kong Economy

View the information below regarding the economy of Hong Kong. The summary and statistics contains gdp, industry, agriculture and more for Hong Kong. If you need other information please visit the Hong Kong Country Page.

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    Economy (2002)
    GDP (2002): $163 billion.
    GDP real growth rate (2002): 2.3%.
    Per capita GDP (2002): $24,011.
    Natural resources: Outstanding deepwater harbor.
    Industry: Types--textiles, clothing, electronics, plastics, toys, watches, clocks.
    Trade: Exports--$190 billion: clothing, electronics, textiles, watches and clocks, office machinery. Imports--$201 billion: consumer goods, raw materials and semi-manufactures, capital goods, foodstuffs, fuels.

    Economy of Hong Kong
    Hong Kong is one of the world's most open and dynamic economies. Per capita GDP puts Hong Kong in the ranks of developed countries. The economy grew only 0.6% in 2001 because of the world economic downturn, the September 11 events, and sluggish domestic demand. Economic performance improved gradually in 2002, with real GDP expanding by 2.3% year-on-year. Strong external demand was responsible for the pick-up. However, domestic consumption and investment remained subdued due to near record unemployment and uncertainty about the future. Hong Kong has experienced deflation since November 1998. Falling housing prices due to slack property market conditions are a primary contributor to declining prices. The Hong Kong Government has generally resisted pressure for largescale public expenditures to stimulate the economy. One of Hong Kong's major public policy issues is a growing government budget deficit. The shortfall for fiscal year 2002-03 is estimated at $9 billion, which is 5.5% of GDP, due both to declining revenue and rising expenditure.

    Hong Kong enjoys a number of economic strengths, including accumulated public and private wealth from decades of unprecedented growth, a sound banking system, virtually no public debt, a strong legal system, and an able and rigorously enforced anti-corruption regime. The need for economic restructuring poses difficult challenges and choices for the government. Hong Kong is endeavoring to improve its attractiveness as a commercial and trading center, especially after China's entry into the WTO, and continues to refine its financial architecture. The government is deepening its economic interaction with the Pearl River Delta in an effort to maintain Hong Kong's position as a gateway to China. U.S. companies have a generally favorable view of Hong Kong's business environment, including its legal system and the free flow of information, low taxation, and infrastructure. The American Chamber of Commerce's annual business confidence survey, released in November 2002, showed 42% of respondents had a "good" or "satisfactory" outlook for 2003. Survey results showed a positive economic outlook through 2005.

    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. Hong Kong residents across the political spectrum supported China's accession to the WTO, believing this would open new opportunities on the Mainland for local firms and stabilize relations between Hong Kong's two most important trade and investment partners, the United States and China.

    source: http://www.state.gov

  • Hong Kong Government
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  • Hong Kong Geography
  • Hong Kong History