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Economy - overview:
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Hong Kong has a free market economy highly dependent on international trade. In 2006, the total value of goods and services trade, including the sizable share of reexports, was equivalent to 400% of GDP. The territory has become increasingly integrated with mainland China over the past few years through trade, tourism, and financial links. The mainland has long been Hong Kong's largest trading partner, accounting for 46% of Hong Kong's total trade by value in 2006. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 13.6 million in 2006, when they outnumbered visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. Bolstered by several successful initial public offerings in early 2007, by September 2007 mainland companies accounted for one-third of the firms listed on the Hong Kong Stock Exchange, and more than half of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly and now accounts for 91% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. GDP growth averaged a strong 5% from 1989 to 2007, despite the economy suffering two recessions during the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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GDP (purchasing power parity):
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$293.3 billion (2007 est.)
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GDP (official exchange rate):
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$206.7 billion (2007 est.)
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GDP - real growth rate:
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6.4% (2007 est.)
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GDP - per capita (PPP):
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$42,000 (2007 est.)
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GDP - composition by sector:
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agriculture: 0.1%
industry: 8.1%
services: 91.7% (2007 est.)
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Labor force:
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3.64 million (2007 est.)
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Labor force - by occupation:
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manufacturing 6.5%, construction 2.1%, wholesale and retail trade, restaurants, and hotels 43.3%, financing, insurance, and real estate 20.7%, transport and communications 7.8%, community and social services 19.5%
note: above data exclude public sector (2007 est.)
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Unemployment rate:
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4% (2007 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Distribution of family income - Gini index:
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53.3 (2007)
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Investment (gross fixed):
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20.3% of GDP (2007 est.)
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Budget:
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revenues: $36.9 billion
expenditures: $29.4 billion (FY07-08 est.)
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Public debt:
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12.5% of GDP (2007 est.)
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Inflation rate (consumer prices):
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2% (2007 est.)
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Central bank discount rate:
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5.75% (31 December 2007)
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Commercial bank prime lending rate:
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6.75% (31 December 2007)
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Stock of money:
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$51.25 billion (31 December 2007)
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Stock of quasi money:
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$578.1 billion (31 December 2007)
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Stock of domestic credit:
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$259.7 billion (31 December 2007)
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Agriculture - products:
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fresh vegetables; poultry, pork; fish
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Industries:
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textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
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Industrial production growth rate:
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-0.8% (2007 est.)
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Electricity - production:
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36.61 billion kWh (2007 est.)
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Electricity - consumption:
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38.02 billion kWh (2006 est.)
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Electricity - exports:
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4.035 billion kWh (2007 est.)
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Electricity - imports:
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10.96 billion kWh (2007 est.)
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Oil - production:
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0 bbl/day (2007 est.)
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Oil - consumption:
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293,100 bbl/day (2006 est.)
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Oil - exports:
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22,420 bbl/day (2006)
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Oil - imports:
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314,700 bbl/day (2006)
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Oil - proved reserves:
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0 bbl (1 January 2006 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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2.69 billion cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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2.69 billion cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006 est.)
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Current account balance:
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$28.04 billion (2007 est.)
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Exports:
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$345.9 billion f.o.b., including reexports (2007 est.)
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Exports - commodities:
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electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones, printed material
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Exports - partners:
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China 48.7%, US 13.7%, Japan 4.5% (2007)
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Imports:
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$365.6 billion (2007 est.)
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Imports - commodities:
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raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is re-exported)
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Imports - partners:
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China 46.3%, Japan 10%, Taiwan 7.1%, Singapore 6.8%, US 4.9%, South Korea 4.2% (2007)
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Reserves of foreign exchange and gold:
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$152.7 billion (31 December 2007 est.)
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Debt - external:
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$588 billion (2007 est.)
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Stock of direct foreign investment - at home:
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$1.185 trillion (2007 est.)
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Stock of direct foreign investment - abroad:
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$1.027 trillion (2007 est.)
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Market value of publicly traded shares:
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$2.97 trillion (2007 est.)
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Currency (code):
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Hong Kong dollar (HKD)
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Exchange rates:
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Hong Kong dollars (HKD) per US dollar - 7.802 (2007), 7.7678 (2006), 7.7773 (2005), 7.788 (2004), 7.7868 (2003)
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