Hong Kong Economy

March 12, 2010Hong Kongby EconomyWatch Content

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 Marked by a sprawling skyline, the Island of Hong Kong is one of the most developed economies not only in Asia but in the world. It is a special administrative region of the People's Republic of China, situated on the south coast of the mainland. Its deep natural harbor and highly developed infrastructure attracts millions of tourists every year. As of 2009, more than seven million people lived in Hong Kong, making it fairly densely populated, given its land mass of 1,104 sq km (426 sq mi). About 95% of the city’s population is ethnic Chinese. Hong Kong's terrain mainly features hills and mountains with steep slopes. The developed area of the city comprises only 25% of its landmass, whereas 40% of the rest of the land is kept as nature reserves and country parks. Some of the major airlines that operate in the city are AirAsia, Hong Kong Express, Dragonair, Hong Kong Airlines, Cathay Pacific and Air Hong Kong.

Hong Kong Economy: Statistics

The economic system of the Hong Kong Island is independent of China, under the “one country, two systems” principle. It is a free market economy, with minimum intervention from the government. It is one of the major international financial centres in the world, featuring free trade and low taxation. Its currency, the Hong Kong dollar, ranks ninth in world trade.

 

GDP (purchasing power parity):

  • $301.3 billion (2009 est.)

  • $311 billion (2008 est.)

  • $303.7 billion (2007 est.)

     

     

GDP (official exchange rate):

 

$208.8 billion (2009 est.)

 

GDP - real growth rate:

 

  • -3.1% (2009 est.)

  • 2.4% (2008 est.)

  • 6.4% (2007 est.)

 

GDP - per capita (PPP):

 

  • $42,700 (2009 est.)

  • $44,300 (2008 est.)

  • $43,500 (2007 est.) 

Unemployment rate:

 

  • 5.9% (2009 est.)

  • 3.5% (2008 est.)

 

 

 

 Inflation rate (consumer prices):

 

  • -0.3% (2009 est.)

  • 4.3% (2008 est.) 

Education: Literacy 97.1% (98.7% male, 95.4% female)

 

        Health (2008):

 

  • Infant mortality rate-1.8/1,000

  • Life expectancy--82.5 yrs. (overall); 79.4 yrs. males, 85.5 yrs. females

     

     

The 2009 global recession did not spare Hong Kong, especially due to its open economy. However, the city managed to recover much earlier than expected, owing to its integration with China.


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