The market economy of Hong Kong is primarily based on four economic sectors, which are trade and logistic, tourism, financial services, producer services. In recent years Hong Kong underwent a strong and broad-based economic growth.
Statistical data regarding economic growth in Hong Kong
In the year 2005, the GDP growth rate was 7.5%, in 2006, it was 6.9% and in the middle of 2007, it was 6.3%. In the year 2005, the share of trade and logistics sector was 28.6% of GDP, financial services sector experienced 12.7%, tourism sector experienced 3.2% and other producer services experienced 10.6% of overall GDP.
The rate of unemployment is also dropping. Statistical data reveals that in 2006, unemployment rate was dropping to 4.6%, whereas in July, 2007, it was 4.1%.
The export market is also growing. In 2006, export market growth rate was 9.4%, which went up to 10.1% in the first half of 2007.
According to UNCTAD(United Nations Conference on Trade and Development) World Investment Report 2006, Hong Kong economy stands up as the second largest source of Foreign Direct Investment (FDI) in Asia and is world’s second highest per capita holding regarding foreign exchange reserves.
Hong Kong is regarded as 10th largest exporter of the world regarding commercial services and eleventh largest country of the world regarding trading economy.
Hong Kong Currency:
Hong Kong dollar
|Year||GDP % Change||Inflation % Change||Year||GDP % Change||Inflation % Change|
Source: World Bank
|Last Updated on : 09th March 2015||Next Update : February 2016|