Hong Kong - Economy
How is the economy of Hong Kong? Based on the information we have, Hong Kong has a high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programs. Key agricultural products in this country include: pork, chicken, spinach, vegetables, game meat, pork offal, fruits, onions, lettuce, pork fat (2022).
More about the economy of Hong Kong
| Labor force | 3.825 million (2023 est.) |
|---|---|
| Industrial production growth rate | 5.06% (2022 est.) |
| Industries | trading and logistics, financial services, professional services, tourism, cultural and creative, clothing and textiles, shipping, electronics, toys, clocks and watches |
| Population below poverty line | 19.9% (2016 est.) |
| Taxes and other revenues | 23.2% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Hong Kong dollars (HKD) per US dollar - |
| Exchange rates 2023 | 7.83 (2023 est.) |
| Exchange rates 2022 | 7.831 (2022 est.) |
| Exchange rates 2021 | 7.773 (2021 est.) |
| Exchange rates 2020 | 7.757 (2020 est.) |
| Exchange rates 2019 | 7.836 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $425.553 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $424.025 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $496.856 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $35.366 billion (2023 est.) |
| Current account balance 2022 | $36.525 billion (2022 est.) |
| Current account balance 2021 | $43.659 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 0.1% of GDP (2017 est.) |
| Budget | |
| Revenues | $70.124 billion (2020 est.) |
| Expenditures | $105.849 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.11% of GDP (2023 est.) |
| Remittances 2022 | 0.12% of GDP (2022 est.) |
| Remittances 2021 | 0.12% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.8% |
| Highest 10% | 38.1% (2016) |
| Average household expenditures | |
| On food | 11.7% of household expenditures (2022 est.) |
| On alcohol and tobacco | 0.8% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $670.085 billion (2023 est.) |
| Imports 2022 | $682.881 billion (2022 est.) |
| Imports 2021 | $732.087 billion (2021 est.) |
| Imports (partners) | China 44%, Taiwan 11%, Singapore 8%, South Korea 5%, Japan 4% (2022) |
| Comodities Imports force | integrated circuits, broadcasting equipment, machine parts, gold, jewelry (2022) |
| Exports | |
| Imports 2023 | $670.085 billion (2023 est.) |
| Imports 2022 | $682.881 billion (2022 est.) |
| Imports 2021 | $732.087 billion (2021 est.) |
| Exports (partners) | China 21%, India 13%, Netherlands 6%, Switzerland 4%, US 3% (2022) |
| Comodities Exports force | gold, integrated circuits, gas turbines, broadcasting equipment, machine parts (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $485.559 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $470.434 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $488.412 billion (2021 est.) |
| GDP (official exchange rate) | $382.055 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $64,400 (2023 est.) |
| Real GDP per capita 2022 | $64,000 (2022 est.) |
| Real GDP per capita 2021 | $65,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.1% (2022 est.) |
| Industry | 6.3% (2022 est.) |
| Services | 91% (2022 est.) |
| GDP - composition, by end use | |
| Household consumption | 70.3% (2023 est.) |
| Government consumption | 13.2% (2023 est.) |
| Investment in fixed capital | 16.7% (2023 est.) |
| Investment in inventories | -1% (2023 est.) |
| Exports of goods and services | 176.2% (2023 est.) |
| Imports of goods and services | -175.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.93% (2023 est.) |
| Unemployment rate 2022 | 4.32% (2022 est.) |
| Unemployment rate 2021 | 5.17% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.5% (2023 est.) |
| Male | 11.3% (2023 est.) |
| Female | 9.6% (2023 est.) |
All Important Facts about Hong Kong
Want to know more about Hong Kong? Check all different factbooks for Hong Kong below.
