What makes up Hong Kong GDP?

What makes up Hong Kong GDP?

The Economic Freedom of the World Index listed Hong Kong as the number one country, with a score of 8.97, in 2015….Economy of Hong Kong.

GDP by sector agriculture: 0.1% industry: 7.6% services: 92.3% (2017 est.)
Inflation (CPI) 2.0% (2020 est.)
Population below poverty line 19.9% (2016 est.)
Gini coefficient 53.9 high (2016)

What is Hong Kong economy based on?

Hong Kong has a free market economy, highly dependent on international trade and finance – the value of goods and services trade, including the sizable share of reexports, is about four times GDP.

What is the proportion of the largest component in GDP?

Consumer spending is the biggest component of GDP, accounting for more than two-thirds of the U.S. GDP.

What is Hong Kong known for producing?

Textile and clothing production is the leading manufacturing activity and contributes about one-third of the value of domestic exports. The electronics industry is the second largest export earner. There are some heavy industries such as shipbuilding and repair and aircraft engineering.

How much does Hong Kong contribute to China GDP?

In 2020, the value of Hong Kong’s total merchandise trade reached HK$8,197.3 billion (US$1,056.8 billion), or around 302% of the Gross Domestic Product (GDP) in that year.

What is the largest industry in Hong Kong?

Financial services, tourism, trading and logistics, and professional and producer services are the traditional Four Key Industries in Hong Kong. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment.

What is Hong Kong’s largest export?

Hong Kong’s Top Exports

  • Gold – $12.1 billion.
  • Diamonds – $6.83 billion.
  • Scrap copper – $1.4 billion.
  • Silver – $1.37 billion.
  • Precious stones – $1.2 billion.

Is Hong Kong economy dependent on China?

shown in figure 1, China plays an increasingly important role in Hong Kong’s economic development-77% of tourists were from China, while Hong Kong’s imports to and exports from China are 49% and 43% of their respective total amount.

What is the sector composition of Hong Kong?

Hong Kong GDP – composition by sector Factbook> Countries> Hong Kong> Economy GDP – composition by sector: agriculture: 0.1% industry: 7.2% services: 92.7% (2017 est.)

What is the GDP growth rate in Hong Kong?

Additionally, government spending went up 6.8 percent (vs 6.1 percent), private consumption rebounded to 1.6 percent (vs -6.9 percent), and gross fixed capital formation rose 4.5 percent (vs 3.6 percent). The government of Hong Kong confirmed its forecasts that the economy will grow by 3.5% to 5.5% in the current year.

What kind of economy does Hong Kong have?

Hong Kong GDP Annual Growth Rate. In recent years, Hong Kong has become an international hub for business, trade and finance importers willing to access the Chinese market. As such, the largest sector of the economy is services, which accounts for around 93 percent of GDP.

What was the GDP of Hong Kong in 1960?

Hong Kong GDP. The Gross Domestic Product (GDP) in Hong Kong was worth 341.45 billion US dollars in 2017. The GDP value of Hong Kong represents 0.55 percent of the world economy. GDP in Hong Kong averaged 103.86 USD Billion from 1960 until 2017, reaching an all time high of 341.45 USD Billion in 2017 and a record low of 1.32 USD Billion in 1960.