US diplomatic representation:
chief of mission: Consul General Richard W. MUELLER
consulate general(s): 26 Garden Road, Hong Kong
mailing address: PSC 464, Box 30, FPO AP 96522-0002
telephone: [852] 2523-9011
FAX: [852] 2845-1598
Flag: blue with the flag of the UK in the upper hoist-side
quadrant with the Hong Kong coat of arms on a white disk centered on
the outer half of the flag; the coat of arms contains a shield
(bearing two junks below a crown) held by a lion (representing the
UK) and a dragon (representing China) with another lion above the
shield and a banner bearing the words HONG KONG below the shield
Economy ———-
Economic overview: Hong Kong has a bustling free market economy with few tariffs or nontariff barriers. Natural resources are limited, and food and raw materials must be imported. Manufacturing and construction account for about 18% of GDP. Goods and services exports account for about 50% of GDP. Real GDP growth averaged a remarkable 8% in 1987-88, slowed to 3.0% in 1989-90, and picked up to 4.2% in 1991, 5.0% in 1992, 5.2% in 1993, 5.5% in 1994, and 5.0% in 1995. Unemployment, which has been declining since the mid-1980s, edged up from 2% to 3.5% in 1995. Notwithstanding, a shortage of labor continues to put upward pressure on prices and the cost of living. Prospects for 1996 remain bright so long as major trading partners continue to be reasonably prosperous and so long as investors feel China will support free market practices after the takeover in 1997.
GDP: purchasing power parity - $152.4 billion (1995 est.)
GDP real growth rate: 5% (1995 est.)
GDP per capita: $27,500 (1995 est.)
GDP composition by sector: agriculture: 0.2% industry: 18.4% services: 81.4% (1995 est.)
Inflation rate (consumer prices): 8.4% (1995)
Labor force: 2,915,400 (1994) by occupation: manufacturing 28.5%, wholesale and retail trade, restaurants, and hotels 27.9%, services 17.7%, financing, insurance, and real estate 9.2%, transport and communications 4.5%, construction 2.5%, other 9.7% (1989)