Flag description: red with a stylized, white, five-petal bauhinia flower in the center
@Hong Kong:Economy
Economy-overview: Hong Kong has a bustling free market economy highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. Indeed, imports and exports, including reexports, each exceed GDP in dollar value. 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, 4.8% in 1995, 4.7% in 1996, and an estimated 5.5% in 1997. A shortage of labor continues to put upward pressure on prices and the cost of living. Even before Hong Kong reverted to Chinese administration on 1 July 1997 it had extensive trade and investment ties with China.
GDP: purchasing power parity-$175.2 billion (1997 est.)
GDP-real growth rate: 5.5% (1997 est.)
GDP-per capita: purchasing power parity-$26,800 (1997 est.)
GDP-composition by sector: agriculture: 0.1% industry: 16.1% services: 83.8% (1996 est.)
Inflation rate-consumer price index: 5.1% (1997 est.)
Labor force: total: 3.183 million (1997) by occupation: wholesale and retail trade, restaurants, and hotels 32.4%, social services 9.9%, manufacturing 9.9%, financing, insurance, and real estate 13.0%, transport and communications 5.7%, construction 2.6%, other 26.5% (June 1997)
Unemployment rate: 3.1% (1996 est.)