 |
|
|
Inflation/deflation |
|
 |
|
|
1998 |
2.8%
|
|
|
|
1999 |
-4.0%
|
|
|
|
2000 |
-3.7%
|
|
|
|
2001 |
-1.0%
|
|
|
|
Per capita GDP |
|
|
|
|
1998 |
$189,495 (US$24,467)
|
|
|
|
1999 |
$182,668 (US$23,546)
|
|
|
|
2000 |
$186,396 (US$23,925)
|
|
|
|
2001* |
$187,992 (US$24,102)
|
| *Forecast | |
|
|
| Exchange Fund assets (end-April 2001) | |
|
|
| HK$1,050.7 billion (US$134.7 billion) | |
|
|
| (includes foreign currency, HKD and equities) | |
|
|
| Foreign exchange holdings (end-April 2001) | |
|
|
| US$115.1 billion, world's third-largest behind Japan and Mainland China | |
|
Hong Kong's economy rebounded strongly in 2000, fuelled by double-digit growth in the export of goods and services, increased consumer and investment spending and record number of tourist arrivals. In 2000, GDP grew by 10.5% - the highest growth rate since 1987 - compared to 3.1% in 1999.
GDP is forecast to grow by 3% in 2001, a revision of 1% down on the original forecast announced in the annual Budget in March.
The first quarter figures released on May 25 showed that GDP growth slowed to 2.5%, from growth of 6.9% in the fourth quarter of 2000.
The slowdown was attributed mainly to slackening exports of goods to the United States and Europe and a considerable decline in goods exports to East Asia. Exports of services, however, maintained reasonably solid growth and should continue to do so throughout the rest of the year.
Hong Kong's growth for the year will depend to a large extent on the performance of the US and European economies and the success, or otherwise, of economic recovery in Japan.
Locally, the fall in interest rates may stimulate consumer spending and impact positively on the property market. Lending interest rates have dropped from an average of 9.22% in 2000, to below 7% at some banks by the end of May, mirroring the interest rate cuts in the United States.
Total exports of goods grew by an impressive 17% to HK$1,573 billion (US$201.7 billion) in 2000. This was due to a continued surge in the Mainland economy, sustained revival in other East Asian economies, and solid economic growth in the United States and Europe.
Re-exports grew by 18% to HK$1,392 (US$178.6 billion), while domestic exports grew by 6% to HK$181 billion (US$23.2 billion). Imports soared by 19% to HK$1,658 billion (US$212.8 billion).
Exports of services also experienced robust growth of 14% to HK$334 billion (US$42.8 billion). Service imports grew by 2% to HK$179 billion (US$23 billion).
Hong Kong's major export markets were the Mainland of China (35%), the United States (23%), Japan (6%), and the United Kingdom and Germany (each 4%). Major sources of imports were from the Mainland (43%), Japan (12%), Taiwan (7%), the United States (7%) and Korea (5%).
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