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Economy of Hong Kong

Hong Kong is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Hong Kong is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Hong Kong exports around $456.4 billion and imports roughly $520.6 billion. 3.2% of population in the country are unemployed. The total number of unemployed people in Hong Kong is 237,724. In Hong Kong, 19.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Hong Kong is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.5% of GDP. The Gini Index of the country is 53.7. Hong Kong is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Hong Kong has a Human Development Index (HDI) of 0.891. Hong Kong has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The strength of legal rights index for Hong Kong is 8. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Hong Kong is Hong Kong dollar. The plural form of the word Hong Kong dollar is dollars. The symbol used for this currency is $, and it is abbreviated as HKD. The Hong Kong dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Hong Kong is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Hong Kong has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Hong Kong has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Hong Kong has a credit rating score of Aa1, and the prospects of this rating are positive.

Central bank

In Hong Kong, the institution that manages the state's currency, money supply, and interest rates is called Hong Kong Monetary Authority. Locally, the central bank of Hong Kong is called 香港金融管理局. The average deposit interest rate offered by local banks in Hong Kong is 1.26%.

Public debt

Hong Kong has a government debt of 19.3% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Hong Kong is set at 16.5%. Personal income tax ranges from 0% to 15%, depending on your specific situation and income level. VAT in Hong Kong is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Hong Kong is $400362 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Hong Kong was last recorded at $54 million. PPP in Hong Kong is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Hong Kong is 274,027 billion. Based on this statistic, Hong Kong is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Hong Kong. The Gross Domestic Product (GDP) per capita in Hong Kong was last recorded at $37 million. The average citizen in Hong Kong has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Hong Kong averaged 3% in 2014. According to this percentage, Hong Kong is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Hong Kong.

Industry

Major industries in the country are textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks. The total labor force of Hong Kong is 3,952,210 people, wherein 3.2% of population in the country are unemployed. The total number of unemployed people in Hong Kong is 237,724. The Industrial Production growth rate of Hong Kong is -0.3%.To read more about industrial information within Hong Kong click on industry of Hong Kong.

Agriculture

There are 53 km2 of arable land in Hong Kong, and it comprises 2% of the country's total territory. There are 64 km2 of cultivated land in Hong Kong. The country's major agricultural crops and products are fresh vegetables, poultry, pork, fish.To read more about agriculture click on agriculture of Hong Kong.