Hong Kong

In the first half of 2010 the economy of Hong Kong Special Administrative Region has registered +7.25% of GDP, regarding the same period last year. The recovery results especially from the strategic position of Hong Kong and the strong economic relationship with China, together with Government’s measures support of firms and families in response to the international financial crisis.

The economy of Hong Kong is mainly based on four points: Trade and Logistic (25.9% of GDP in terms of value added in 2008), Financial Services (16,1%), Tourism (2,8%) and Professional Services (11,9%), with great interest in six specific areas: health, education, environment, control and certification, innovation and technologies, culture and creative industries.

Thanks to the liveliness of the foreign trade of Hong Kong – supported by the economic growth in most Asian countries and the gradual recovery of demand from many developed countries - the exports have increased by 25.1% and imports by 31.9% in the first half of 2010, relative to the same period in 2009.

The Services Sector has given excellent results with + 17.4% of exports and +11, 6% of imports too.

The private consumption has increased by 5.8%, while retail sales by 17.9% in value and by 14.7% in volume.

During the economic crisis of last year, the unemployment rate has increased by 5.4%; at the end of June 2010 is down by 4,6%.

In refer to goods exchanges, China is the first trade partner of Hong Kong. In the first half of 2010, the interchange between the two economies is constitued by 48% of Hong Kong’s total interchange with the rest of the world, according to the local Census and Statistics Department. The value of exchanges, during this period, amounted to 185.67 billion U.S. dollars (ICE: 188.30), increasing by 29,18% compared with the same period of the last year.  In this way there is the typical phenomenon of re-export in Hong Kong, where 50% of goods exported from Hong Kong to China come from other countries and 60% of Chinese goods imported from Hong Kong are re-exported to the rest of the world.

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