The Economy
1989 per capita GDP of US$11,000. 1990 forecast: US$12,100.
High rate of real GDP % growth:
1968 - 1988
1979-1989
+8.3 (av.)
+7.4(av.)
1986
+11.9
1987 +13.8
1988
1989
1990 (forecast)
+7.3
+2.5
+3.0
Plant and machinery private investment: +1% real growth in 1989.
Retained imports (real growth)
1987
1988
1989
Capital goods
+27%
+17%
+ 2%
Industrial machinery
+18%
+18%
-8%
Exports (real growth)
1986
1987
1988
1989
1990 (forecast)
Domestic exports
+16%
+23%
+ 9%
+0.1%
+2.5%
Re-exports
+14%
+46%
+46%
+19%
+8.0%
Tourism expenditure in 1989 up 11% to $37B: one of the world's top destinations.
New convention centre, a world class facility, opened. Booked solid until 1992. An extension is being planned. Unemployment only 1.3% and good labour/management relations.
Foreign investment in manufacturing continuing to increase.
134 foreign banks licensed; 77 within world's top 100.
292 public companies, with market capitalization of HK$628B (US$80B) at Mar 1st, 1990.
One of 4 largest gold bullion markets.
World Bank launched two HK$ bond issues in May 1989 and January 1990. Creditworthiness of the Mass Transit Railway rated A3 by Moody's.
With average daily turnover of US$49B, ranks 6th as foreign exchange market.