Data at glance of Hong Kong - average on period

variable 1980-1989 1990-1999 2000-2007 2008-2009 2010-2019 2022 2023 2024 2025 2026
real gdp growth 6.79 4.02 4.64 2.15 1.54 3.2 2.6 3.5 2.4 2.4
CPI % 8.02 5.46 0.2 1.45 3.06 2.1 1.7 1.4 2.1 1.8
Unemployment rate 2.71 3.17 5.61 4.8 3.45 3.0 3.0 3.6 3.3 3.2
Debt/GDP % - - 1.44 0.65 0.34 6.3 9.2 11.9 14.1 15.6
Current account balance/GDP % 4.77 1.03 10.94 8.45 3.86 8.4 13.2 12.2 12.6 12.3

Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here

History

The UK seized Hong Kong in 1841, and China formally ceded it the following year at the end of the First Opium War. The Kowloon Peninsula was added in 1860 at the end of the Second Opium War, and the UK obtained a 99-year lease of the New Territories in 1898. Pursuant to a UK-China agreement in 1984, Hong Kong became the Hong Kong Special Administrative Region (HKSAR) of the People's Republic of China as of 1 July 1997. In this agreement, China promised that, under its "one country, two systems" formula, China's socialist economic and strict political system would not be imposed on Hong Kong and that Hong Kong would enjoy a "high degree of autonomy" in all matters except foreign and defense affairs for the next 50 years. After the handover, Hong Kong continued to enjoy success as an international financial center. However, growing Chinese political influence and dissatisfaction with the Hong Kong Government in the 2010s became central issues and led to considerable civil unrest, including large-scale pro-democracy demonstrations in 2019 after the HKSAR attempted to revise a local ordinance to allow extraditions to mainland China. In response to the protests, the governments of the HKSAR and China reduced the city's autonomy and placed new restrictions on the rights of Hong Kong residents, moves that were widely criticized as contravening obligations under the Hong Kong Basic Law and the Sino-British Joint Declaration. Democratic lawmakers and political figures were arrested in a widespread crackdown, while others fled abroad. At the same time, dozens of civil society groups and several independent media outlets were closed or disbanded. In 2021, Beijing imposed a more restrictive electoral system, restructuring the Legislative Council (LegCo) and allowing only government-approved candidates to run for office. The changes ensured that virtually all seats in the 2021 LegCo election went to pro-establishment candidates and effectively ended political opposition to Beijing. In 2024, the LegCo passed a new national security law (Article 23 of the Basic Law) further expanding the Hong Kong Government's power to curb dissent.

Environment

Area: 1,108 sq km km2

Climate: subtropical monsoon; cool and humid in winter, hot and rainy from spring through summer, warm and sunny in fall

Natural resources: outstanding deepwater harbor, feldspar

Ethnic characteristics

Groups: Chinese 91.6%, Filipino 2.7%, Indonesian 1.9%, other 3.7% (2021 est.)

Languages: Cantonese (official) 85.4%, English (official) 4.5%, Putonghua (official) 2.2%, other Chinese dialects 2.8%, other 2%, persons under 5 or mute 3.2% (2021 est.)

Religions: Buddhist or Taoist 27.9%, Protestant 6.7%, Roman Catholic 5.3%, Muslim 4.2%, Hindu 1.4%, Sikh 0.2%, other or none 54.3% (2016 est.)

Government

Capital:

Government type: presidential limited democracy; a special administrative region of the People's Republic of China

Executive branch

Chief of state: President of China XI Jinping (since 14 March 2013)

Head of government: Chief Executive John LEE Ka-chiu (since 1 July 2022)

Legislative branch

Description: Legislative Council or LegCo - unicameral

Economic Overview

high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programs

Industries

trading and logistics, financial services, professional services, tourism, cultural and creative, clothing and textiles, shipping, electronics, toys, clocks and watches

GDP by sector: Agriculture: 0% (2023 est.), Industry: 6.3% (2023 est.), Services: 91.4% (2023 est.)

Trade

Export partners: China 22%, Vietnam 12%, S. Korea 8%, Netherlands 5%, Switzerland 4% (2023)

Export commodities: gold, integrated circuits, gas turbines, broadcasting equipment, jewelry (2023)

Import partners: China 40%, Taiwan 10%, Singapore 7%, Japan 5%, S. Korea 4% (2023)

Import commodities: integrated circuits, broadcasting equipment, gold, machine parts, jewelry (2023)

Geography

Eastern Asia, bordering the South China Sea and China

Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.