tion from the US:
chief of mission: Consul General Richard A. BOUCHER
consulate(s) general: 26 Garden Road, Hong Kong
mailing address: PSC 464, Box 30, FPO AP 96522-0002
telephone: [852] 2523-9011
FAX : [852] 2845-1598

Flag description: blue with the flag of the UK in the upper hoist-side
quadrant with the Hong Kong coat of arms on a white disk centered on
the outer half of the flag; the coat of arms contains a shield
(bearing two junks below a crown) held by a lion (representing the UK)
and a dragon (representing China) with another lion above the shield
and a banner bearing the words HONG KONG below the shield
note: to be replaced on 1 July 1997 by a red flag with a stylized,
white, five-petal bauhinia flower in the center

Economy

Economy - overview: Hong Kong has a bustling free market economy with
few tariffs or nontariff barriers. Natural resources are limited, and
food and raw materials must be imported. Manufacturing and
construction account for about 18% of GDP. Goods and services exports
account for about 50% of GDP. Real GDP growth averaged a remarkable 8%
in 1987-88, slowed to 3.0% in 1989-90, and picked up to 4.2% in 1991,
5.0% in 1992, 5.2% in 1993, 5.5% in 1994, 4.8% in 1995, and 4.7% in
1996. A shortage of labor continues to put upward pressure on prices
and the cost of living. Prospects for 1997 remain bright so long as
major trading partners continue to be reasonably prosperous and so
long as investors feel China will support free market practices after
the takeover on 1 July 1997.

GDP: purchasing power parity - $163.6 billion (1996 est.)

GDP - real growth rate: 4.7% (1996 est.)

GDP - per capita: purchasing power parity - $26,000 (1996 est.)

GDP - composition by sector:
agriculture : 0.2%
industry: 18.4%
services: 81.4% (1995 est.)

Inflation rate - consumer price index: 6.5% (1996)

Labor force:
total: 3.251 million (1996)
by occupation: wholesale and retail trade, restaurants, and hotels
34.4%, services 19.8%, manufacturing 14.2%, financing, insurance, and
real estate 12.4%, transport and communications 5.1%, construction
2.1%, other 12% (1994)

Unemployment rate: 3.1% (1996 est.)

Budget:
revenues: $19 billion
expenditures: $14.1 billion, including capital expenditures of $289
million (FY95/96 est.)

Industries: textiles, clothing, tourism, electronics, plastics, toys,
watches, clocks

Industrial production growth rate: -2.6% (1996)

Electricity - capacity: 10.32 mill