Economic
In 2004, Hong Kong economy entered into a full-fledged upturn which was broad-based, marked by thriving exports and offshore trade, vibrant inbound tourism, strong pick-up in consumer spending and visible bounce-back in investment. The gross domestic product (GDP) grew by a remarkable 8.1% in real terms, distinctly faster than 3.2% growth in 2003. In 2005, the GDP is expected to attain growth of 4.5%-5.5% in real terms. The adjusted unemployment rate fell from a high of 8.6% in the second quarter of 2003 to a near three-year low of 6.5% in the fourth quarter 2004. Hong Kong consumer spending maintained notable growth throughout the year since they are optimistic of the economic outlook and improving labour market conditions. The growth of Private Consumer Expenditure as a whole is 6.7% in 2004. The prospect for the Hong Kong economy is bright which reinforce its existing strengths and identify a new era for development.