Hong Kong posts $9.5bn deficit in February

The government expects cumulative surplus to decrease in the last month of the financial year.

The Government recorded an $84.3 billion surplus in the 11 months ending February 28, while fiscal reserves stood at $604.5 billion, the Financial Services & the Treasury Bureau said on Thursday. For February alone, a deficit of $9.5 billion was recorded.

Government expenditure amounted to $270.5 billion and revenue $354.8 billion, as stated in a government report.

The cumulative surplus will decrease in the last month of the financial year as the majority portion of income from key revenue sources, like profits and salaries taxes, and investment income, have already been received.

The revised estimate for 2010-11, as announced in the Budget Speech on February 23, is a surplus of $71.3 billion.