It was announced on Monday that Government spending in Hong Kong in the first two months of the financial year amounted to HKD38.7bn with revenue of HKD33bn, resulting in a HKD5.7bn deficit.
The Financial Services & the Treasury Bureau explained that a deficit in the initial months of a financial year is common, as some major revenue items like salaries and profits taxes are mostly received towards the end of a fiscal year.
May saw HKD18.3bn in spending and HKD10.8bn in revenue, resulting in a deficit of HKD7.5bn.
Fiscal reserves stood at HKD487.2bn on 31st May, the Financial Services & the Treasury Bureau concluded .
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