The Government announced today (Jan. 28) its financial position for the first nine months of the current financial year (i.e. up to December 31, 2024). Overall expenditure and revenue for the first nine months of the financial year amounted to HK$524.2 billion and HK$349.7 billion respectively. After taking into account the proceeds of HK$114.6 billion from the issuance of government bonds and the principal repayment of HK$10.6 billion of government bonds, a deficit of HK$70.5 billion was recorded in the first nine months of the current financial year.
Fiscal reserves at Dec. 31, 2024 will be HK$664.1 billion.
A government spokesman said the deficit for the year to December was mainly because most of the major revenues, such as salaries tax and profits tax, were collected in the latter part of the financial year. The revised estimates for the current financial year will be announced at the same time as the 2025-26 Budget.
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