Hong Kong Economic and Trade Office, USA
Hong Kong
News Release

Provisional financial results for the year ended March 31, 2020


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Melissa Ng in New York City: (212) 752 3320
Wing Yan Tong in San Francisco: (415) 835 9315

Daniel McAtee in Washington, D.C.: (202) 238 6360

April 29, 2020 - The Hong Kong Special Administrative Region Government announced today its provisional financial results for the year ended March 31, 2020.

Expenditure for the year ended March 31, 2020 amounted to HK$607.8 billion (US$77.9 billion) and revenue HK$590.9 billion (US$75.7 billion), resulting in a deficit of HK$10.6 billion (US$1.3 billion) after receipt of net proceeds of HK$7.8 billion (US$1 billion) from issuance of green bonds under the Government Green Bond Programme (Green Bond) and repayment of institutional notes of HK$1.5 billion (US$192 million).

Expenditure for the year is in line with the original estimate, while revenue for the year recorded a variance of 5.6 per cent [HK$35.2 billion (US$4.5 billion)] lower than expected.

The consolidated deficit for the year was HK$27.2 billion (US$3.4 billion) lower than the revised estimate of HK$37.8 billion (US$4.8 billion). Revenue was HK$23.6 billion (US$3 billion) [4.2 per cent] higher than expected, mainly attributable to profits tax [HK$24.5 billion (US$3.1 billion) higher]. Expenditure was HK$3.6 billion (US$461 million) [0.6 per cent] lower than forecast for the revised estimate mainly due to lower-than-expected requirements.

The fiscal reserves stood at HK$1,160.3 billion (US$148.7 billion) as at March 31, 2020.

The government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures are unlikely significant.

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