Financial results for the eight months ended November 30, 2020

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December 31, 2020 - The Hong Kong Special Administrative Region Government announced today its financial results for the eight months ended November 30, 2020.

Expenditure for the period April to November 2020 amounted to HK$557.2 billion (US$71.4 billion) and revenue HK$238.8 billion (US$30.6 billion), resulting in a cumulative year-to-date deficit of HK$318.4 billion (US$40.8 billion).

A Government spokesperson said that the cumulative year-to-date deficit for the period was mainly due to the fact that some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year, and the payments in respect of the Cash Payout Scheme and various measures under the Anti-epidemic Fund. The revised estimates for the current financial year will be published along with the 2021-22 Budget on February 24, 2021.

The fiscal reserves stood at HK$841.9 billion (US$107.9 billion) as at November 30, 2020.