HK recorded $2.78b deficit in Q2

HONG KONG - Hong Kong recorded a deficit of HK$21.6 billion ($2.78 billion) in the second quarter of the year, the city's Financial Services & the Treasury Bureau said Friday.

According to the figure released, government expenditure for the second quarter amounted to HK$121 billion, while revenue was HK$99.4 billion.

The deficit was mainly because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year.

Hong Kong's fiscal reserves stood at HK$647.5 billion at July 31.