Hong Kong posts HK$56.8 bln deficit for Apr-Oct

"Hong Kong posts HK$56.8 bln deficit for Apr-Oct | AboutHK.Com - More Information About HK"

Reuters Hong Kong posted a HK$56.8 billion (US$7.3 billion) fiscal deficit for April-October, the first seven months of the financial year, against a HK$37.3 billion deficit a year earlier, official data showed on Monday. The economy pulled out of recession in the second quarter but the government forecasts a HK$39.9 billion deficit for 2009/10 as a result of spending on fiscal stimulus measures and because it expects the economic downturn to depress tax revenue. Oct '09 Apr-Oct '09 Fiscal balance (HK$) 8.0 bln -56.8 bln Expenditure 24.4 bln 161.6 bln Revenue 32.4 bln 104.7 bln Fiscal reserves as of Oct. 31, 2009: HK$437.6 billion, up from HK$429.6 billion at the end of September 2009. (US$=HK$7.8) (Reporting by Susan Fenton; Editing by Jacqueline Wong)