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The Government announced today (November 30) its financial results for the seven months ended October 31, 2001.
Expenditure for the period April to October 2001 amounted to $135.1 billion and revenue to $72.1 billion, resulting in a deficit of $63 billion.
A Government spokesman said that a deficit in the first seven months of a financial year was not unusual as many major types of revenue including taxes were mostly received towards the end of a financial year. Nevertheless, he added that, due to the recent slowdown of our economy and the uncertainties in the world economic situation, revenue to be received in the rest of the year would be much lower than expected.
The fiscal reserves stood at $367.3 billion at October 31, 2001.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Year to date
Month ended Apr 1, 2001 to
Oct 31, 2001 Oct 31, 2001
------------ --------------
HK $ million HK $ million
Revenue 17,536.6 72,115.8
Expenditure (19,764.0) (135,082.6)
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Deficit (2,227.4) (62,966.8)
Financing
Domestic
Banking Sector 2,216.5 61,396.6
(Note 1)
Non-Bank Sector 10.9 1,570.2
External - -
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Total 2,227.4 62,966.8
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Government Debt as at Oct 31, 2001 (Note 2): NIL
Debts Guaranteed by Government as at Oct 31, 2001 (Note 3): HK$3,519.1 million
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The Government is debt free.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises and the Self-employment Business Start-up Assistance Scheme.
TABLE 2. FISCAL RESERVES
Year to date
Month ended Apr 1, 2001 to
Oct 31, 2001 Oct 31, 2001
------------ --------------
HK $ million HK $ million
Fiscal Reserves 369,538.3 430,277.7
at start of period
Add : Consolidated (2,227.4) (62,966.8)
Deficit
--------- ----------
Fiscal Reserves at
end of period 367,310.9 367,310.9
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End/Friday, November 30, 2001
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