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The Government announced today (December 31) its financial results for the eight months ended November 30, 2002.
Expenditure for the period April to November 2002 amounted to $158.2 billion and revenue to $87.4 billion, resulting in a deficit of $70.8 billion.
There was a surplus of $1.5 billion in November. A Government spokesman said that the slight improvement was mainly due to Profits Tax receipts during the month. He added that it was too early at this stage to draw any conclusion on the deficit outturn for the full year.
The fiscal reserves stood at $301.7 billion at November 30, 2002.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Year to date
Month ended April 1, 2002 to
November 30, 2002 November 30, 2002
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HK $ million HK $ million
Revenue 20,544.7 87,398.1
Expenditure (19,026.6) (158,242.6)
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Surplus/(Deficit) 1,518.1 (70,844.5)
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Financing
Domestic
Banking Sector (Note 1) (1,410.3) 69,451.3
Non-Bank Sector (107.8) 1,393.2
External - -
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Total (1,518.1) 70,844.5
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Government Debt as at November 30, 2002 (Note 2) NIL
Debts Guaranteed by Government as at HK$1,267.9 million
November 30, 2002 (Note 3)
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, the Self-employment Business Start-up Assistance Scheme and the SME Business Installations and Equipment Loan Guarantee Scheme.
TABLE 2. FISCAL RESERVES
Year to date
Month ended April 1, 2002 to
November 30, 2002 November 30, 2002
------------------- ------------------
HK $ million HK $ million
Fiscal Reserves at 300,140.7 372,503.3
start of period
Add: Consolidated 1,518.1 (70,844.5)
Surplus/(Deficit)
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Fiscal Reserves at 301,658.8 301,658.8
end of period
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End/Tuesday, December 31, 2002
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