MIL-OSI Asia-Pac: $76b deficit recorded

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Source: Hong Kong Information Services

The Government announced today it recorded a $76 billion deficit for the five months ending August 31.

Expenditure for the period was $252.7 billion and revenue was $176.7 billion.

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

Fiscal reserves stood at $851.8 billion as at the end of August.

MIL OSI Asia Pacific News