Hong Kong’s government announced a deficit of $163.7 billion for the first seven months of the financial year ending October 31, 2024.

In a statement, officials revealed that total expenditure during this period reached $418 billion, while revenue was significantly lower at $175.6 billion.

A government spokesperson explained that the deficit was largely due to key revenue sources, such as salaries and profits taxes, being received later in the financial year.

As of the end of October, Hong Kong’s fiscal reserves stood at $570.9 billion.