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Hong Kong sees $34.8b surplus in January

Direct News Source

28-Feb-2011 The Government recorded a $93.8 billion surplus in the 10 months ending January 31, while fiscal reserves stood at $614.1 billion, the Financial Services & the Treasury Bureau said today.

Government expenditure amounted to $245.9 billion and revenue $339.7 billion.

For January alone, a surplus of $34.8 billion was recorded, mainly due to the receipt of salaries and profits taxes.

The cumulative surplus will decrease in the remaining months of the financial year as the majority portion of income from key revenue sources, like profits and salaries taxes, and investment income, have already been received.

The revised estimate for 2010-11, as announced in the Budget Speech on February 23, is a surplus of $71.3 billion.