Hong Kong records 31.8bn HKD surplus as of Febreuary

The Hong Kong government announced Monday its financial results for the 11 months ended Feb. 28, 2014, showing a net surplus of 31.8 billion HK dollars (about 4.1 billion U.S. dollars). The results showed that there was a deficit of 38 billion HK dollars in the month of February, thereby bringing the net surplus down to 31.8 billion HK dollars up to end of February 2014. Expenditure for the 11-month period reached 388.3 billion HK dollars and revenue 420.1 billion HK dollars. A government spokesperson said that expenditure in March is expected to exceed revenue, resulting in a deficit for the month and further reducing the cumulative surplus. The fiscal reserves stood at 765.7 billion HK dollars as at February 28, 2014. (1 U.S. dollar = 7.76 HK dollars)