HONG Kong recorded a deficit of HK$9.4 billion (US$1.2 billion) in the April-May period, the Financial Services and the Treasury Bureau of Hong Kong announced yesterday.

According to the bureau, government expenditure for the period was HK$43.8 billion with revenue of HK$34.4 billion, resulting in the deficit. Fiscal reserves stood at HK$510.8 billion at May 31.

The deficit was mainly because some major types of revenue, including salaries and profits taxes, were mostly received toward the end of the financial year.