Hong Kong 2011-12 Budget Surplus Exceeds Estimate

Hong Kong's budget surplus exceeded the government estimate during the year ended March 2012, official data showed Monday.

The budget surplus totaled HK$73.7 billion, which was above Financial Secretary John Tsang's forecast of HK$66.7 billion.

Expenditure for the year ended March 2012 amounted to HK$364 billion and revenue HK$437.7 billion.

The government spokesperson said revenue was HK$4.6 billion higher than expected, largely as a result of higher receipts of stamp duties and land premiums. Meanwhile, expenditure was HK$2.4 billion lower than forecast for the revised estimate reflecting lower requirements.

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