Revised Estimates for 2023-24
201. Hong Kong's economic growth last year was slower than expected owing to global interest rate hikes, economic slowdown and continued geopolitical tensions. Notwithstanding a reduction in total government expenditure after the pandemic, revenue from land premium and stamp duty has decreased under a softened asset market, resulting in a larger deficit than expected.
202. The 2023-24 revised estimate on government revenue is $554.6 billion, lower than the original estimate by 13.7 per cent or $87.8 billion.
203. Revenue from land premium is $19.4 billion, substantially lower than the original estimate by $65.6 billion and also far lower than the previous year. Revenue from stamp duty of $50 billion is lower than the original estimate by $35 billion. Revenue from profits tax and salaries tax is $171.2 billion and $79.2 billion respectively, comparable to the original estimates.
204. The revised estimate of total government expenditure for 2023‑24 is $727.9 billion, decreased by 10.2 per cent compared to the previous year, and is 4.3 per cent or $33.1 billion lower than the original estimate.
205. All in all, it is expected that there will be a consolidated deficit of $101.6 billion for 2023‑24. Fiscal reserves are expected to be $733.2 billion by 31 March 2024.
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