Government net lending/borrowing in Hong Kong

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -5.2% 2027: -3.3% 2028: -1.3% 2029: -0.8% 2030: -0.8% 2031: -0.8%

0.8 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	0.8
Jan 1998	-1.8
Jan 1997	6.3
Jan 1996	2.0
Jan 1995	-0.3
Jan 1994	1.0
Jan 1993	2.0
Jan 1992	2.6
Jan 1991	3.1
Jan 1990	0.6

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

Measures the balance of Hong Kong's public accounts: a deficit arises when government spending exceeds revenue over the fiscal year, and a surplus when the reverse holds. It is published by the Hong Kong SAR Government (Financial Services and the Treasury Bureau) and is usually expressed as a share of GDP.

How it's calculated

Calculated as the difference between government revenue and expenditure over the fiscal year (April to March), on a cash basis. The outcome is set against nominal GDP to express it as a percentage.

Market implications

The fiscal balance drives the drawdown of Hong Kong's large fiscal reserves and perceptions of the territory's strength. A persistent deficit that erodes those reserves can weigh on credit ratings; with the Hong Kong dollar pegged to the US dollar, adjustment falls on fiscal rather than monetary policy.

Limitations

It is a low-frequency figure and subject to revision. Land-sale and property-transaction receipts are highly volatile and can distort the balance from one year to the next, so the underlying structural position matters more than a single print.