Hong Kong logged a fiscal deficit of HK$70.5 billion in the nine months through Dec. 31, 2024, according to a Tuesday government release.

The city's revenue reached HK$349.7 billion during the first nine months of the fiscal year, while expenses were at HK$524.2 billion, the government said.

The city government attributed the deficit to major revenue sources such as taxes from profits and salaries being collectible toward the tail-end of the fiscal year, a government spokesperson said.