Government deficit for last quarter 2011 at €41 million

The deficit recorded by the General Government for the September quarter last year amounted to €41.0 million, down from €43.6 million in the comparable period of 2010.

During July-September 2011, total revenue stood at €627.7 million, an increase of €51.4 million compared to the third quarter of 2010. The main contributors were 'taxes on production and imports' ( €38.9 million), 'social contributions receivable' ( €15.7 million), and 'current transfers receivable' ( €9.1 million). 'Capital transfers receivable' and 'market output' also registered increases. On the other hand, declines were recorded in 'current taxes on income and wealth' and 'property income receivable' by €17.3 million and €8.5 million respectively.

Total expenditure during the period under review amounted to €668.7 million. The comparative increase of €48.8 million was the result of higher 'gross capital formation' ( €29.0 million), 'property income payable' ( €16.9 million), 'compensation of employees' ( €7.0 million), 'social benefits and social transfers in kind' ( €4.9 million) and 'intermediate consumption' ( €2.2 million). Conversely, lower expenditure was recorded in 'current transfers payable' and 'capital transfers payable' by €7.6 million and €3.3 million respectively.

Total General Government debt outstanding at the end of September 2011 advanced by €205.5 million over the comparable period in 2010 and amounted to €4,472.9 million, of which €4,469.2 million relates to Central Government.

Central Government debt increased by €205.3 million. This was underpinned by higher long-term securities (Malta Government Stocks), which went up by €340.6 million. Central Government short-term securities declined by €156.0 million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €44.5 million, a rise of €3.9 million over the euro coin stock recorded at the end of September 2010. In addition, the Local Government debt edged up by €0.3 million.

During the period under review, decreases in financial transactions in assets were recorded in 'currency and deposits' of €69.3 million and 'other accounts receivable' of €25.6 million. Conversely, higher 'long-term loans' of €4.7 million were registered, whereas 'short-term loans' and 'shares and other equity' registered marginal increases.

With regard to financial transactions in liabilities, 'long-term securities' and 'short-term securities' went down by €38.6 million and €33.9 million respectively. On the other hand, increases were recorded in 'other accounts payable' ( €19.3 million), 'short-term loans' ( €8.2 million) and 'currency and deposits' (€1.9 million). Concurrently, 'long-term loans' edged up.