Government deficit down to 2.7% in 2011 – estimates

The general government deficit for 2011 is estimated at €173.9 million, or 2.7 per cent of GDP.

The gross consolidated debt amounted to €4,600.3 million, or 72 per cent of GDP.

According to estimates released by the National Statistics Office, in 2011 general government deficit was estimated at €173.9 million, down from €227.7 million for 2010.

Last year, deficit was equivalent to 2.7 per cent of GDP, down from 3.7 per cent for 2010.

At the end of 2011, the government nominal gross consolidated debt amounted to €4,600.3 million, or 72.0 per cent of GDP, up from €4,250.7 million, or 69.4 per cent for 2010.

In 2011, the balance of the government's consolidated fund, amounting to -€218.6 million, adjusted to arrive at the general government sector's deficit for 2011.

Positive adjustments included the time-adjusted cash transactions ( €39.9 million) and the nonfinancial transactions in the treasury clearance fund ( €24.4 million). On the other hand, the main negative adjustments were other accounts receivable and payable (-€17.7 million) and other financial transactions (-€7.4 million).

On 30 March, Malta submitted its report on government deficit and debt levels for the years 2008-2012.  Compared to the previous submission of 30 September, the following updates were made:

- The deficit of the General Government for 2010 was revised upwards by €5.4 million, with revisions recorded in the other accounts receivable and payable (-€6.5 million), Local Councils ( €0.6 million) and EBUs ( €0.5 million).

- The General Government deficit for 2009 increased by €1.8 million, due to updated data sources in respect of the EBUs (-€1.8 million).

- The deficit of the General Government for 2008 was revised upwards on account of the EBUs (-€0.3 million).

- The General Government debt level for 2008 remained unchanged, whereas it was revised upwards for 2009 (€0.9 million) and 2010 (€0.3 million), as a result of updated information in respect of EBUs.