Deficit for last quarter of 2011 stands at €1.9 million - NSO

The government's deficit for the last quarter of 2011 amounts to €1.9 million, down from €61.5 million in the comparable period of 2010.

The National Statistics Office (NSO) said that the deficit recorded by the government for the December quarter last year amounted to €1.9 million, down from €61.5 million in the comparable period of 2010.

The NSO explained that during October-December 2011, total revenue stood at €732.2 million, an increase of €52.7 million compared to the fourth quarter of 2010.

The main contributors were 'current taxes on income and wealth' ( €39.8 million), 'market output' ( €10.0 million), and 'social contributions receivable' ( €5.8 million).

'Property income' and 'capital transfers receivable' also registered additions. On the other hand, declines were recorded in 'taxes on production and imports' and 'current transfers receivable' by €6.9 million and €2.4 million respectively.

Total expenditure during the period under review amounted to €734.1 million. The comparative decline of €7.0 million was triggered by lower 'gross capital formation' (-€13.0 million), 'property income payable' (-€11.7 million), 'capital transfers payable' (-€10.1 million) and 'subsidies payable' (-€5.1 million).

Conversely, 'intermediate consumption' and 'compensation of employees' went up by €15.9 million and €8.8 million respectively. Other increases were also recorded in 'social benefits and social transfers in kind' and 'recurrent transfers payable'.

During the period under review, decreases in financial transactions in assets were recorded in 'currency and deposits' of €12.9 million and 'other accounts receivable' of €0.4 million. Conversely, higher 'long-term loans' of €10.7 million were registered, while 'shares and other equity' and 'short-term loans' went up by €5.5 million and €3.3 million respectively.

With regard to financial transactions in liabilities, 'long-term securities' advanced by €168.0 million whereas 'short-term securities' went down by €48.1 million. Moreover, 'other accouts payable declined by €121.6 million.

Loans, both 'short-term' and 'long-term', went up by €8.6 million and €1.6 million respectively. Concurrently, more 'currency and deposits' were registered by €1.4 million.

Total government debt outstanding at the end of December 2011 advanced by €349.6 million over the comparable period in 2010. Government debt amounted to €4,600.3 million, of which €4,596.6 million relates to Central Government, which recorded an increase of €349.5 million. This was underpinned by higher long-term securities (Malta Government Stocks) of €442.7 million.

Conversely, short-term securities decreased by €120.6 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 €45.8 million, a rise of €4.9 million over the euro coin stock recorded at the end of December 2010. In addition, the Local Government debt edged up by €0.1 million.