Deficit up by €32.8 million compared to 2011 in third quarter

During July-September 2012, total revenue stood at €649.4 million, an increase of €30.9 million when compared to the third quarter of 2011. This resulted from higher proceeds of €35.2 million from 'current taxes on income and wealth', offset by declines recorded in 'taxes on production and imports' (-€3.4 million) and 'market output' (-€2.7 million).

Total expenditure in the third quarter amounted to €690.4 million. The largest increase was recorded in 'intermediate consumption', which went up by €22.1 million. Moreover, added expenditure was recorded on 'compensation of employees' (+€11.5 million), 'subsidies payable' (+€9.7 million) and 'property income payable' (+€4.6 million), among others. These were partially offset by lower outlays on 'gross capital formation' (-€9.7million) and 'capital transfers payable' (-€2 million).

During the quarter under review, in relation to financial transactions in assets, the main declines were recorded in 'currency and deposits' and 'other accounts receivable' by €170.1 million and €21.9 million respectively. Conversely, 'long-term loans' went up by €2.5 million whereas 'short-term loans' increased marginally by €0.4 million.

With regard to financial transactions in liabilities, 'long-term securities' declined by €180.5 million whereas 'short-term securities' went up by €63.4 million. Moreover, 'long-term loans' and 'short-term loans' increased by €2.8 million and €1.4 million respectively. Lower 'other accounts payable' by €29 million and higher 'currency and deposits' by €1.8 million were registered.

Total General Government debt outstanding at the end of September advanced by €422.8 million over the comparable period in 2011. General Government debt amounted to €4,900.5 million, of which €4,896.2 million relates to Central Government. The increase of €422.4 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €307.8 million and an increase in total loans of €95.2 million, mainly due to the EFSF rerouted debt.

Moreover, short-term securities went up by €15.0 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 €48.9 million, a rise of €4.4 million over the euro coin stock recorded at the end of September 2011. In addition, the Local Government debt edged up by €0.4 million and stood at €4.3 million.