Deficit in March up to €577 million

The deficit recorded by the general government for the first quarter of 2010 amounted to €22.3 million, down from €38.2 million in the comparable period of 2009.

During the March quarter total revenue amounted to €577.2 million, an increase of €31.8 million compared to the corresponding quarter last year. The main contributors to the growth in total revenue were 'taxes on production and imports' (+€22.9 million), 'capital transfers receivable' (+€8.1 million) and 'current taxes on income and wealth' (+€4.1 million). On the other hand, a decline of €5.1 million in 'social contributions receivable' was recorded.

Concurrently, total expenditure during the first quarter of 2010 amounted to €599.5 million. The comparative increase of €16.0 million was the result of higher 'intermediate consumption' (+€14.1 million), 'gross capital formation' (+€13.7 million), 'current transfers payable' (+€10.6 million) and 'capital transfers payable' (+€8.0 million). Conversely, lower expenditure was recorded in 'property income' (-€12.4 million), 'subsidies payable' (-€12.3 million) and 'compensation of employees' (-€8.9 million).

During the first quarter of 2010, declines of €70.4 million and €0.2 million were registered in ‘currency and deposits’, respectively in assets and in liabilities. On the other hand, 'short-term securities’ went up by €61.0 million, whereas an increase of €23.8 million was observed in ‘long-term securities’. In addition, in liabilities, 'short-term loans' decreased by €8.1 million, whereas 'long-term loans' grew by €8.8 million. When compared to the fourth quarter of 2009, increases were registered in ‘other accounts receivable’ (€161.7 million) and ‘payable’ (€20.9 million).

Total governmentdebt outstanding at the end of March 2010 increased by €338.0 million over the comparable period in 2009, and amounted to €4,045.4 million. Central Government debt increased by €337.7 million. This was underpinned by higher long-term securities (Malta Government Stocks) which went up by €354.3 million. On the other hand, central government loans declined by €13.0 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 €36.9 gmillion, a rise of €4.2 million over the euro coin stock recorded at the end of March 2009. In addition, the Local Government debt edged up by €0.4 million.