Government revenue up by €17 million from last year

Between January and March, total revenue for the general government stood at €667.6 million, an increase of €17.2 million when compared to the first quarter of 2012, according to a report released by the National Statistics Office.

This was mainly triggered by higher proceeds from 'current taxes on income and wealth' of €28.8 million.

Other increases were registered in 'current transfers receivable', 'market output' and 'social contributions receivable'.

On the other hand, the major decline was recorded in 'taxes on production and imports' by €16.4 million.

Total expenditure in the first quarter amounted to €770.3 million. The largest increases were recorded in 'capital transfers payable' (over €18 million),'compensation of employees' (over €14.2 million) and 'social benefits and social transfers in kind' (over €10.1 million).

Conversely, 'intermediate consumption' went down by €7.7 million.

During the quarter under review, in relation to financial transactions in assets, 'currency and deposits' registered an increase of €112.1 million.

Moreover, 'other accounts receivable' went up by €82 million whereas 'long-term loans' and 'shares and other equity' added €7.1 million and €2.3 million respectively.

With regard to financial transactions in liabilities, increases were recorded in both 'long-term securities' and 'short-term securities' by €165.8 million and €133.7 million respectively.

Additionally, 'long-term loans' went up by €6.2 million while 'short-term loans' declined by €1.4 million. Lower 'other accounts payable' of €1.2 million were registered.

Total general government debt outstanding at the end of March advanced by €333.7 million over the comparable period in 2012. General government debt amounted to €5,171.4 million, of which €5,167.0 million relate to Central Government.

The increase in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €210.3 million and an increase in long-term loans of €77.1 million, mainly due to the EFSF rerouted debt.

Moreover, short-term securities went up by €72.2 million whereas short term loans declined by €31.9 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 €50.8 million, a rise of €5.6 million over the euro coin stock recorded at the end of March 2012.

In addition, the local government debt edged up by €0.3 million and stood at €4.4 million.