Official deficit for 2012 at €225.5 million, 3.3 per cent of GDP

During April-June 2013, total revenue stood at €711.1 million, an increase of €43.8 million when compared to the second quarter of 2012. This was mainly triggered by higher proceeds from 'current taxes on income and wealth' of €37.0 million.

Other increases were registered in 'taxes on production and imports' and 'social contributions receivable' by €16.5 million and €6.8 million respectively. Conversely, the major declines were recorded in 'property income receivable' and 'capital transfers receivable'.

Total expenditure in the second quarter amounted to €756.7 million.

The largest increases were recorded in 'gross capital formation' (+€21.1 million), 'compensation of employees' (+€13.1 million) and 'current transfers payable' (+€10.6 million). Conversely, 'capital transfers payable' and 'subsidies payable' went down by €6.3 million and €4.4 million respectively.

The deficit for 2012 stood at €225.5 million, or 3.3 per cent of GDP. The gross consolidated debt amounted to €4,871.3 million, or 71.3 per cent of GDP.

Adjustments were made to the balance of the Government's consolidated fund, which amounted to -€342.3 million. Positive adjustments included other accounts receivable and payable (+€90.2 million), the time-adjusted cash transactions (+€40.2 million) and the non-financial transactions in the treasury clearance fund (+€14.8 million).

On the other hand, the main negative adjustments were the equity injection to the national air carrier (-€20.0 million), the net borrowing of Extra Budgetary Units (-€5.2 million), interest receivable (-€2.6 million) and the difference between interest paid and interest accrued (-€2.3 million).

Compared to the previous submission of 28 March, the deficit of the General Government for 2012 was revised downwards by €0.4 million, with updates recorded in EBUs (-€0.9 million), Local Councils (+0.8 million) and the other accounts receivable and payable (-€0.4 million).

During the quarter under review, in relation to financial transactions in assets, 'currency and deposits' registered an increase of €66.8 million over the previous quarter. Moreover, 'other accounts receivable' went up by €33.1 million whereas 'long-term loans' added €21.0 million. On the other hand, 'shares and other equity' recorded a decline of €5.5 million.

With regard to financial transactions in liabilities, all components registered increases, with 'other accounts payable' going up by €58.6 million.

'Long-term securities' and 'short-term securities' advanced by €57.6 million and €46.7 million respectively. Additionally, 'long-term loans' rose by €12.4 million while 'currency and deposits' went up by €1.5 million.

Total debt outstanding at the end of June advanced by €284.4 million over the comparable period in 2012. General Government debt amounted to €5,292.5 million, of which €5,288.3 million related to Central Government.

The increase of €284.2 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €177.1 million and an increase in short-term securities of €80.8 million.

Moreover, short-term loans went up by €18.5 million whereas long-term loans increased by €2.5 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 €52.3 million, a rise of €5.3 million over the euro coin stock recorded at the end of June 2012. In addition, the Local Government debt edged up by €0.2 million and stood at €4.2 million.