Deficit increases by €37 million over third quarter 2012

During July-September 2013, total revenue stood at €682.1 million, an increase of €33.3 million when compared to the third quarter of 2012.

This was mainly triggered by higher proceeds from Taxes on Production and Imports of €21.5 million. Other major increases were recorded in Market Output and Property Income Receivable of €7.7 million and €7.5 million respectively. Conversely, Current Taxes on Income and Wealth recorded a decline of €12.3 million.

Total expenditure in the third quarter amounted to €776.2 million. The largest increases were recorded in Social Benefits and Social Transfers in Kind (+€39.7 million), Compensation of Employees (+€21.6 million) and Gross Capital Formation (+€10.2 million). Conversely, Intermediate Consumption went down by €4.2 million.

During the quarter under review, in relation to financial transactions in assets, Currency and Deposits registered an increase of €45.2 million over the previous quarter. Moreover, Long-term Loans added €3.9 million while Short-term Loans registered a marginal decline of €0.2 million. Concurrently, Other Accounts Receivable went down by €17.8 million.

With regard to financial transactions in liabilities, the major increases were recorded in Short-term Securities and Long-term Securities by €86 million and €24.9 million respectively. Additionally, Long-term Loans rose by €3.3 million while Other Accounts Payable went down by €13.2 million.

Total General Government debt outstanding at the end of September advanced by €509.3 million over the comparable period in 2012. General Government debt amounted to €5,408.9 million, of which €5,404.7 million related to Central Government.

The increase of €509.2 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €376.5 million and an increase in short-term securities of €103.3 million. Moreover, short-term loans went up by €20.8 million whereas long-term loans increased by €3.2 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 €54.3 million, a rise of €5.4 million over the euro coin stock recorded at the end of September 2012. In addition, the Local Government debt edged up by €0.1 million and stood at €4.2 million.