Government records deficit of €132.4 million

During the period January-March 2014, total revenue stood at €686.7 million, an increase of €19.1 million when compared to the first quarter last year, according to research carried out by the National Statistics Office (NSO). This was mainly brought about by an increase in proceeds from taxes on production and imports of €36.4 million.

Other major increases were recorded in Capital Transfers Receivable (€16.1 million) and Social Contributions Receivable (€9.5 million). Conversely, Current Taxes on Income and Wealth and Market Output declined by €39.0 million and €5.6 million respectively. Total expenditure in the first quarter amounted to €819.1 million.

The largest increases were recorded in Social Benefits and Social Transfers in Kind by €21.1 million, and an additional €18.4 million in both Gross Capital Formation and Compensation of Employees. On the contrary, Capital Transfers Payable and Intermediate Consumption went down by €26.5 million and €4.0 million respectively.

During the quarter under review, in relation to financial transactions in assets, other accounts receivable registered an increase of €95.2 million over the previous quarter. Moreover, currency and deposits went up by €4.3 million.

Conversely, long-term loans declined by €9.1 million while Shares and Other Equity registered a fall of €4.4 million. With regard to financial transactions in liabilities, the major increases were recorded in long-term and short-term securities, by €140.0 million and €118.5 million respectively. Additionally, short-term loans went up by €1.4 million. On the other hand, a decline was recorded in other accounts payable by €64.4 million.

Total General Government debt outstanding at the end of March advanced by €329.1 million over the comparable period in 2013. General Government debt amounted to €5,500.3 million, of which €5,496.0 million related to Central Government. The increase of €329.0 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €219.4 million and an increase in short-term securities of €78.6 million.

Moreover, long-term loans went up by €20.0 million whereas Short-term Loans increased by €6.8 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 €55.0 million, a rise of €4.2 million over the euro coin stock recorded at the end of March 2013.

In addition, the local government debt edged up by €0.1 million to €4.3 million.