Government deficit at €53.6 million in first quarter of 2016

During the first quarter of 2016, meaning the period between January and March, total revenue stood at €849.8 million, an increase of €85.4 million when compared to the first quarter of 2015. This increase in revenue was mainly triggered by higher receipts from Current taxes on income and wealth (€41.9 million) and Taxes on production and imports (€31.7 million). Moreover, Market output and Net social contributions receivable registered increases of €26.3 million and €12.2 million respectively. On the other hand, proceeds from Capital transfers receivable recorded a decline of €25.7 million.

Total expenditure in the first quarter amounted to €903.4 million, a decrease of €30.4 million from the first quarter of 2015. The main decreases were recorded in Capital transfers payable (€39.4 million), Gross capital formation (€31.4 million) and Current transfers payable (€15.9 million). Conversely, increases were recorded in Social benefits and social transfers in kind (€20.4 million), Intermediate consumption (€19.8 million), Compensation of employees (€16.4 million) and Subsidies payable (€2.4 million).

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the first quarter of this year, these adjustments triggered a decline of €69.7 million to the deficit of the Consolidated Fund.

Quarterly financial accounts (t/t-1)

During the first quarter, in relation to financial transactions in assets, Currency and deposits were registered at €249.5 million. Moreover, Other accounts receivable stood at €92.6 million, down from €99.8 million in the fourth quarter of 2015. Additionally, Long-term loans fell to -€12.0 million, while Equity and investment fund shares decreased to -€0.5 million.

With regard to financial transactions in liabilities, Other accounts payable recorded the largest amount of transactions at €166.5 million. Concurrently, Short-term debt securities and Long-term debt securities witnessed positive transaction amounts of €145.7 million and €133.6 million respectively. Conversely, Long-term loans were registered at -€57.4 million whereas Short-term loans stood at €2.2 million. Furthermore, Currency and deposits were registered at -€0.2 million.

Quarterly Debt (t/t-4)

Total General Government debt outstanding at the end of March increased by €201.2 million over 2015. General Government debt amounted to €5,847.6 million, of which €5,843.3 million related to Central Government. The increase in Central Government debt was underpinned by higher Short-term debt securities of €159.5 million. Additionally, Long-term debt securities and Short-term loans increased by €93.4 million and €0.3 million respectively. Conversely, Long-term loans decreased by €60.2 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 €68.4 million, a rise of €8.0 million over the euro coin stock recorded at the end of March 2015. In addition, the Local Government debt stood at €4.3 million.

The Government guaranteed debt amounted to €1,404.6 million at the end of March 2016, an increase of €158.9 million when compared to March 2015