General government debt increases to €4,527.8 million

The General Government’s total outstanding debt amounted to a total of €4,527.8 million at the end of June recording an increase of €354.8 million over the second quarter in 2010 according to NSO report.

Central Government debt increased by €354.4 million to a total of €452.4 million and was underpinned by higher long-term securities (Malta Government Stocks), which went up by €553.1 million.

Conversely, a decline of €215.5 million was recorded by Central Government short-term securities.

The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €42.6 million, a rise of €3.7 million over the euro coin stock recorded at the end of June 2010. In addition, the Local Government debt edged up by €0.4 million.

The General Government recorded a deficit amounting to €107 million in the second quarter of 2011, up by €29.3 million when compared with the same period in 2010.

A decline of €1.4 million in the total revenue was recorded during the June quarter of 2011 standing a total of €592.3 million.

‘Current taxes on income and health’ and ‘capital transfers receivable’ were the main contributors but showed declined amounts of €28.8 million and €22.3 million respectively. ‘Taxes in production and imports’ on the other hand went up by €37.3 million

Total expenditure during the second quarter this year amounted to €699.4 million. The comparative increase of €27.9 million was the result of higher 'gross capital formation' with €30.7 million, increased 'intermediate consumption' with €10.0 million, 'compensation of employees' with an increased amount of €8.7 million and 'current transfers payable' with €8.4 million.

Conversely, lower expenditure was recorded in 'capital transfers payable', 'social benefits and social transfers in kind' and 'property income payable' by €20.5 million, €7.5 million and €6.0 million respectively.

During the second quarter of 2011, a major increase in financial transactions in assets was recorded in 'currency and deposits' amounting to €170.9 million. Other increases were registered in 'shares and other equity' of €15.0 million, 'short-term loans' of €11.6 million and 'long-term loans’ of €6.5 million.

These were partially outweighed by a decline in 'other account receivable' of €57.1 million.

With regard to financial transactions in liabilities, 'long-term securities' advanced by €210.2 million while 'short-term securities' went down by €80.6 million. ‘Long-term loans' exhibited a decrease of €3.3 million while 'short-term loans' rose by €3.4 million. An increase of €95.4 million was recorded in 'other accounts payable'.