General Government recorded a surplus of €89.5 million in Q4 of 2014

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General Government recorded a surplus of €89.5 million in Q4 of 2014In the last quarter of 2014, the General Government recorded a surplus of €89.5 million, the National Statistics Office said today. However, total General Government debt outstanding at the end of December increased by €176.2 million over the comparable period in 2013. This amounted to €5,417.4 million, of which €5,413.5 million related to Central Government.

Total revenue stood at €1,049.2 million, an increase of €145.2 million when compared to the fourth quarter of 2013. This was mainly triggered by higher proceeds from Current taxes on income and wealth (€87.1 million),

Capital transfers (€27.9 million) and Taxes on production and imports (€24.4 million). Moreover, Market output and Net social contributions also registered increases. Conversely, receivables from Current transfers declined by €4.3 million.

Total expenditure in the last quarter amounted to €959.6 million. The largest increases were recorded in Gross capital formation (€39.6 million), Social benefits and social transfers in kind (€21.5 million) and Compensation of employees (€21.0 million).

Added outlays were also recorded in Intermediate consumption, Property income, Capital transfers and Subsidies. On the contrary, Current Transfers payable went down by €14.4 million.

During the quarter under review, in relation to financial transactions in assets, Currency and deposits registered a decrease of €135.1 million over the previous quarter. Moreover, Other accounts receivable decreased by €63.6 million.

Conversely, Equity and investment fund shares, Short-term and Long-term loans increased by €1.2 million, €0.7 million and €0.2 million respectively.

With regard to financial transactions in liabilities, the major decrease was recorded in Short-term debt securities, €168.2 million. Long-term debt securities and Other accounts payable decreased by €45.2 million and €11.2 million respectively.

Moreover, Short-term and Long-term loans added €5.0 million and €1.2 million respectively, whilst Currency and deposits increased by €1.0 million.

The increase in Central Government debt was underpinned by higher Long-term debt securities (Malta Government Stocks) of €262.5 million. Moreover, Short-term and Long-term loans went up by €13.3 million and €2.9 million respectively, whereas Short-term debt securities declined by €107.7 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 €60.4 million, a rise of €5.1 million over the euro coin stock recorded at the end of December 2013.

In addition, the Local Government debt stood at €3.9 million-

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