General Government deficit at €172.3 m, debt outstanding up €143.0 m
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In the first quarter of 2015, the General Government recorded a deficit of €172.3 million. The National Statistics Office also said that total General Government debt outstanding at the end of March increased by €143.0 million over 2014. General Government debt amounted to €5,640.6 million, of which €5,636.7 million related to Central Government.
During the period January-March 2015, total revenue stood at €754.6 million, an increase of €59.1 million when compared to the first quarter of 2014.
All revenue components registered increases, the majority being recorded in Taxes on production and imports (€28.7 million), Current taxes on income and wealth (€17.5 million) and Net social contributions (€8.9 million).
Total expenditure in the first quarter amounted to €926.8 million. All expenditure components registered higher outlays with the largest increases recorded in Gross capital formation (€31.8 million), Capital transfers payable (€26.3 million) and Compensation of employees (€17.2 million). Concurrently, Intermediate consumption and Current transfers payable added €9.7 million and €6.5 million respectively.
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the first quarter this year, these adjustments resulted in an increase of €86.9 million to the deficit of the Consolidated Fund.
During the first three months, in relation to financial transactions in assets, Currency and deposits registered an increase of €84.6 million over the previous quarter. Conversely, Long-term loans decreased by €50.5 million while Other accounts receivable decreased by €20.6 million. Moreover, Equity and investment fund shares and Short-term loans decreased by €6.3 million and €0.3 million respectively.
With regard to financial transactions in liabilities, the major increase was recorded in Long-term debt securities, €167.2 million. Short-term debt securities and Short-term loans added €67.7 million and €0.6 million respectively. Moreover, Other accounts payable and Long-term loans decreased by €46.3 million and €13.4 million respectively, while Currency and deposits decreased by €0.1 million.
The increase in Central Government debt was underpinned by higher Long-term debt securities (Malta Government Stocks) of €293.6 million. Moreover, Short-term loans went up by €13.5 million, whereas Short-term debt securities and Long-term loans declined by €159.1 million and €10.4 million respectively.
The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €60.3 million, a rise of €5.3 million over the euro coin stock recorded at the end of March 2014. In addition, the Local Government debt went up by €0.1 million and stood at €4.0 million.