Government’s Consolidated Fund registers deficit of €60.2 million

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 Government's Consolidated Fund registers deficit of €60.2 millionIn January-November 2016, Government’s Consolidated Fund registered a deficit of €60.2 million, the National Statistics Office said today.

Compared to the same period last year, recurrent revenue registered an increase of €150.4 million whereas total expenditure went up by €49.6 million. This resulted in a positive change in the Government’s Consolidated Fund by €100.7 million.

In January-November 2016, recurrent revenue was recorded at €3,286.0 million, up from €3,135.7 million last year. The comparative increase of 4.8 per cent was primarily the result of higher Income Tax and Social Security which increased by €118.1 million and €59.9 million respectively.

Moreover, increases were also recorded for Licences, Taxes and Fines (€33.9 million), Value Added Tax (€21.6 million) and Fees of Office (€14.8 million) among others. Conversely, major decreases were recorded in proceeds from Grants (€75.8 million) and Customs and Excise Duties (€19.5 million).

Compared to January-November last year, total expenditure stood at €3,346.2 million up from €3,296.6 million, mainly as result of added outlays on recurrent expenditure which outweighed lower spending on capital expenditure and interest payments.

Recurrent expenditure stood at €2,881.3 million from €2,705.4 million last year. The major contributor to this increase was Programmes and Initiatives with a rise of €74.7 million.

The main developments in this category involved higher Social Security Benefits (€24.6 million), a rise in the Social Security State Contribution (of €18.2 million which also features as revenue), added outlays due to EU Presidency 2017 (€11.4 million), Health Concession Agreement – Gozo General Hospital (€8.5 million), Church Schools (€5.8 million), Public Service Obligations (€5.7 million), Treasury Pensions (€5.1 million), Solid Waste Management (€4.2 million) and Compensation Payments (€3.6 million).

On the other hand, lower EU Own Resources were recorded (€24.3 million). Increases were also registered in Contributions to Government Entities (€49.6 million), Personal Emoluments (€31.2 million) and Operational and Maintenance Expenses (€20.5 million).

The interest component of the public debt servicing costs stood at €205.7 million, down from €212.1 million last year.

Government’s capital expenditure witnessed a decline of €119.9 million, and was recorded at €259.2 million. This was mainly the result of lower spending on EU funded projects.

At the end of November 2016, Central Government Debt stood at €5,521.7 million, up by €53.0 million over the corresponding period last year. This was the result of higher Malta Government Stocks and Treasury Bills, which added €52.0 million and €43.2 million respectively.

On the other hand, Domestic Loans with Commercial Banks and Foreign Loans went down by €56.4 million and €10.4 million respectively. Lower holdings by government funds in Malta Government Stocks resulted in an increase in debt of €19.9 million.

The Euro coins issued in the name of the Treasury went up by €4.8 million when compared to the coin stock as at the end of November 2015, and totalled €71.7 million.

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