Government’s Consolidated Fund registered surplus of €8.9 million

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Government’s Consolidated Fund registered surplus of €8.9 millionIn 2016, Government’s Consolidated Fund registered surplus of €8.9 million, the National Statistics Office has said.

Today, the National Statistics Office, submitted to the Commission the latter by means of the Excessive Deficit Procedure (EDP) Notification for the years 2013-2016, which data shall be published locally on the 24th April.

Compared to 2015, recurrent revenue registered an increase of €172.2 million whereas total expenditure went down by €72.5 million. This resulted in a positive change in the Government’s Consolidated Fund by €244.7 million.

In 2016, recurrent revenue was recorded at €3,807.0 million, up from €3,634.8 million last year. The comparative increase of 4.7 per cent was primarily the result of higher Income Tax and Social Security which increased by €143.6 million and €64.8 million respectively.

Moreover, increases were also recorded for Licences, Taxes and Fines (€30.0 million), Value Added Tax (€24.8 million) and Fees of Office (€19.7 million) among others. Conversely, major decreases were recorded in proceeds from Grants (€73.8 million), Miscellaneous Receipts (€30.6 million) and Customs and Excise Duties (€12.9 million).

Compared to 2015, total expenditure stood at €3,798.1 million down from €3,870.6 million, mainly as result of lower spending on capital expenditure and interest component which outweighed added outlays on recurrent expenditure.

Recurrent expenditure stood at €3,264.3 million from €3,056.8 million last year. The major contributor to this increase was Programmes and Initiatives with a rise of €92.1 million.

The main developments in this category involved higher Social Security Benefits (€32.3 million), a rise in Social State Contribution (of €21.8 million which also features as revenue), Health Concession Agreements (€16.0 million), added outlays due to EU Presidency 2017 (€15.5 million), Contribution to Planning Authority (€9.1 million), Public Service Obligations (€5.8 million), Private Residential Care (€4.5 million), Church Schools (€2.8 million) and Solid Waste Management (€2.6 million).

On the other hand, lower outlays for EU Own Resources were recorded (€27.1 million). Increases were also registered in Contributions to Government Entities (€60.1 million), Personal Emoluments (€39.6 million) and Operational and Maintenance Expenses (€15.7 million).

The interest component of the public debt servicing costs stood at €223.5 million, down from €232.3 million last year.

Government’s capital expenditure witnessed a decline of €271.2 million, and was recorded at €310.3 million. This was mainly the result of lower spending on EU funded projects due to the closure for the payments under the EU funding programme 2007-2013.

At the end of 2016, Central Government Debt stood at €5,474.9 million, up by €140.2 million over the corresponding month last year. This was the result of higher Malta Government Stocks and Treasury Bills, which added €180.9 million and €32.0 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. Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €10.2 million.

Moreover the Euro coins issued in the name of the Treasury went up by €4.3 million.

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