General Government recorded surplus of €123.1m in last quarter of 2016

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General Government recorded surplus of €123.1m in last quarter of 2016Total revenue stood at €1,150.9 million, in the last quarter of 2016, the National Statistics Office said in a statement today. This is a decrease of €17.8 million when compared to the last quarter of 2015, it added that in the last quarter of 2016, the General Government recorded a surplus of €123.1 million.

The NSO said that this decrease in revenue was triggered by lower Capital transfers receivable (€123.5 million) and lower Property income receivable (€5.6 million).

Market output and Taxes on production and imports registered increases of €54.4 million and €29.3 million respectively. The NSO added that, increases were also registered in Current taxes on income and wealth (€16.6 million), Net social contributions receivable (€6.8 million) and Current transfers receivable (€4.2 million).

In the last quarter total expenditure amounted to €1,027.8 million, a decrease of €40.7 million from the last quarter of 2015. Decreases were recorded in Capital transfers payable (€38.3 million), Gross Capital Formation (€34.6 million), Intermediate Consumption (€15.8 million), Property income payable (€4.1 million) and Current taxes on income and wealth (€0.2 million). Increases were recorded in Social benefits and Social transfers in kind (€20.0 million), Compensation of employees (€13.3 million), Current transfers payable (€13.1 million) and Subsidies payable (€5.9 million).

The NSO said that in relation to financial transactions in assets in the last quarter, other accounts receivable registered a decrease of €73.6 million over the previous quarter. Likewise, Currency and deposits decreased by €57.7 million while Equity and investment fund shares decreased by €7.8 million. It added that long-term loans and Short-term loans decreased to €0.2 million and €0.1 million respectively.

Financial transactions in liabilities, the major reduction was recorded in Other accounts payable, €197.2 million. Concurrently, Long-term debt securities witnessed a negative transaction of €42.0 million whereas Short-term debt securities decreased by €15.4 million. Short-term loans went down by €7.9 million while Long-term loans increased by €2.7 million. Currency and deposits increased by €2.0 million.

The total General Government debt outstanding at the end of December increased by €144.4 million over the fourth quarter of 2015. General Government debt amounted to €5,766.5 million, of which €5,762.7 million related to Central Government.

The increase in Central Government debt was underpinned by a rise in Long-term debt securities of €171.4 million. Likewise, Short-term debt securities increased by €32.0 million. Conversely, Long-term loans and Short-term loans decreased by €53.9 million and €9.5 million respectively.

Euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €72.8 million, a rise of €4.3 million over the euro coin stock recorded at the end of December 2015. In addition, the Local Government debt stood at €3.8 million.

The NSO concluded the statement by saying that Government guaranteed debt amounted to €1,399.3 million at the end of December 2016, a decrease of €4.9 million when compared to the same period last year.

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