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- Government shortfall increases €80.7 million
- First quarter shortfall increases by €80.4 million
- Shortfall in government finances increases by €6.7 million
- Capital expenditure declines but Government debt increases
- Government shortfall up by €76.6 million, Government debt up by €78.0 million
- The Government shortfall has increased by €43.4 million
- Government finances shortfall increases to Lm82.0 million
- Government, deficit, revenue and expenditure increases
- Government Deficit for first quarter up by €54.7 million to €162.5 million compared to 2007
- General Government Account registered a surplus of €84.7 million in 4th quarter last year
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Data from the Consolidated Fund of government for 2007 shows that the shortfall between recurrent revenue and total expenditure amounted to €109.1 million, an improvement of €25.6 million from a deficit of €134.8 million for 2006. This improvement was brought about by an increase of €23.9 million in recurrent revenue, complimented with a reduction of €1.8 million in total expenditure.
During 2007 revenue from Income Tax increased by €65.8 million, while revenues from Customs and Excise Duties, and from Value Added Tax netted €23.8 million and €15.0 million respectively. On the other hand, revenues from Grants declined by €82.9 million while Miscellaneous Receipts declined by €39.9 million (mainly on account of higher revenues from sale of land during 2006).
Recurrent expenditure amounted to €1,896.6 million, an increase of €60.7 million compared to the previous twelve months. During the year under review higher outlays were reported on social security benefits (+€28.5 million, mainly on account of an increase of €21.1 million to the retirement pensions), and on higher outlays by the Ministry for Investment, Industry and Information Technology (+€17.3 million).
The interest component of the public debt servicing costs for the year declined marginally by €1.2 million. Although interest payments on short-term borrowing increased by €4.4 million, interest on long-term and on foreign borrowing declined by €4.7 million and by €1.0 million respectively.
Total expenditure under the Capital Programme for 2007 amounted to €257.9 million, a decline of €61.3 million or 19.2 per cent on the €319.2 million expended during 2006. Lower expenditure was recorded under the Ministry of Finance (-€25.5 million), under the Ministry for Investment, Industry and Information Technology (-€12.8 million), and under the Ministry for Justice and Home Affairs (-€10.1 million).
During the course of the year under review, €126.0 million loans were taken up, while no such loans were taken up during the previous year. Likewise no privatization receipts were recorded during 2007, while during 2006 these proceeds amounted to €172.8 million.
The Central Government debt outstanding at the end of the year amounted to €3,289.8 million, an increase of €111.6 million compared to the debt position at the end of December 2006. This was brought about by an increase of €137.0 million in Government Stock. This increase was in part offset by reductions of €18.9 million in short-term borrowing, and of €6.5 million in foreign borrowing.
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