GozoNews.Com

The deficit recorded by General Government for the second quarter of 2007 amounted to Lm16.9 million, compared to a deficit of Lm10.0 million for the second quarter of 2006.

During the April-June period this year, total revenue amounted to Lm217.9 million,an increase of Lm1.4million compared to the same period last year. Revenue classified as ‘current taxes on income and wealth’ increased by Lm11.3 million, while ‘transfers receivables’ declined by Lm13.4 million (on account of less grants received).

Concurrently, total expenditure, amounting to Lm234.8 million, registered a comparative increase of Lm8.3 million. While ‘intermediate consumption’ and ’social benefits’ went up by Lm5.9 million and Lm4.1 million respectively, ‘interest payable’ declined by Lm5.4 million.

When analysed on a six-month basis (January-June), the deficit for the first half of 2007 increased by Lm15.5 million, and amounted to Lm63.4 million. A rise in total expenditure amounting to Lm18.7 million was only partly offset by a corresponding increase of Lm3.2 million in revenue.

When compared to June 2006, total general government debt outstandingat the end of June 2007 increased by Lm73.4 million, and amounted to Lm1,465.5 million. This increase was underpinned by higher short-term borrowing (essentially Treasury Bills). At end June 2007, Malta Government Stocks (classified as long-term securities other than shares) accounted for Lm1,158.2million, or 79.0 per cent of the total outstanding debt