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- Social Security Benefits Expenditure up 19.2%
- Government Expenditure on Social Security Benefits up 5.2%
- Capital expenditure declines but Government debt increases
- Government debt increases to €3,289.8 million
- Government finances shortfall increases to Lm82.0 million
- Government shortfall up by €76.6 million, Government debt up by €78.0 million
- First quarter shortfall increases by €80.4 million
- Government shortfall increases €80.7 million
- The Government shortfall has increased by €43.4 million
- Expenditure of general government sector by function 2002-6
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Government Expenditure on Social Security Benefits between January and September 2007 rose by 5.4%, driven mainly by outlays on pensions in respect of retirement. Total expenditure on social security benefits amounted to Lm183.9 million during the first nine months of 2007, up by Lm9.5 million over the same period last year. This reflected mainly higher expenditure on contributory benefits amounting to Lm8.7 million. Non-contributory benefits rose marginally by Lm0.8 million.
The increase in contributory benefits was essentially the result of a Lm7.0 million growth in pensions in respect of retirement, which amounted to Lm85.8 million during the first nine months of 2007. This increase was primarily underpinned by outlays on the Two-Thirds Pension, in part reflecting a rise in the number of beneficiaries.
Pensions in respect of invalidity declined marginally during the period under review, while benefits relating to industrial injuries edged up. Pensions in respect of Widowhood increased by Lm1.2 million while Other Benefits went up by Lm0.3 million.
Non-contributory benefits increased by Lm0.8 million over the same period in 2006. Within this category there was a Lm0.7 million rise in outlays on Social Assistance, wholly offset by a decline in Children’s Allowances. All other benefits under the Non- Contributory heading experienced small increases during the first three quarters.
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