According to data obtained from the Consolidated Fund of government for the first four months of the year, the shortfall between recurrent revenue and total expenditure increased by €76.6 million, and amounted to €208.7 million when compared to the same period of 2007. An increase of €130.6 million in total expenditure was only partly offset by an increase of €54.1 million in recurrent revenue.

The Central Government debt outstanding at the end of April amounted to €3,309.5 million, an increase of €78.0 million compared to the gross Central Government debt outstanding at the end of April last year. While long-term borrowing increased by €160.0 million, short-term borrowing and foreign borrowing declined by €100.1 million and €6.4 million respectively. At the end of April, the stock of euro coins added to the gross government debt position amounted to €24.5 million.

During the first four months this year, the Consolidated Fund recorded increases in revenue of €26.0 million, €13.9 million, and €9.4 million respectively from Income Tax, Value Added Tax and Social Security contributions. Dividends on Investment also added €7.8 million during the period under review.

Recurrent expenditure amounted to €701.4 million, an increase of €96.5 million compared to the first four months last year. Major increases in recurrent expenditure were recorded under Social Security Benefits, which added €26.3 million, and under the Ministry for Investment, Industry and Information Technology (+€12.5 million). Likewise the Ministry of Health, the Elderly and Community Care and the Ministry for Rural Affairs and the Environment added €10.7 million and €10.1 million respectively. During the period under review the interest component of the public debt servicing costs amounted to €68.3 million, a comparative increase of €5.0 million over 2007.

The Capital Programme for the first four months this year added €29.1 million and amounted to €93.3 million. During this period capital expenditure under the Ministry for Investment, Industry and Information Technology, and under the Ministry for Rural Affairs and the Environment increased by €13.6 million and €10.4 million respectively. On the other hand, capital expenditure under the Ministry of Finance declined by €12.8 million, due to a substantially lower expenditure on the Mater Dei Hospital project.

No new loans were taken up during the period under review.