The surplus recorded by General Government for the fourth quarter last year amounted to €84.7 million, compared to a surplus of €33.3 million for the fourth quarter 2006.

During the December quarter of 2007 total revenue amounted to €707.9 million, an increase of €62.7 million compared to the fourth quarter of the previous year. Revenue classified as ‘current taxes on income and wealth’ and ‘taxes on production and imports’ increased by €65.8 million and by €20.0 million respectively. ‘Current and capital transfers receivable’ declined by €35.4 million (on account of less grants received).

At the same time total expenditure, amounting to €623.3 million, registered a comparative increase of €11.4 million, mainly on account of higher outlays on ‘property income payable’ (+€15.0 million).

Tables 2 and 3 give an overview of the main revenue and expenditure categories across the quarters covered by the time series. The aggregated deficit for the four quarters of 2007 is estimated at €95.8 million, compared to a deficit of €129.2 million for 2006.

When compared to December 2006, total general government debt outstanding at the end of 2007 increased by €114.8 million, and amounted to €3,368.1 million. This increase was underpinned by the higher long-term securities category (Malta Government Stocks) which added €135.9 million. At end December 2007, Malta Government Stocks (classified as long-term securities other than shares) accounted for €2,753.3 million, or 81.7 per cent of the total outstanding debt.