Government financial position improved in Q4, 2007

In the fourth quarter of 2007 the General Government Account registered a surplus of €84.7 million, compared to a surplus of €33.3 million for the fourth quarter 2006, the National Statistics Office said today.

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).

Total expenditure amounted to €623.3 million, an increase of €11.4 million, mainly on account of higher outlays on 'property income payable’ (+€15.0 million).

The aggregate deficit for the four quarters of 2007 was 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.