Government financial deficit grows
The government deficit widened in the first five months of this year as increased revenue failed to keep up with increased spending, official figures released today show.
The National Statistics Office said the shortfall between recurrent revenue and total expenditure increased by €80.7 million, and amounted to €235.8 million when compared to the same period in 2007.
An increase of €118.6 million in total expenditure was only partly offset by an increase of €37.9 million in recurrent revenue.
During the first five months this year, the Consolidated Fund recorded increases in revenue of €19.8 million and of €12.7 million from income tax and VAT respectively. Dividends on investment also added €7.9 million. At the same time, revenue from licences and fines declined by €7.7 million while revenue classified under Miscellaneous Receipts declined by €7.2 million.
Recurrent expenditure amounted to €857.8 million, an increase of €92.3 million compared to the first five months last year. Major increases in recurrent expenditure were recorded under Social Security Benefits. The Capital Programme for the first five months added €21.6 million and amounted to €108.1 million.
The interest component of the public debt servicing costs amounted to €85.5 million, an increase of €4.7 million over 2007.
The Central Government debt outstanding at the end of May amounted to €3,317.6 million, an increase of €67.4 million compared to May last year.
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Maria Pace
Jun 28th 2008, 07:55
I wonder, where are Gonzi's 'par idejn sodi' now? Most probably hidden behind his back!
B. Borg
Jun 27th 2008, 19:24
@Joseph Caruana
In the last decade, who was on the government chair?
From the €1.2 Billion, how much were wasted on Consultants, Experts and other similar Gurus?
Do you remember what initiative MLP Government took in 1996? I well remember that a relative of mine was employed at MDD at that time, doing extra hours of overtime daily earning more than LM10,000 every year for namely feeding the rats that were common in the shop areas. As soon as the MLP won the election, from the government issued directives to curb overtime abuse in order to reduce most of the excessive spending, that were all blessed by the previous PN administration. This relative of mine was of Labourite faith till then. Since he couldn’t get the overtime rate while get a full sleep during the night working hours; he felt that his government betrayed him. Now can be seen at every PN public activity
James Micallef
Jun 27th 2008, 18:48
@ Joseph Caruana
If you are mentioning Drydocks and the last decade... who was in power?
Or was it a hibernating Government!!!
It is useless mentioning the problems because in 20 years the present government should have addressed ALL the problems.
If he is not capable he must step down and not stealing our votes
I voted PN for the first time and I wish that I just tore away that ****** vote
Joseph Caruana
Jun 27th 2008, 17:43
Whatever MLP fans says -- in the last decade ~1.2billion euros were wasted* in keeping the drydocks open in which the MLP today doesn't agree of the Drydocks to be privatised (meaning making a profit, or else bye, bye...).
*Now thats "Hallas Ganni!!".
Alexander Morana
Jun 27th 2008, 17:27
Stop the whining and moaning. You should all count your luck stars. What are you going to do when the price of a barrel of oil goes up to $150 as being predicted by the speculators?
@Dale you mean a 'par idejn sodi’ with your wallet because only God knows what's coming in the next budget?
Adrian Camilleri
Jun 27th 2008, 17:18
Hallas GAHAN MALTI.
Oh my lord, miskina Daphne have to do some economy now, inkella no more money for the hairdresser.
And the Big (Bad) Bocca will have to refrain from imur jiekol in the restaurants every week.
Oh what a pity, x'ghamlilna Lawrence taghna!.
R Axiaq
Jun 27th 2008, 17:00
A popular maltese saying goes "Mill-kliem ghall-fatti hemm bahar jikkumbatti". Any other comments are superfluous!!!!!
louis ebejer
Jun 27th 2008, 16:14
These results are only due to the " Election Syndrome!!!".Hope we still get the tax rebate in the next budget which Dr.Gonzi promised!!
A Daley
Jun 27th 2008, 14:43
Lovely, lovely!
This is what we voted for and therefore we get what we deserve most.
S W A T
Increase in National Debt, Increase in interest on Debt, Increase in Budget deficits, Decrease in growth and the list goes on. In short everything opposite to what Gonzi promised before the election, and by the way, the present global problem has been with us since summer 2007, so Gonzi knew exactly what was coming!
The only thing that never goes up accordingly, (u bhall ta' barra), is our salaries.
Any ideas of what the coming budget is going to be like?
One predicts (par idejn sodi) around our necks!
Then again, they promise a lot, they deliver very little, and when things go wrong, there is always a plausible excuse for their failures!
Randolph De Battista
Jun 27th 2008, 14:21
"finanzi fis-sod"
C Scerri
Jun 27th 2008, 14:07
Interesting.... I think I was in a coma... did not hear that tune before 8 March!
David Gatt
Jun 27th 2008, 14:03
So, no more 'Finanzi fis-Sod'? Or is this the result of the electoral campaign bluff?
M.Tabone
Jun 27th 2008, 13:30
How can we continue having all this debt with just a workforce of just around 150,000 people?
Maria Dolores Fenech
Jun 27th 2008, 12:49
What about the promised surplus?! Or was it another pre-election GonziPN gimmick?
mario mifsud
Jun 27th 2008, 12:47
This is a picture of 'finanzi fis-sod'?
I think the electorate will have to wait at least 5 years to see the promises made fulfilled