Deficit up by over €73 million last month

The government's deficit rose by €73.7 million last month to €136.5 million compared to the same period last year, according to the government's consolidated fund.

Figures show revenue fell by €17.1 million while expenditure rose by €56.6 million.

Income tax collected by the government also fell by €11 million, office fees by €5.8 million, social security contributions by €2.9 million and grants by €2.6 million. However, VAT collected rose by €3.9 million and rent by €2.1.

Social security benefits handed out by the government rose by €14.5 million, medicine and surgical material by €7.8 million, personal emoluments by €2.2 million and operational and maintenance expenses by €4 million. Similarly, film industry incentives rose by €4.9 million and Wasteserv by €3 million. The shipyards' early retirement schemes also cost the government €17.5 million.

In January, interest paid on government debt increased by €3.9 million to €17.8 million. Government debt as at the end of January stood at €3,581.9 million, a €322.8 million rise compared to the same month last year.

Long-term borrowing rose by €201.1 million and short-term borrowing increased by €120.3 million. However, foreign borrowing fell by €7 million.

Euro coins issued, a currency liability to the government, meanwhile, rose by €9 million to €32.2 million.