Increase in government's revenue shortfall
The shortfall in government revenue for January and February amounted to €199.5 million, the National Statistics Office said.
It said that according to data obtained from the Consolidated Fund, the shortfall between recurrent revenue and total expenditure increased by €56.5 million when compared to February last year and amounted to €199.5 million.
Recurrent revenue decreased by €35.7 million, while total expenditure increased by €20.9 million. The Consolidated Fund recorded decreases in dividends on investment (-€9 million), customs and excise duties (-€7.1 million), fees of office (-€5.8 million), income tax (-€4.3 million), grants (-€3.2 million) and miscellaneous receipts (-€2.3 million).
At the same time, revenue from social security contributions increased by €1.3 million.
Recurrent expenditure amounted to €382.7 million, an increase of €30.7 million compared to the same period last year. The increase was mainly brought about by increases on social security benefits (+€12.9 million), the shipyard’s early retirement schemes (€17.9 million) and expenditure on medicines and surgical materials (+€11.3 million).
The interest component of the public debt servicing costs increased by €5.4 million and amounted to €37.2 million.
Government’s outlay on its Capital Programme for the first two months of this year amounted to €38.2 million, a decrease of €15.2 million when compared to the expenditure of €53.4 million for the same period last year. Capital expenditure of €9.3 million on the Mater Dei Hospital in 2008 was not repeated this year.
The government's debt outstanding at the end of February amounted to €3,635.4 million, an increase of €350 million compared to February last year.
Long-term and short-term borrowing increased by €201.1 million and €146.5 million respectively, while foreign borrowing declined by €7 million.
The euro coins issued in the name of the Maltese Treasury, considered as a currency liability pertaining to the government, amounted to €32.4 million, an increase of €10 million over the same period last year.
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R.Gauci
Mar 27th 2009, 13:39
"EU Commissioner for Enterprise and Industry Gunther Verheugen this morning said that Malta was a net beneficiary of the EU, a statement that was reiterated by Prime Minister Lawrence Gonzi".
So if we did not get more then we are giving what would had be the amount in the goverment's revenue shortfall?
Lawrence Fenech
Mar 27th 2009, 12:29
"Mit-tajjeb ghall-ahjar"...... fid-dinja tal-holm. But listen to NET news tonight and I'll bet they'll find something positive to comment about. If not, they'll leave it out altogether.
Please choose the reason of your report below: