Outstanding debt rises to €3.8 billion

The difference between government income and expenses rose by €81.1 million to €337.5 million in the first half of this year compared to the same period last year.

The National Statistics Office said recurrent revenue fell by €21.2 million to €969.2 million. Customs and excise duties shrunk by €34.2 million and VAT by €15.6 million. On the other hand, income tax rose by €20.9 million and social security by €11.3 million.

Meanwhile, total expenditure rose by €60 million to €1,306.7 million. Recurrent expenditure grew by €56.4 million, mainly because social security benefits rose by €22.2 million; the shipyards' voluntary retirement scheme by €19.1 million; medicines and surgical material by €9.3 million;, personal emoluments by €8.9 million and operational and maintenance expenditure by €7.1 million.

The interest component on public debt servicing costs also rose by €3 million and capital expenditure by €0.6 million.

The government's outstanding debt rose by €351.6 million to €3,820.4 million.

Short- and long-term borrowing advanced by €224.5 million and €132.3 million respectively while foreign borrowing fell by €13.8 million.

Coins issued by the Treasury, which are considered a liability, rose by €8.2 million to €34.9 million.