Deficit narrows to €22.3m in Q1, debt rises to €4,045.4 million

The government's financial deficit in the first quarter of this year fell to €22.3 million from €38.2 million in the same quarter last year, official figures issued today show.

The National Statistics Office said that during the March quarter total revenue amounted to €577.2 million, an increase of €31.8 million compared to the corresponding quarter last year.

The main contributors to the growth in total revenue were 'taxes on production and imports' (+€22.9 million), 'capital transfers receivable' (+€8.1 million) and 'current taxes on income and wealth' (+€4.1 million).

On the other hand, a decline of €5.1 million in social contributions was recorded.
Concurrently, total expenditure during the first quarter of 2010 amounted to €599.5 million, an increase of €16.0 million.

The increase was the result of higher 'intermediate consumption' (+€14.1 million), 'gross capital formation' (+€13.7 million), 'current transfers payable' (+€10.6 million) and 'capital transfers payable' (+€8.0 million).

Lower expenditure was recorded in 'property income' (-€12.4 million), 'subsidies payable' (-€12.3 million) and 'compensation of employees' (-€8.9 million).

Total general government debt outstanding at the end of March 2010 increased by €338.0 million over the comparable period in 2009, and amounted to €4,045.4 million. Central Government debt increased by €337.7 million. This was underpinned by higher long-term securities (Malta Government Stocks) which went up by €354.3 million.

On the other hand, Central Government loans declined by €13.0 million. The euro coins issued in the name of
the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €36.9 million, a rise of €4.2 million over the euro coin stock recorded at the end of March 2009. In addition, the Local Government debt edged up by €0.4 million