Deficit narrows to €22.3 million as debt hits €4 billion

Government deficit between January and March fell to €22.3 million from €38.2 million in the same quarter last year, according to official figures issued yesterday. The National Statistics Office said that, during the March quarter, revenue amounted to...

Government deficit between January and March fell to €22.3 million from €38.2 million in the same quarter last year, according to official figures issued yesterday.

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

Total general government debt outstanding at the end of March increased by €338 million over the comparable period in 2009 and reached just over €4 billion.

Taxes on production and imports were up €22.9 million, as were capital transfers, up €8.1 million, and income taxes, up €4.1 million.

On the other hand, there was a reduction of €5.1 million in social security contributions.

Overall, government expenditure in the first quarter of 2010 rose to €599.5 million, an increase of €16 million.

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

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