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 €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).