Deficit down €7 million

The government’s account registered a shortfall of €75.2 million in the second quarter, the National Statistics Office said.

In a statement it said that the deficit recorded by the government for the period, amounted to €75.2 million, down from €82.2 million in the comparable period last year.

In the June quarter, total revenue stood at €593 million, an increase of €22.6 million compared to the corresponding quarter last year.

The main contributors to the increase in total revenue were 'social contributions receivable' (+€20 million), 'capital transfers receivable' (+€19.2 million), and 'property income receivable' (+€4.7 million).

On the other hand, the major decline in revenue was recorded in 'taxes on production and imports' by €21.7 million.

Concurrently, total expenditure during the second quarter amounted to €668.2 million. The comparative increase of €15.6 million was the result of higher 'property income' (+€11 million), 'social benefits and transfers in kind' (+€10.3 million), 'intermediate consumption' (+€8.7 million), and 'compensation of employees' (+€8.6 million).

Conversely, 'gross capital formation' and 'current transfers payable' recorded declines of €16.1 million and €12.1 million respectively.

The major increase in financial transactions in assets was recorded in 'currency and deposits' by €31.7 million. 'Long-term loans' increased by €15.2 million, mainly triggered by the loan facility to Greece which amounted to €14.8 million.

These were partly outweighed by declines of €4.6 million in 'other accounts receivable' and €1.2 million in 'shares and other equity'.

On the other hand, with regard to financial transactions in liabilities, 'long-term securities' registered an increase of €118.6 million while 'short-term securities' went up by €16.5 million.

Conversely, 'long-term loans' and 'other accounts payable' exhibited a decrease of €10.4 million and €14.9 million, respectively.

Total general government debt outstanding at the end of June increased by €291 million from the comparable period in 2009, and amounted to €4,166.1 million.

Central government debt increased by €290.9 million. This was underpinned by higher long-term securities (Malta Government Stocks) which went up by €385.2 million.

Central government short-term securities and loans declined by €91.6 million and €6.7 million, respectively.