€43 million shortfall in government's account

The central government's account in the first quarter this year registered a shortfall of €43 million, the National Statistics Office said.

It said in a statement that the deficit recorded by the government for the first quarter of 2011 amounted to €43 million, down from €44.6 million in the comparable period last year.

During the March quarter, total revenue stood at €638.3 million, an increase of €65.7 million compared to the corresponding quarter in 2010.

The main contributors were 'current taxes on income and wealth' (+€47.9 million), 'social contributions receivable' (+€10.9 million) and 'taxes on production and imports' (+€5.6 million).

On the other hand 'property income receivable' declined by €6.2 million.

Total expenditure during the first quarter this year amounted to €681.3 million.

The comparative increase of €64.1 million was the result of higher 'social benefits and social transfers in kind' (+€30.3 million), 'intermediate consumption' (+€26.2 million), 'property income' (+€15.1 million) and 'compensation of employees' (+€6.2 million).

Conversely, lower expenditure was recorded in 'current' and 'capital transfers payable' by €8.8 million and €6.7 million respectively.

During the period under review, a major increase in financial transactions in assets was recorded in 'other accounts receivable' of €152.5 million.

Other increases were registered in 'short-term loans' of €26.3 million and 'long-term loans' of €23.6 million, mainly on account of loans granted to the national airline (€26.4 million) and to Greece (€20 million).

These were outweighed by declines in 'currency and deposits' and 'shares and other equity' of €25.2 million and €7.4 million respectively.

With regard to financial transactions in liabilities, 'long-term securities' advanced by €102.2 million while 'short-term securities' went up by €37.7 million.

'Long-term loans' exhibited an increase of 10.8 million while 'short-term loans' declined by €6 million.

An increase of €95.7 million was recorded in 'other accounts payable'.