Deficit rises to €107 million
The general government account registered a shortfall of €107 million in the second quarter this year, the National Statistics Office said.
It said in a statement that the deficit rose to €107 million, up from €77.7 million in the comparable period last year.
During the June quarter, total revenue stood at €592.3 million, a decline of €1.4 million compared to the corresponding quarter last year.
The main contributors were 'current taxes on income and wealth' (-€28.8 million), and 'capital transfers receivable' (-€22.3 million).
On the other hand 'taxes on production and imports' went up by €37.3 million.
Total expenditure during the second quarter this year amounted to €699.4 million.
The comparative increase of €27.9 million was the result of higher 'gross capital formation' (+€30.7 million), 'intermediate consumption' (+€10 million), 'compensation of employees' (+€8.7 million) and 'current transfers payable' (+€8.4 million).
Conversely, lower expenditure was recorded in 'capital transfers payable', 'social benefits and social transfers in kind' and 'property income payable' by €20.5 million, €7.5 million and €6 million respectively.
A major increase in financial transactions in assets was recorded in 'currency and deposits' of €170.9 million.
Other increases were registered in 'shares and other equity' of €15 million, 'short-term loans' of €11.6 million and 'long-term loans' of €6.5 million.
These were partially outweighed by a decline in 'other account receivable' of €57.1 million.
With regard to financial transactions in liabilities, 'long-term securities' advanced by €210.2 million while 'short-term securities' went down by €80.6 million.
'Long-term loans' exhibited a decrease of €3.3 million while 'short-term loans' rose by €3.4 million. An increase of €95.4 million was recorded in 'other accounts payable'.
Total general government debt outstanding at the end of June advanced by €354.8 million over the comparable period in 2010, and amounted to €4,527.8 million.
Central government debt increased by €354.4 million. This was underpinned by higher long-term securities (Malta Government Stocks), which went up by €553.1 million.
On the other hand, central government short-term securities declined by €215.5 million.
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charles tabone
Oct 21st 2011, 17:15
Le, Sur Victor Calleja, mhux il-kliem vojt, il-Kaxxa ta' MALTA VOJTA ghax sehitha l-Gvern PN MONEY NO PROBLEM
Charles Cremona
Oct 21st 2011, 14:54
At this rate it will not be long before we will be seeking a bailout from the Eurozone, we are living beyond our means but no government in Malta will dare cut spending with an elaction around the corner. It will probably be too late by then anyway, but whoever wins the next election will have to cut back sevrely, it will have no choice because by then the Eurozone will control our budget.
Mark Fleri
Oct 21st 2011, 14:42
We will only see the true amount of Malta's deficit when there will be a change in government. I believe the true amount is much more than what is being stated and I predict that in about 2 years from now we will be out on the streets just like the Greeks. Lets assume Labour will will the next election and that is looking more and more likly the way our current government is leading this country. Joseph will outline the true deficit and in order for him to reduce that he will be forced to cut public spending, raise taxes etc. Of course the people will then have to blame someone so Joseph will take the brunt of it and then we will have a repeat of Greece. Its not if it will happen, its just a question of exactly when!
A. Mizzi
Oct 21st 2011, 14:31
Another record for Dr. Gonzi's administration and for his Smart Cashier Dr. Tonio Fenech! Ca'sn't these people manage the countrys finances and the funds entrusted to them tomanage by taxpayers n the same way they manage thier own finanes?
.
There is certainly no shortfall there... with €500 a week rises in salary.....
Gustav Svensson
Oct 21st 2011, 14:26
Yea, things are really on a fast track to disaster. On with the helmet the real estate bubble is about to burst!!
Victor Vella
Oct 21st 2011, 13:32
Darba knot qrajt li f`Malta kien hawn zmien meta hadd ma kien joqghod f`Malta hlief il-gremxul u znazan. Skond Gonzi ta` par idejn sodi u siehbu Wistin issa hemm uliedna u ulied uliedna ihlallsu d-djun. Min jaf forsi qatt jigi zmien li kulhadd jitlaq minn Malta hlief il-gremxul biex ihallsu id-djun li bellaghlhom il-Partit Nazzjonalista. Veru dawn in-Nazzjonalisti Sahta ta` Malta.
Mark Galea
Oct 21st 2011, 13:01
X'intom tinkwetaw nies ... ftit xhur ohra u tasal l-elezzjoni. Imbaghad jitla l-PL, u Joseph Magic Wand Muscat isolvi kollox - mhux diga qal li ghandu pjan sigriet? Li b'dan il-pjan jonqsu t-taxxi, dawl, ilma u fuel? u joghlew il-pagi.
Meta hudu pacenzja, ghixu batuti sat-2013, imbaghad xalar u hala.
Gordon Farrugia
Oct 21st 2011, 13:53
"X'intom tinkwetaw nies ... ftit xhur ohra u tasal l-elezzjoni. Imbaghad jitla l-PL, u Joseph Magic Wand Muscat isolvi kollox - mhux diga qal li ghandu pjan sigriet?"
Very cheeky. Instead of facing its responsibilities and being accountable to the country, the PN passes this huge problem to the PL to deal. 25 years of PN governance has resulted in EUR 4,527,800,000 of debt.
When the PL gave the reins to the PN they left around LM500 million in the island's coffers.
Victor Calleja
Oct 21st 2011, 14:45
KLIEM VOJT
mark borg
Oct 23rd 2011, 09:23
Kemm int bravu u x sens ta umorizmu minghalik li ghandek ?? l-argument mhuwiex li la jitla Joseph jirranga kollox !!!! nafu mirakli ma jsirux,ovvju : l-argument ta nies f sensihom huwa kif wasalna sawn ?? tort ta min ?? min hu responsabbli ??. Qisni nidhol id dar ghandek nisraqlek kollox jien, umbghad jigi xi hadd jiprova jghinek u int tghidlu issa tghamel il mirakli int !!!! daqsek hu bazwi l argument tieghak !!!!!!!!!!
charles tabone
Oct 21st 2011, 13:00
Tht's great, Tony...lest we forget!
J. Borg
Oct 21st 2011, 12:27
Dak l-aqwa li zdid id-deficit....mela l-emails ta Joseph Msucat.
Din imissu jhabbar b'pompozita Nathaniel Attard.
Mr Emanuel Farrugia
Oct 21st 2011, 12:03
Mit-tajjeb ghall-ahjar Onor. Fenech.
Emanuel Farrugia former Executive Secretary Mtarfa Local Council
Gordon Farrugia
Oct 21st 2011, 12:51
l-aqwa li l-finanzi fis-sod Mr Farrugia ;)
Joseph Calleja
Oct 21st 2011, 15:59
But Minister Fenech told us that everything was fine with Malta's finances. Don't worry said the Minister. How easy is it to spend the Tax payers Money? Quo Vadis Minister Fenech? No Problem?
Mr Emanuel Farrugia
Oct 22nd 2011, 11:02
Christmas time is on the way, and especially Christmas parties in the Government Departments. Fejn qieghed il-Ministru Fenech jew dan ma' jghix Malta, imma l-importanti li mmorru xi safra mal-hbieb tal-hbieb u nkomplu nghaddu z-zmien bic-cittadini?
Emanuel Farrugia former Executive Secretary Mtarfa Local Council
Gordon Farrugia
Oct 21st 2011, 11:44
"Total general government debt outstanding at the end of June advanced by €354.8 million over the comparable period in 2010, and amounted to €4,527.8 million.
Total debt of EUR 4,527,800,000 and that doesn't include the debt owed by Enemalta and hidden behind parastatal institutions (EUR800 million say?). It doesn't include the debt of EUR700 million we have guaranteed for Greece.
WHERE ARE WE GOING? WHY DO WE CONTINUE SPENDING OUTSIDE OUR OWN MEANS? We are sinking fast so much for our finances being in good hands.