Government account shortfall down

The general government account registered a shortfall of €41 million in the third quarter of 2011, according to the National Statistics Office.

The NSO said that the deficit recorded by the general government for the September quarter last year amounted to €41 million, down from €43.6 million in the comparable period of 2010.

During July-September, total revenue stood at €627.7 million, an increase of €51.4 million compared to the third quarter of 2010.

The main contributors were 'taxes on production and imports' (+€38.9 million), 'social contributions receivable' (+€15.7 million), and 'current transfers receivable' (+€9.1 million).

'Capital transfers receivable' and 'market output' also registered increases.

Declines were recorded in 'current taxes on income and wealth' and 'property income receivable' by €17.3 million and €8.5 million, respectively.

Total expenditure during the period under review amounted to €668.7 million. The comparative increase of €48.8 million was the result of higher 'gross capital formation' (+€29 million), 'property income payable' (+€16.9 million), 'compensation of employees' (+€7.0 million), 'social benefits and social transfers in kind' (+€4.9 million) and 'intermediate consumption' (+€2.2 million).

Conversely, lower expenditure was recorded in 'current transfers payable' and 'capital transfers payable' by €7.6 million and €3.3 million, respectively.

Decreases in financial transactions in assets were recorded in 'currency and deposits' of €69.3 million and 'other accounts receivable' of €25.6 million.

Conversely, higher 'long-term loans' of €4.7 million were registered, whereas 'short-term loans' and 'shares and other equity' registered marginal increases.

With regard to financial transactions in liabilities, 'long-term securities' and 'short-term securities' went down by €38.6 million and €33.9 million, respectively.

On the other hand, increases were recorded in 'other accounts payable' (+€19.3 million), 'short-term loans' (+€8.2 million) and 'currency and deposits' (€1.9 million). Concurrently, 'long-term loans' edged up.

Total general government debt outstanding at the end of September advanced by €205.5 million over the comparable period in 2010 and amounted to €4,472.9 million, of which €4,469.2 million relates to central government.

Central government debt increased by €205.3 million. This was underpinned by higher long-term securities (Malta Government Stocks), which went up by €340.6 million.

Central government short-term securities declined by €156 million.