Deficit widens by €41 million

The deficit recorded for the March quarter has nearly doubled, rising from €44.5 million in the same period last year to €85.5 million, the National Statistics Office said.

In a statement this morning it said that total revenue between January and March stood at €662.2 million, an increase of €32.3 million compared to the first quarter last year.

The main contributors were 'taxes on production and imports' (+€21.1 million) and 'market output' (+€16.4 million). Other increases were recorded in 'property income receivable' (+€3.1 million), 'current transfers receivable' (+€2.2 million) and 'social contributions receivable' (+€2.1 million).

Conversely, 'current taxes on income and wealth' declined by €11.8 million.

Total expenditure during the period under review amounted to €747.7 million. The comparative increase of €73.3 million was triggered by higher outlays on all components of general government sector's expenditure, with the exception of 'social benefits and social transfers in kind', which registered a drop of €8.4 million.

The major increases were recorded in 'intermediate consumption' (+€31.8 million) and 'capital transfers payable' (+€20.7 million).

'Property income' and 'gross capital formation' rose by €8.8 million and €8.2 million respectively.

During the period under review, the main increases in financial transactions in assets were recorded

Total general government debt outstanding at the end of March advanced by €431.9 million over the comparable period in 2011 and amounted to €4,831.4 million.

€4,827.6 million related to the central government, which recorded an increase of €431.7 million. This was underpinned by higher long-term securities (Malta Government Stocks) of €562.7 million and an increase in total loans of €65 million, mainly due to the EFSF rerouted debt.

Conversely, short-term securities decreased by €200.4 million.