Sharp drop in government deficit
The government deficit for the second quarter this year amounted to €69.4 million, down from €90.9 million in the comparable period last year, the NSO said today.
During April-June 2012, total revenue stood at €654.8 million, an increase of €60.4 million when compared to the second quarter of 2011. The main contributors were 'current taxes on income and wealth' (+€45.1 million) and 'taxes on production and imports' (+€9.5 million).
Other increases were recorded in 'social contributions receivable' (+€3.5 million), 'current transfers receivable' (+€2.2 million) and 'property income receivable' (+€1.5 million).
Conversely, 'market output' declined by €2.0 million.
Total expenditure in the second quarter amounted to €724.2 million. 'Social
benefits and social transfers in kind' went up by €31.4 million. Higher outlays were recorded on 'intermediate consumption' (+€12.2 million), 'compensation of employees' (+€9.6 million), 'current transfers payable' (+€6.7 million), 'capital transfers payable' (+€4.9 million) and 'property income payable' (+€4.0 million).
These were partially offset by lower expenditure on 'gross capital formation'
(-€28.9 million) and 'subsidies payable' (-€1.0 million).
During the quarter under review, all financial transactions in assets registered an increase. The main additions were recorded in 'currency and deposits' and 'long-term loans' by €58.8 million and €43.4 million respectively. Concurrently, 'other accounts receivable' went up by €20.1 million whereas 'shares and other equity' rose by €11.2 million. 'Short-term loans' increased marginally by €0.9 million.
With regard to financial transactions in liabilities, 'long-term securities' advanced by €93.5 million whereas 'short-term securities' went up by €38.0 million. Moreover, 'long-term loans' and 'short term loans' increased by €33.8 million and €1.9 million respectively. Higher 'other accounts payable' by €43.2 million and 'currency and deposits' by €1.8 million were recorded.
Total General Government debt outstanding at the end of June advanced by
€473.2 million over the comparable period in 2011. General Government debt amounted to €5,008.2 million, of which €5,004.0 million relates to Central Government.
The increase of €472.9 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €451.1 million and an increase in total loans of €99.4 million, mainly due to the EFSF rerouted debt.
Conversely, short-term securities declined by €82.1 million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €47.0 million, a rise of €4.5 million over the euro coin stock recorded at the end of June 2011. In addition, the Local Government debt edged up by €0.4 million and stood at €4.2 million.