Advert

Government deficit narrows by €99 million

The deficit of the Government’s Consolidated Fund last year amounted to €263.2 million, the National Statistics Office said.

It said recurrent revenue registered an increase of €276.4 million, outweighing the added expenditure of €177.3 million, consequently narrowing the government deficit by €99.1 million.

Recurrent revenue stood at €2,992.1 million, up by 10.2 per cent over the previous year. The main contributors to this increase were income tax (€101.7 million), grants (€80.9 million), value added tax (€53 million), social security (€35.6 million) and customs and excise duties (€22.6 million).

Compared to 2012, higher spending was registered in recurrent and capital expenditures, resulting in an increase in total expenditure of €177.3 million.

Recurrent expenditure went up by €144.2 million, primarily as a result of higher spending on programmes and initiatives (€81.7 million) and on personal emoluments (€41.2 million).

EU own resources rose by €19.7 million, while the social security state contribution, which also features as revenue, went up by €11.3 million. Increases were also registered in medicines and surgical materials (€5.3 million) and in expenditure on the Electoral Commission (€3.2 million).

The interest component of the public debt servicing costs for the period under review rose by €2.1 million to €227.9 million.

Expenditure on government’s capital projects amounted to €394.7 million. The increase of €30.9 million includes an equity injection of €40 million to the national air carrier, compared to €20 million in 2012.

Contribution towards the treasury clearance fund and the ICT core services agreement went down by €4 million and €3.1 million respectively.

At the end of December, central government debt stood at €4,980 million, up by €330.4 million over 2012.

This was the result of higher long- and short-term borrowing, which added €259.2 million and €94 million respectively.

On the other hand, foreign borrowing went down by €11 million. As a result of consolidation, higher holdings by government funds in MGSs brought about a decline in debt of €16.6 million.

The euro coins issued in the name of the Treasury went up by €4.8 million when compared to the coin stock as at the end of December 2012, and totalled €55.3 million.

Advert

Comments are submitted under the express understanding and condition that the editor may, and is authorised to, disclose any/all of the above personal information to any person or entity requesting the information for the purposes of legal action on grounds that such person or entity is aggrieved by any comment so submitted.

At this time your comment will not be displayed immediately upon posting. Please allow some time for your comment to be moderated before it is displayed.

For more details please see our Comments Policy

Comments not loading? We recommend using Google Chrome or Mozilla Firefox with javascript turned on.
Comments powered by Disqus
Advert
Advert