A deficit of €123.3 million was registered in the government’s consolidated fund between January and March, according to data released by the National Statistics Office.

The NSO said that compared to the first quarter of last year, recurrent revenue registered a decline of €29.8 million whilst total expenditure increased by €8.2 million, thereby widening the shortfall in the Government’s Consolidated Fund by €38 million.

Recurrent revenue was recorded at €744.9 million, down from €774.7 million last year. The major contributors to the comparative decrease of 3.8 per cent were lower proceeds from grants. Conversely, major increases were recorded in income tax, social security, customs and excise duties, licenses, taxes and fines and value added tax.

In the first quarter, total expenditure stood at €868.2 million - up from €860 million last year - mainly as result of higher spending on recurrent expenditure and interest payments. These were partially outweighed by lower outlays on capital projects.

Recurrent expenditure stood at €758.1 million from €715.4 million last year. This increase was primarily the result of higher contributions to government entities by €21.8 million.

The interest component of the public debt servicing costs stood at €58 million, up from €56.3 million last year.

Government’s capital expenditure witnessed a decline of €36.3 million, and was recorded at €52.1 million. This fall was primarily due to the closure of the EU funds programming period 2007-2013 mainly reflected in lower outlays on sewage, agriculture and education.

At the end of March, central government debt stood at €5,558.7 million, up by €193.2 million over the corresponding period last year. 

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