The government deficit in the first quarter this year totalled €53.6 million, according to figures published by the National Statistics Office.

During the period, total revenue stood at €849.8 million, an increase of €85.4 million compared to the first quarter last year.

This increase in revenue was mainly triggered by higher receipts from current taxes on income and wealth (€41.9 million) and taxes on production and imports (€31.7 million). Market output and net social contributions registered increases of €26.3 million and €12.2 million respectively.

On the other hand, proceeds from capital transfers recorded a decline of €25.7 million.

Total expenditure in the first quarter amounted to €903.4 million, a decrease of €30.4 million from the first quarter last year.

The main decreases were recorded in capital transfers payable (€39.4 million), gross capital formation (€31.4 million) and current transfers payable (€15.9 million). Conversely, increases were recorded in social benefits and social transfers in kind (€20.4 million), intermediate consumption (€19.8 million), compensation of employees (€16.4 million) and subsidies payable (€2.4 million).

To achieve compliance with the provisions of ESA 2010, adjustments to the consolidated fund data were made.

In the first quarter of this year, these adjustments triggered a decline of €69.7 million to the deficit of the consolidated fund.

Government debt outstanding at the end of March increased by €201.2 million over 2015. It amounted to €5,847.6 million, of which €5,843.3 million related to the central government.

The increase in central government debt was underpinned by higher short-term debt securities of €159.5 million.

The government guaranteed debt amounted to €1,404.6 million at the end of March, an increase of €158.9 million when compared to March last year.