Government's consolidated fund registered a positive change of €33.8 million in the first six months of the year when compared to a year ago, new statistics show.
Although expenditure was up by €1.3 million, recurrent revenue registered a €35.1 million increase, the National Statistics Office said.
In January-July 2016, recurrent revenue was recorded at €1,907.0 million, up from €1,871.9 million last year. The comparative increase of 1.9 per cent was primarily the result of higher Income Tax and added Social Security by €67.0 million and €39.3 million respectively.
Increases were also recorded for Licences, Taxes and Fines (€21.8 million), Value Added Tax (€11.4 million) and Customs and Excise Duties (€9.0 million), among
others.
Conversely, the NSO noted that major decreases were recorded in proceeds from Grants (€101.0 million).
Compared to January-July last year, total expenditure stood at €2,048.0 million up from €2,046.8 million, mainly as result of added outlays on recurrent expenditure almost outweighed by lower spending on capital expenditure and interest payments.
Recurrent expenditure stood at €1,769.5 million from €1,675.1 million last year.
This was due to higher outlays on all components of recurrent expenditure whereby Contributions to Government Entities went up by €31.6 million and Programmes and Initiatives increased by €29.1 million, the NSO said.
The main developments in the latter category involved higher social security benefits (€16.8 million), a rise in the social security state contribution (of €13.4 million which
The main developments in the latter category involved higher social security benefits (€16.8 million), a rise in the social security state contribution (of €13.4 million which also features as revenue), added outlays due to CHOGM (€4.2 million), church schools (€3.5 million), and EU Presidency 2017 (€3.4 million).
On the other hand, lower EU Own Resources were recorded (€12.9 million). Increases were also registered in Personal Emoluments (€19.6 million) and Operational and Maintenance Expenses (€14.1 million).
The interest component of the public debt servicing costs stood at €128.7 million, down from €131.3 million last year.
Government’s capital expenditure witnessed a decline of €90.6 million, and was recorded at €149.8 million. This was mainly the result of lower spending on EU funded projects mainly those related to sewage and agriculture. Other declines were recorded in the external borders fund, the acquisition of property for public purposes and investment industry incentives.
At the end of July 2016, Central Government Debt stood at €5,547.9 million, up by €148.8 million over the corresponding period last year. This was the result of higher Malta Government Stocks and Treasury Bills, which added €148.2 million and €51.7 million respectively.
On the other hand, Domestic Loans with commercial banks and Foreign Loans went down by €56.4 million and €10.5 million respectively. Lower holdings by government funds in Malta Government Stocks resulted in an increase in debt of €10.2 million. The Euro coins issued in the name of the Treasury went up by €5.6 million when compared to the coin stock as at the end of July 2015, and totalled €69.7 million.