A deficit of €79.1 million was registered in the government's consolidated fund between January and August.
Compared to the same period last year, recurrent revenue registered an increase of €100.2 million whereas total expenditure went up by €38.3 million. This resulted in a positive change in the government’s Consolidated Fund by €61.9 million.
In January-August, recurrent revenue was recorded at €2,322.6 million, up from
€2,222.4 million last year. The comparative increase of 4.5 per cent was primarily the result of higher income tax and social security which increased by €77.2 million and €48.7 million respectively.
Moreover, increases were also recorded for value added tax (€34 million), licences, taxes and fines (€30.2 million) and customs and excise duties
(€10.4 million), among others.
Conversely, major decreases were recorded in proceeds from grants (€100.4 million).
Compared to January-August last year, total expenditure stood at €2,401.8 million up from €2,363.4 million, mainly as result of added outlays on recurrent expenditure which outweighed lower spending on capital expenditure and interest payments.
Recurrent expenditure stood at €2,063.7 million from €1,939.3 million last year.
The interest component of the public debt servicing costs stood at €149.8 million, down from €152.7 million last year.
Government’s capital expenditure witnessed a decline of €83.1 million, and was recorded at €188.3 million. This was mainly the result of lower spending on EU funded projects mainly those related to sewage and agriculture.
At the end of August, central government debt stood at €5,554.6 million, up by
€158.1 million over the corresponding period last year. This was the result of higher Malta Government Stocks and Treasury Bills, which added €147 million and €52.5 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 €20.1 million.