Updated 12.52pm - Added government statement
The government's consolidated fund registered a deficit of €15.9 million in January of this year, new statistics have shown.
Compared to the same month last year, recurrent revenue registered an increase of €51.8 million whereas total expenditure went up by €18.8 million. This resulted in a positive change in the consolidated fund of €33 million, the National Statistics Office said.
The government highlighted the figures in a statement, saying that the previous administration had a consolidated fund deficit eight times higher during the same period of its final year of government.
In January 2017, recurrent revenue was recorded at €261.2 million, up from €209.4 million last year. The comparative increase of 24.7 per cent was primarily the result of higher grants and income tax which increased by €22.1 million and €6.3 million respectively. Moreover, increases were also recorded for customs and excise duties (€6.1million), VAT (€5.4 million), fees of office (€5 million), licences, taxes and fines (€4.4 million), reimbursements (€1.1 million), rents (€0.9 million) and miscellaneous receipts (€0.6 million). Conversely, decreases were recorded in social security (€0.1 million).
Expenditure rose to €277 million from €258.2 million in January of last year, with the NSO saying the increase was mainly due to added capital outlays on recurrent expenditure and interest payments, which outweighed lower spending on capital expenditure.
Recurrent expenditure stood at €249.5 million from €220 million last year, with a €17 million rise in programmes and initiatives being the main contributor. Other main developments involved higher EU own resources (€13.1 million), social security benefits (€2.5 million), added outlays due to public service obligations (€2.5 million), child care for all (€1.2 million), EU
Presidency 2017 (€1.1 million) and Heads of Government event (€1 million).
On the other hand, lower outlays for medicines and surgical materials were recorded (€6.4 million). Increases were
also registered in contributions to government entities (€8.4 million), operational and maintenance
expenses (€2.4 million) and personal emoluments (€1.7 million).
The interest component of the public debt servicing costs stood at €17.5 million, up from €15.2 million
last year.
Government’s capital expenditure witnessed a decline of €13 million, and was recorded at €10 million.
Debt
At the end of January 2017, central government debt stood at €5,498.5 million, up by €60.6 million
over the corresponding month last year.
This was the result of higher Malta government stocks and Euro coins issued in the name of the Treasury, which added €180.9 million and €4.5 million respectively.
On the other hand, domestic loans with commercial banks and treasury bills went down by €56.4
million and €47.9 million respectively. Higher holdings by government funds in Malta government
stocks resulted in a decrease in debt of €10.2 million. Moreover foreign loans decreased by €10.4
million, the NSO said.