The deficit dropped by €49.2 million in the first four months of the year.

A €79.2 million rise in recurrent revenue outweighed an added expenditure of €29.9 million, the National Statistics Office said.

Recurrent revenue stood at €827.8 million, up by 10.6 per cent over the same period in 2012. The increase was mainly due to higher proceeds from grants, income tax and social security.

Compared to 2012, total expenditure amounted to €1,010.8 million, up by three per cent, as a result of added outlays on capital and recurrent expenditure.

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