An extraordinary increase in income from excise taxes last month helped push down the deficit to €189 million, official figures show.

In November alone, receipts from excise taxes rose by €140 million, compared to the same month last year as Enemalta settled its dues.

The energy company had failed to advance €150 million in excise duty collected from fuel supplies as it struggled with a cash flow problem. The outstanding bill has now been settled.

National Statistics Office figures out yesterday showed that for the 11-month period to November, the government raised €111 million more in excise taxes, compared to 2013.

Recurrent revenue was up €33 million (13 per cent) over last year

Income tax receipts in the same period grew by €57 million while national insurance contributions and VAT meant an additional €51 million and €42 million, respectively.

Income tax gave the government €861 million in 11 months and €594 million was collected from social security contributions. Customs and excise taxes contributed €279 million to public coffers and €593 million came from VAT.

The NSO said that in the first 11 months recurrent revenue stood at €2.9 billion, up €331 million (13 per cent) over last year.

The higher receipts offset an increase in expenditure of €212 million. Expenditure over the 11-month period stood at €3.1 billion.

Increases of €21 million in subsidies, €12 million for medicines and surgical materials, €9 million for social security benefits, €5 million for universal childcare and €3.2 million for the ex-gratia VAT refund on cars bought between 2004 and 2008 contributed to the higher expenditure. The country forked out €211 million in interest payments between January and November while capital expenditure stood at €370 million.

With the deficit in November dropping to €189 million, the gap between the actual figures and the government’s target of €167 million for the end of the year stood at €22 million with one month still to go.

In November, debt climbed by four per cent to €5.3 billion, of which €4.9 billion was government stock.

Debt was up €197 million over the corresponding period last year as a result of higher long-term borrowing, which added €290 million.

On the opposite end, short-term and foreign borrowing went down by €87 million and €10 million, respectively.