Malta’s deficit was significantly down during the first three months of this year compared to the same period of 2012, according to the National Statistics Office.

The lower deficit figures are a direct result of higher proceeds in grants, income tax and social security

While the Government reported a deficit of €225 million during the first quarter of 2012, the difference between revenue and expenditure this year slid down €57 million to €167.5 million.

The NSO said the lower deficit figures were a direct result of higher proceeds in grants (+€48.1 million), income tax (+€36.1 million) and social security (+€9 million).

On the other hand, proceeds from VAT were down almost by €11 million between January and March.

The NSO said that during the first quarter, recurrent revenue stood at €596.5 million, up by 14.1 per cent over last year while total expen-diture amounted to €764 million, up by 2.2 per cent compared to last year.

During the first three months, capital expenditure amounted to €104 million, including a €40 million equity injection to Air Malta as part of the ongoing restructuring plan.

At the end of March, Malta’s debt stood at almost €5 billion, up by €307.1 million over the corresponding period last year.

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