The Government deficit improved between April and June but not enough to offset the negative results at the beginning of the year.

While in the three months to June the deficit dropped by €20 million compared with the same period last year, official figures for the first six months showed the deficit worsening by €11 million.

The National Statistics Office said the deficit in the first half of the year stood at €149 million.

The Government’s target is to end the year with a deficit lower than last year’s, maintaining the downward trajectory in line with eurozone rules.

Expenditure stood at almost €1.5 billion in the first six months as revenue generated stood at more than €1.3 billion.

In June debt reached the €5 billion mark, €473 million more than in the same period last year.

The NSO said that an increase in loans of €99 million was mainly due to rerouting of debt sustained as a result of the EU bailout fund, to which Malta has contributed.

€149 million

The deficit in the first six months

A separate set of statistics released by the EU statistical agency Eurostat yesterday showed Malta had the highest level of intergovernmental lending among eurozone countries.

Malta’s share of bailout money stood at one per cent of the country’s GDP, the highest of all eurozone countries.

The second highest share was that of Slovenia, at 0.9 per cent of its GDP. The share of Germany, Europe’s largest economy, stood at 0.8 per cent.

ksansone@timesofmalta.com