The shortfall between the government’s recurrent revenue and total expenditure in the first 10 months amounted to €285.7 million, down from €322.5 million in the same period last year, the National Statistics Office said.

It said the decline of government deficit by €36.9 million was the result of higher recurrent revenue (€177.4 million), while total expenditure increased by €140.6 million.

During January-October, recurrent revenue stood at €2,316.1 million, up by 8.3 per cent over last year.

Total expenditure was recorded at €2,601.8 million, up by 5.7 per cent when compared to the same period last year. This was primarily due to added outlays on recurrent and capital expenditures.

Expenditure on Government’s capital projects amounted to €303.7 million. The increase of €33.5 million over the corresponding period last year included an equity injection of €40 million to the national air carrier, compared to €20 million in 2012.

During the period under review, the interest component of the public debt servicing costs rose by €3.4 million and was recorded at €189 million.

At the end of October, Central Government debt stood at €4,998.3 million, up by €378.5 million over the corresponding period last year.