The deficit has gone down by more than 50 per cent from €238.3 million to €108.6 million in the first four months this year, the National Statistics Office said.

It said that recurrent revenue between January and April registered an increase of €167.6 million which outweighed the rise in expenditure of €37.9 million, hence resulting in a positive change in the government’s consolidated fund of €129.7 million.

In January to March, recurrent revenue was recorded at €1,048.7 million, up from €881.1 million last year. The major contributor to the comparative increase of 19 per cent was higher proceeds from grants, by €110.7 million.

Compared to the first four months last year, total expenditure recorded an increase of €37.9 million due to higher recurrent and capital expenditures and interest payments.

At the end of April, central government debt stood at €5,364 million, an increase of €68.6 million over the same period last year.