The government’s deficit for 2009 is estimated at €216.9 million, or 3.8 per cent of GDP, the National Statistics Office said.

The NSO said in a statement that last year, general government net borrowing (or deficit) was estimated at €216.9 million, down from a deficit of €273.7 million for 2008.

General government deficit was equivalent to 3.8 per cent of GDP, down from 4.8 per cent for 2008.

At the end of 2009, the general government nominal gross consolidated debt amounted to €3,947.1 million, or 68.6 per cent of GDP, up from €3,626.6 million, or 63.1 per cent for 2008.

The balance of the government's consolidated fund, amounting to -€297 million was adjusted to arrive at the general government sector's deficit for 2009.

Positive adjustments included the surplus of the Extra Budgetary Units (EBUs) (+€80.6 million), primarily driven by a transaction which had a neutral effect on the general government (the transfer to the Malta Shipyards to settle its financial liabilities, recorded as revenue in the company's accounts and as expenditure in the consolidated fund and treasury clearance fund), and time-adjusted cash transactions (+€24.3 million).

The main negative adjustments were the treasury clearance fund (-€15.8 million) and other accounts receivable and payable (-€16.5 million).

The main update comprised the treatment of the Malta Government Stock issued following the transfer of immovable ecclesiastical property. This methodological adjustment is being recorded under accounts receivable and payable and impacts negatively the deficit for 2006 (-€10.3 million), 2007 (-€7.2 million), 2008 (-€14.0 million) and 2009 (-€0.4 million).

The deficit for 2009 was revised downwards by €1.3 million, to €216.9 million. This revision was the result of updated sources