The government deficit in the second quarter this year amounted to €45.6 million, up from €42.6 million in the comparable period of 2012, the NSO said today.

During April-June 2013, total revenue stood at €711.1 million, an increase of €43.8 million when compared to the second quarter of 2012. This was mainly triggered by higher proceeds from ‘current taxes on income and wealth’ of €37.0 million. Other increases were registered in ‘taxes on production and imports’ and ‘social contributions receivable’ by €16.5 million and €6.8 million respectively.

Conversely, the major declines were recorded in ‘property income receivable’ and ‘capital transfers receivable’.

Total expenditure in the second quarter amounted to €756.7 million. The largest increases were recorded in ‘gross capital formation’ (+€21.1 million), ‘compensation
of employees’ (+€13.1 million) and ‘current transfers payable’ (+€10.6 million). 
‘Capital transfers payable’ and ‘subsidies payable’ went down by €6.3 million and €4.4 million respectively.

General Government debt outstanding at the end of June advanced by €284.4 million over the comparable period in 2012. General Government debt amounted to €5,292.5 million, of which €5,288.3 million related to Central Government.

The increase of €284.2 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €177.1 million and an increase in short-term securities of €80.8 million. Moreover, short-term loans went up by €18.5 million whereas long-term loans increased by €2.5 million.