The deficit in the consolidated fund blew up to €134.2 million by the end of March, 120.6% more than in the same period last year.

The National Statistics Office said that during the first quarter, recurrent revenue rose by €99.7 million over the same period last year and amounted to €1,014.5 million. This represented a 10.9% increase from the €914.8 million reported in the same quarter in 2018.

The increase was primarily the result of a €29.8 million rise in grants.

Total expenditure by the end of March stood at €1,148.8 million, a 17.7% increase from the first quarter of 2018.

Recurrent expenditure stood at €993.1 million, €120.5 million higher than reported by the end of March 2018. The main contributor to this increase was a €68.8 million rise under programmes and initiatives. Conversely, drops of €8.6 million in allocation in respect of local councils and €5.4 million in treasury pensions slightly off set this rise in outlay.

The interest component of the public debt servicing costs amounted to €49.7 million, a €6.2 million drop from 2018.

Government’s capital expenditure registered an increase of €58.7 million from the same period last year and amounted to €106 million.

The difference between total revenue and expenditure resulted in a deficit of €134.2 million compared to a deficit of €60.8 million in the same period in 2018. The main catalysts in the difference were increased outlays in both recurrent and capital expenditure.

During March, central government debt stood at €5,502.5 million, a €41.8 million rise from the corresponding month last year.

Euro coins issued in the name of the Treasury also rose by €6 million.

Government stocks and foreign loans decreased by €201.5 million and €7.9 million respectively. Higher holdings by government funds in Malta government stocks also resulted in a decrease in debt of €18.8 million.