The deficit in the first eight months of the year has gone up by €95 million compared to the same period last year, according to the National Statistics Office.

The NSO said that the increase in recurrent revenue of €101.2 million was outweighed by a rise in total expenditure of €196.6 million, widening the deficit.

During the period under review, recurrent revenue stood at €1,704.9 million, a rise of 6.3 per cent over last year.

Compared to 2011, total expenditure was recorded at €1,972.6 million, up by 11.1 per cent, as a result of higher outlays on all expenditure components.

Recurrent expenditure increased by €123.3 million and capital expenditure €226.7 million.

When compared to the corresponding period in 2011, the increase of €63.6 million was mainly triggered by an equity injection of €20 million to the national air carrier and an increase of €13.7 million in EU funds to the Infrastructure Ministry.

During the period, the interest component of the public debt servicing costs registered an increase of €9.6 million.

At the end of August, central government debt stood at €4,832.8 million, up by €416.9 million, or 9.4 per cent, over the corresponding period last year.

This increase was the result of higher long-term borrowing, which added €505 million.

On the other hand, short-term securities and foreign borrowing declined by €25.9 million and €12.7 million respectively.

Moreover, as a result of consolidation, higher holdings by government funds in MGSs resulted in a reduction of €54.2 million. The euro coins issued in the name of the Maltese Treasury went up by €4.7 million when compared to the coin stock as at the end of August last year, and totalled €49 million.