The shortfall between the government’s recurrent revenue and total expenditure in the first 11 months of this year amounted to €307.9 million, a decrease of €102.6 million compared to the corresponding period last year.

The National Statistics Office said that recurrent revenue registered an increase of €235.8 million, which more than offset the rise in total expenditure of €133.2 million, in the January-November period.

During the period under review, recurrent revenue stood at €2,145.6 million. The comparative increase of 12.3 per cent was mainly triggered by higher returns from Value Added Tax (+€63.5 million), Income Tax (+€59.8 million) and Customs and Excise Duties (+€58.1 million).

Other revenue components also registered improvements.

Between January and November, total expenditure reached €2,453.5 million, up by 5.7 per cent, as a result of higher outlays on recurrent and capital expenditure.

The main contributor to the increase in recurrent expenditure was Social Security Benefits, which went up by €40 million.

Moreover, the reclassification of the Malta Tourism Authority from capital to recurrent expenditure, which amounted to €21.1 million, and the budgetary compensation in respect of Energy Support Measures of €11.6 million, added to recurrent expenditure.

Other increases were registered in Personal Emoluments (+€26.7 million) and in the allocation for local councils (+€6.2 million).

On the other hand, declines were recorded in the shipyards' voluntary retirement schemes and in medicines and surgical materials, of €17.7 million and €13.3 million, respectively.

Capital expenditure rose by €52 million

This was mainly due to increases relating to the Malta South Sewage Treatment Infrastructure of €22.3 million, and €10 million in connection with the introduction of the Jeremie Financial Engineering Fund.

An additional €24.8 million was transferred to the Treasury Clearance Fund. An increase of €19.2 million was registered in the structural funds related to education, and a further €7.7 million was recorded for road construction improvements.

The interest component of the public debt servicing costs for the period under review stood at €182.8 million compared to €179.5 million last year.

At the end of November, the central government’s debt stood at €4,210 million, up by €259 million, or 6.6 per cent, over the corresponding period last year.

This was the result of higher long-term borrowing, which added €387.3 million.

In contrast, short-term securities and foreign borrowing declined by €119.2 million and €12.8 million, respectively.

The euro coins issued in the name of the Maltese Treasury rose by €3.7 million when compared to the coin stock as at the end of November last year, and totalled €40.4 million.

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