The shortfall between the government’s recurrent revenue and total expenditure in January amounted to €107.1 million, a decrease of €29.4 million.
According to data obtained from the Consolidated Fund, recurrent revenue in January increased by €4.2 million, while total expenditure went down by €25.2 million, narrowing the deficit between recurrent revenue and total expenditure by €29.4 million to €107.1 million.
Recurrent revenue was recorded at €137.3 million from €133.1 million. The comparative increase of 3.2 per cent was mainly the result of higher income tax returns (+€5.7 million), value added tax (+€3.8 million) and social security (+€1.9 million).
Conversely, compared to January last year, lower recurrent expenditure and lower spending on capital projects resulted in a decline in total expenditure of €25.2 million. Total expenditure last January amounted to €244.4 million.
Recurrent expenditure fell by €13.6 million, totalling €213.8 million. The largest decrease was recorded in programmes and initiatives, by €8.2 million, followed by contributions to government entities, by €7.1 million.
The decline in programmes and initiatives was mainly caused by lower outlays on the shipyards’ voluntary retirement scheme (-€17.3 million) and on medicines and surgical materials (-€10.1 million).
These were partly offset by higher allocations for local councils (+€7.5 million), energy support measures (+€2.7 million) and EU own resources (+€2 million). Outlays on personal emoluments added €1.6 million.
The interest component of the public debt servicing costs for the period under review registered an increase of €0.3 million and amounted to €18.1 million.
The NSO said that government’s capital expenditure in January was recorded at €12.5 million from €24.4 million last year. This was caused by lower capital costs on film industry incentives (-€4.7 million) and WasteServ Malta Ltd (-€3.6 million).
Central government debt outstanding at the end of last January totalled €3,877.1 million, an increase of €295.2 million compared to January last year.
Short and long-term borrowing rose by €43.6 million and €261.7 million respectively, while foreign borrowing declined by €13.6 million.
The euro coins issued in the name of the Maltese treasury, which are considered as a currency liability pertaining to the government, amounted to €36.6 million, €4.3 million more than the euro coin stock as at end January last year.