Government's Consolidated Fund dipped slightly into the red between January and May, registering a deficit of €2.6 million. 

New figures released by the National Statistics Office show that during the first five months of the year government revenue stood at €1,568 million - an 11.8 per cent increase on the same period in 2016.  Total expenditure of €1,570 million was also higher than the €1,474 million recorded last year.  

With revenue up by €165.4 million and expenditure up by €96.7 million, the Consolidated Fund registered a positive change of €68.7 million. 

Interest payments on Malta's public debt decreased to €89.6 million from €95.2 million last year. Central Government Debt stood at €5,595 million, up by €3.2 million over the same period last year. This was mainly down to government stocks issued in the name of the Treasury, which added €153.9 million to the government's books. 

Revenue

Revenue rose on the back of increased income from Grants and Income Tax, which rose by €44.8 million and €33.7 million respectively. Revenue from Fees of Office (€28.2 million), VAT (€24.1 million), Social Security (€21.5 million), Licences, Taxes and Fines (€7.9 million), Customs and Excise Duties (€7.5 million), Reimbursements (€4.0 million) and Rents (€3.4 million) all rose. 

Expenditure

Government expenditure rose due to added outlays on recurrent and capital expenditure, which outweighed lower spending on interest payments. 

Recurrent expenditure rose on the back of increases in Programmes and Iniatiatives (€62.3 million) and Personal Emoluments (€14.2 million). Increases in the former were down to spending on Health Concession Agreements (€13.7 million), the EU Council presidency (€12.7 million), higher EU Own Resources (€9.2 million), social security benefi ts (€8.7 million), state contribution (€6.1 million which also features as revenue), Jobsplus programmes (€4.4 million), heads of government event (€3.5 million) and childcare for all (€1.8 million).

Capital expenditure rose by €17.8 million to reach €127.5 million over the five-month period. This was mainly the result of ICT Core Services Agreement (€3.9 million), higher spending on road construction improvements (€3.7 million), investment incentives (€3.2 million) and Tomorrow Schools spending (€1.7 million). 

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