A surplus of €127.9 million was recorded by the general government in the third quarter of 2018, according to the National Statistics Office.
The NSO said that between July and September, total revenue stood at €1,234.5 million, an increase of €75.3 million when compared to the third quarter of 2017.
The main contributors were taxes on production and imports and current taxes on income and wealth with an increase of €58.1 million and €26.3 million respectively.
Decreases were registered in net social contributions receivable (€7.6 million), market output (€7.3 million), and current transfers receivable (€1.9 million).
Total expenditure in the third quarter amounted to €1,106.7 million, an increase of €103.2 million over the corresponding quarter of 2017.
Increases were recorded mainly in current transfers payable (€32.1 million), capital transfers payable (€31.8 million), compensation of employees (€21.3 million), gross capital formation (€18.8 million), subsidies payable (€4.2 million) and social benefits and social transfers in kind (€2.7 million). Decreases were recorded in property income payable (€5.1 million), intermediate consumption (€2.4 million) and current taxes on income and wealth (€0.1 million).
To achieve compliance with the provisions of ESA 2010, adjustments to the consolidated fund data were made. In the third quarter of 2018, these adjustments resulted in a decrease of €17.1 million to the surplus of the consolidated fund.
Quarterly financial accounts
During the third quarter, in relation to financial transactions in assets, currency and deposits and other accounts receivable registered a decrease of €440.4 million and €52.9 million respectively, over the previous quarter.
Moreover, long-term debt securities and equity and investment fund shares increased by €100.1 and €51.1 million respectively.
With regards to financial transactions in liabilities, the major increase was recorded in long-term loans (€4.3 million), followed by currency and deposits (€2.9 million). On the other hand, long-term debt securities, other accounts payable and short-term debt securities registered a decrease of €240.5 million, €208.1 million and €9.2 million respectively.
Quarterly debt
At the end of September, the general government debt stood at €5,512 million, showing a decrease of €325.9 million over the third quarter of 2017. Central government debt amounted to €5,509 million, where the largest decrease was underpinned by a drop in long-term debt securities of €674.9 million.
Conversely, short-term debt securities increased by €196.1 million. Additionally, long-term loans increased by €19.5 million while short-term loans decreased by €4.1 million.
Currency and deposits stood at €276.4 million, an increase of €129.3 million over September 2017, and includes the euro coins issued in the name of the Treasury considered as liability for Central Government and the 62+ Malta Government Savings Bond, the latter amounting to €193 million.
Local government debt stood at €2.9 million.
The government guaranteed debt amounted to €1,083.9 million at the end of September 2018, a decrease of €338.4 million when compared to the corresponding period last year.