The deficit recorded by the General Government for the January- March quarter this year amounted to €85.5 million, up from €44.5 million in the comparable period of 2011. This marks an increase of €41 million over the comparable period of 2011.
The statistics issued by the National Statistics Office show that Government increased its income from 'taxes on production and imports' while it reduced it’s spending on 'social benefits and social transfers in kind'.
During January-March 2012, total revenue stood at €662.2 million, an increase of €32.3 million compared to the same period last year. The main contributors were 'taxes on production and imports' (+€21.1 million) and 'market output' (+€16.4 million). Other increases were recorded in 'property
income receivable' (+€3.1 million), 'current transfers receivable' (+€2.2 million) and 'social contributions receivable' (+€2.1 million). Conversely, 'current taxes on income and wealth' declined by €11.8 million.
Total expenditure during the period under review amounted to €747.7 million. The comparative increase of €73.3 million was triggered by higher outlays on all components of general government sector's expenditure, with the exception of 'social benefits and social transfers in kind', which registered a drop of €8.4 million. The major increases were recorded in 'intermediate consumption' (+€31.8 million) and 'capital transfers payable' (+€20.7 million). Moreover, 'property income' and 'gross capital formation' rose by €8.8 million and €8.2 million respectively.
General Government debt outstanding at the end of March advanced by €431.9 million over the comparable period in 2011. General Government debt amounted to €4,831.4 million, of which €4,827.6 million relates to Central Government, which recorded an increase of €431.7 million. This was underpinned by higher long-term securities (Malta Government Stocks) of €562.7 million and an increase in total loans of €65.0 million, mainly due to the EFSF rerouted debt.