18 June 2013 | 23:23
Latest headlines:
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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.
Government debt
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.
Comments
Observer
- Wed 11-Jul-2012, 07:55clearly Malta needs a change in government - and lets all hope that the incoming socialists will reduce reckless spending ("irony off").
Seems like you guys will be next on the agenda of mediterranian rescue operations...
H Galea
- Wed 11-Jul-2012, 01:18Are these figuers real or taken out of the closset, for the next party in power to solve
l fenech
- Tue 10-Jul-2012, 18:26Malta never had this deficit I cannot understand how Gonzi says "business as usual", any business with such a deficit would have closed down ages ago and Gonzi seems to ignore it completely.
horny
- Tue 10-Jul-2012, 17:13no worry,as soon as Dr Muscat will be elected as prime minister ,will solve the debts by getting money form the korean friends.
Thorny
- Tue 10-Jul-2012, 13:21RECORD iehor ghal Gonzipn li mhux sejjer wisq issemmi il-PBS!