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Deficit increases by €80.1 million in first six months
By MaltaMedia News
Jul 25, 2008 - 12:08:25 PM
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The shortfall between recurrent revenue and total expenditure of Central Government for the first half of the year amounts to €256.3 million, the National Statistics Office revealed on Friday.
According to data obtained from the Consolidated Fund of Government for the first half of this year, the shortfall between recurrent revenue and total expenditure increased by €80.1 million when compared to the same period of 2007, and amounted to €256.3 million.
An increase of €137.8 million in total expenditure was only partly offset by an increase of €57.7 million in recurrent revenue.
During the first half of 2008, the Consolidated Fund recorded increases in revenue of €26.2 million and of €16.1 million from Taxes on Income and from Value Added Tax respectively. Social Security Contributions also added €12.1 million during the period under review. At the same time, revenue from Licences, Taxes and Fines declined by €6.5 million while revenue classified
under Miscellaneous Receipts declined by €9.9 million.
Recurrent expenditure amounted to €1,033.6 million, an increase of €123.2 million compared to the first six months last year. Major increases in recurrent expenditure were recorded under Social Security Benefits which added €38.5 million. Expenditure under the Ministry of Health, the Elderly and Community Care and the Ministry for Investment, Industry and Information Technology
added €19.7 million and €10.2 million respectively.
During the period under review the interest component of the public debt servicing costs amounted to €93.6 million, a comparative increase of €4.1 million over the first half of 2007.
The Capital Programme for the first six months this year added €10.5 million and amounted to €119.5 million. During the period under review capital expenditure under the Ministry for Investment, Industry and Information Technology and under the Ministry for Rural Affairs and the Environment increased by €13.9 million and €10.2 million respectively. On the other hand, capital expenditure under the Ministry of Finance declined by €28.7 million.
New loans were taken up by Government for the first six months this year (all taken up in June) amounted to €106.0 million.
The Central Government debt outstanding at the end of June amounted to €3,468.8 million, an increase of €131.2 million compared to the gross Central Government debt outstanding at the end of June last year. While long-term borrowing increased by €149.4 million, short-term borrowing and foreign borrowing declined by €38.0 million and €6.4 million respectively. At the end of
June, the euro coins issued in the name of the Maltese Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €26.7 million.
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Latest update:
Jul 26, 2008 - 7:27:10 PM CET
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