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Deficit goes up to €260.4million in first eight months
By MaltaMedia News
Sep 26, 2008 - 4:07:06 PM
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The shortfall between recurrent revenue and total expenditure of Central
Government for the first eight months of the year amounts to €260.4 million, the National Statistics Office said on Friday.
According to data obtained from the Consolidated Fund of Government for the
first eight months this year, the shortfall between recurrent revenue and total
expenditure increased by €96.2 million when compared to the same month last
year, and amounted to €260.4 million.
An increase of €144.1 million in total expenditure was partly offset by an increase of €47.9 million in recurrent revenue.
During the first eight months this year, the Consolidated Fund recorded
increases in revenue of €30.7 million and €24.6 million from Taxes on Income
and from Value Added Tax respectively. Social Security Contributions also
added €20.0 million during the period under review. At the same time, revenue
from Licences, Taxes and Fines declined by €9.1 million while revenue classified
under Miscellaneous Receipts declined by €8.9 million, essentially because of
lower proceeds from sale of Malta Government Stocks by auction.
Recurrent expenditure amounted to €1,356.3 million, an increase of €146.1
million compared to the first eight months last year. Significant increases in
recurrent expenditure were recorded under Social Security Benefits (+€37.8
million), under the Ministry of Health, the Elderly and Community Care (+€35.8
million), and under the Ministry for Investment, Industry and Information
Technology (+€20.7 million).
During the period under review the interest component of the public debt
servicing costs amounted to €128.9 million, a comparative increase of €7.2
million over 2007.
The Capital programme for the first eight months this year declined by €9.1
million and amounted to €144.9 million. During this period capital expenditure
under the Ministry of Health, the Elderly and Community Care increased by
€11.3 million, while capital expenditure under the Ministry for Rural Affairs and
the Environment increased by €10.4 million. On the other hand, during the same period capital expenditure under the Ministry of Finance declined by €41.1
million, brought about by lower expenditure in respect of construction works and equipment under the Mater Dei Hospital project.
Loans taken up by Government and transferred to the Consolidated Fund during the first eight months of the year amounted to €232.7 million, of which €93.2 million were on account of matured stock.
The Central Government debt outstanding at the end of August amounted to
€3,521.4 million, an increase of €256.8 million compared to the gross Central
Government debt outstanding at the end of August last year. Long-term and
short-term borrowing increased by €206.7 million and by €27.3 million
respectively, while foreign borrowing declined by €6.2 million. At the end of
August, 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 €29.3 million.
© Copyright 2008 by MaltaMedia.com
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Latest update:
Sep 27, 2008 - 10:50:24 AM CET
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