General Government recorded surplus of €95.3 million in Q4 of 2015

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General Government recorded surplus of €95.3 million in Q4 of 2015In the last quarter of 2015, the General Government recorded a surplus of €95.3 million. Total revenue stood at €1,154.7 million, an increase of €111.1 million when compared to the fourth quarter of 2014, the National Statistics Office said today.

This increase in revenue was mainly triggered by higher proceeds from Capital transfers (€63.6million) and receipts from Taxes on production and imports (€38.6 million).

Moreover, Market output and Net social contributions receivable registered increases of €14.7 million and €12.4 million respectively whereas income from Current taxes on income and wealth recorded a decline of €16.7 million.

Total expenditure in the fourth quarter amounted to €1,059.4 million. The largest increases were recorded in Intermediate consumption (€52.1 million), Gross capital formation (€22.4 million), Capital transfers payable (€16.8 million) and Compensation of employees (€12.6 million). In addition, Social benefits and social transfers in kind also registered increases. Conversely, the major decline was recorded in Current transfers by €10.2 million.

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the last quarter last year, these adjustments triggered a decline of €169.5 million to the deficit of the Consolidated Fund.

During the fourth quarter, in relation to financial transactions in assets, Currency and deposits were registered at -€218.7 million. Moreover, Other accounts receivable stood at €99.8 million, up from -€61.3 million in the third quarter of 2015.

Additionally, Equity and investment fund shares, Long-term loans and Short-term loans fell to -€2.6 million, -€0.6 million and -€0.3 million respectively.

With regard to financial transactions in liabilities, Other accounts payable recorded the largest amount of transactions at -€169.8 million. Concurrently, Long-term debt securities and Short-term debt securities witnessed negative transaction amounts of -€37.3 million and -€30.5 million respectively. Conversely, Short-term loans and Long-term loans were registered at €3.2 million and €2.6 million respectively. Furthermore, Currency and deposits were registered at €2.5 million.

Total General Government debt outstanding at the end of December increased by €198.8 million over 2014. General Government debt amounted to €5,620.7 million, of which €5,616.4 million related to Central Government. The increase in Central Government debt was underpinned by higher Long-term debt securities of €125.9 million.

Additionally, Short-term debt securities and Short-term loans increased by €81.6 million and €0.3 million respectively. Whereas Long-term loans decreased by €16.6 million.

The euro coins issued in the name of the Treasury increased by €7.5 million. In addition, the Local Government debt stood at €4.3 million.

The Government guaranteed debt amounted to €1,404.2 million at the end of December 2015, an increase of €68.9 million when compared to December 2014.

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