The deficit recorded by the General Government for the second quarter of 2009 amounted to €94.2 million, compared to a deficit of €68.1 million for the corresponding period of 2008. During the period under review, total revenue registered an improvement of €4.8 million to €562.2 million. This increase was mainly brought about by higher returns from ‘current taxes on income, wealth, etc’ and ‘property income receivable’ by €30.9 million and €3.1 million respectively. These were in part offset by declines in ‘taxes on production and imports’, ‘social contributions receivable’ and ‘market output’.
Concurrently, total expenditure during the second quarter of 2009 amounted to €656.4 million, a comparative increase of €30.9 million resulting in part from higher ‘capital transfers payable’ and ‘social benefits and social transfers in kind’ which went up by €17.9 million and €17.8 million respectively. Other increases were recorded in ‘intermediate consumption’, ‘compensation of employees’ and ‘gross capital formation’ whereas ‘subsidies payable’ registered a decline of €19.7 million.
Quarterly Financial Accounts
During the June quarter of 2009, an improvement of €121.2 million was registered in “currency and deposits” in assets, whilst in liabilities an increase of €2.2 million was recorded when compared to the previous quarter. “Short-term securities” and “long-term securities” in liabilities went up by €101.8 million and €93.0 million respectively1. Conversely, short-term loans and long-term loans in liabilities exhibited declines of €5.0 million and €8.7 million respectively. When compared to the first quarter of 2009, other accounts receivable increased by €9.7 million, whilst other accounts payable rose by €54.9 million.
Quarterly Debt
Total general government debt outstanding at the end of June 2009 increased by €314.2 million over the comparable period in 2008, and amounted to €3,873.1 million. This increase was underpinned by higher short-term securities (Treasury Bills), which added €224.5 million and long-term securities (Malta Government Stocks) which increased by €132.8 million. On the other hand, loans decreased by €51.3 million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €34.9 million, a rise of €8.2 million over the euro coin stock recorded at end of June last year