According to data obtained from the Consolidated Fund of Government, recurrent revenue for the first eleven months exhibited a decline of €34.3 million, while total expenditure rose by €105.2 million, hence widening the deficit between recurrent revenue and total expenditure by €139.5 million to €410.5 million.
During the period under review, recurrent revenue was recorded at €1,909.7 million. The comparative decline of 1.8 per cent resulted from lower Customs and Excise duties (-€69.0 million) and Value Added Tax (-€18.8 million). Increases in revenue were recorded from Grants (+€20.2 million), Social Security (+€17.9 million), Licenses, taxes and fines (+€16.2 million) and Income tax (+€9.7 million). On the other hand, compared to January-November 2008, total expenditure registered an increase of €105.2 million, mainly as a result of higher recurrent expenditure.
Recurrent expenditure went up by €90.6 million, totalling €1,929.9 million. The largest increase was recorded in programmes and initiatives (€60.6 million) as a result of higher expenditure on social security benefits (+€65.5 million), the shipyard’s voluntary retirement scheme (+€19.6 million), medicines and surgical materials (+€14.6 million), third country nationals (+€4.9 million), EU own resources (+€4.5 million) and solid waste strategy (+€3.6 million), which were partly offset by a drop of €61.5 million in energy support measures. Personal emoluments added €19.4 million.
The interest component of the public debt servicing costs for the period under review declined by €1.6 million and amounted to €179.5 million.
In addition, Government’s Capital Expenditure for the period under review was recorded at €210.8 million from €194.5 million last year, up by 8.4 per cent.
The Central Government debt outstanding at the end of November totalled €3,951.0 million, an increase of €430.2 million compared to November last year. Short-term and long-term borrowing rose by €176.2 million and €261.7 million respectively, while foreign borrowing declined by €14.0 million. 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 €36.7 million, €6.3 million more compared to the euro coin stock as at the end of November 2008.