In the third quarter of 2009, the General Government account registered a deficit of €90.9 million.

Quarterly Non-Financial Accounts (t/t-4)

The deficit recorded by the General Government for the third quarter of 2009 amounted to €90.9 million, compared to a deficit of €47.7 million for the corresponding period of 2008.

During the period under review, total revenue exhibited a decline of €53.5 million to €517.6 million. This fall was mainly the result of less returns from ‘current taxes on income, wealth, etc.’ (-€25.4 million), ‘taxes on production and imports’ (-€21.3 million) and ‘capital transfers receivable’ (-€6.1 million). On the other hand, an increase of €6.4 million was recorded in ‘social contributions receivable.’

Concurrently, total expenditure during the third quarter of 2009 amounted to €608.5 million, a comparative decline of €10.4 million. This was partly the result of lower outlays on ‘subsidies payable’ (-€15.2 million), ‘gross capital formation’ (-€10.4 million) and ‘compensation of employees’ (-€7.6 million). Increases were recorded in ‘intermediate consumption’ (+€8.7 million), ‘social benefits and social transfers in kind’ (+€8.1 million) and ‘current transfers payable’ (+€7.7 million).

Quarterly Financial Accounts (t/t-1)

Compared to the previous quarter, during the September quarter of 2009, ‘currency and deposits’ added €28.3 million on the assets side and €1.9 million under liabilities. ‘Short-term securities’ decreased by €84.5 million in liabilities, and ‘long-term securities’ increased by €123.6 million. Moreover, ‘short-term loans’ declined by €2.2 million whilst ‘long-term loans increased by €3.5 million. Finally, when compared to the second quarter of 2009, other accounts receivable decreased by €73.3 million, whereas other accounts payable rose by €2.2 million.

Quarterly Debt (t/t-4)

Total general government debt outstanding at the end of September 2009 increased by €317.8 million from the comparable period in 2008, and amounted to €3,931.9 million. The central government debt increased by €317.5 million. This increase was underpinned by higher short-term securities (Treasury Bills), which added €151.2 million and long-term securities (Malta Government Stocks) which increased by €215.2 million. On the other hand, central government loans decreased by €56.2 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 €36.8 million, a rise of €7.2 million over the euro coin stock recorded at end of September 2008. In addition, the local government debt marginally increased by €0.3 million.

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