The National Statistics Office said in a statement this morning that in 2010, General Government net borrowing (or deficit) was estimated at €226.3 million, up from a deficit of €217.0 million for 2009. This is equivalent to 3.6 per cent of GDP, down from 3.7 per cent for 2009.
At the end of 2010, the General Government nominal gross consolidated debt amounted to €4,248.3 million, or 68.0 per cent of GDP, up from €3,954.0 million, or 67.6 per cent for 2009.
The balance of the Government’s consolidated fund, amounting to -€279.2 million (published in news release 61/2011) is adjusted to arrive at the General Government Sector’s deficit for 2010. Positive adjustments included the ‘other accounts receivable and payable’ (+€57.6 million) and the ‘non-financial transactions in the treasury clearance fund’ (+€35.1 million). The main negative adjustments were the time-adjusted cash transactions (-€32.0 million) and the deficit of the Extra Budgetary Units (-€12.5 million).
On 30 March, Malta duly submitted its report on government deficit and debt levels for 2007-2011, in accordance with Council Regulations (EC) No. 679/2010 and 479/2009, in compliance with the Code of Best Practice adopted by the Ecofin Council on 18 February 2003.
Compared to the previous submission of 30 September, the following updates were made:
-The deficit of the General Government for 2009 remained practically unchanged. However, revisions were recorded in EBUs (+€1.2 million), in the ‘other accounts receivable and payable’ (-€1.1 million) and Local Councils (-€0.1 million).
-The General Government deficit for 2008 decreased by €6.1 million, due to updated data sources in respect of the ‘other accounts receivable and payable’ (+€6.4 million) and EBUs (-€0.3 million).
-The deficit of the General Government for 2007 was revised upwards on account of the EBUs (-€3.8 million).
-The General Government debt levels were revised upwards for 2007 (€5.8 million), 2008 (€5.8 million) and 2009 (€6.8 million), as a result of updated information in respect of EBUs.
The latest version of the EDP Consolidated Inventory of Sources and Methods is available on the NSO website. This document may be accessed at http://www.nso.gov.mt/docs/EDP-Inventory.pdf [1]