National Statistics Office figures released today show the deficit recorded by the General Government for the second quarter this year amounted to €107.0 million, up from €77.7 million in the comparable period last year.

During the June quarter, total revenue stood at €592.3 million, a decline of €1.4 million compared to the corresponding quarter last year. The main contributors were ‘current taxes on income and wealth’ (-€28.8 million), and ‘capital transfers receivable’ (-€22.3 million). On the other hand ‘taxes on production and imports’ went up by €37.3 million.

Total expenditure during the second quarter this year amounted to €699.4 million. The comparative increase of €27.9 million was the result of higher ‘gross capital formation’ (+€30.7 million), ‘intermediate consumption’ (+€10.0 million), ‘compensation of employees’ (+€8.7 million) and ‘current transfers payable’ (+€8.4 million). Conversely, lower expenditure was recorded in ‘capital transfers payable’, ‘social benefits and social transfers in kind’ and ‘property income payable’ by €20.5 million, €7.5 million and €6.0 million respectively.

During the period under review, a major increase in financial transactions in assets was recorded in ‘currency and deposits’ of €170.9 million. Other increases were registered in ‘shares and other equity’ of €15.0 million, ‘short-term loans’ of €11.6 million and ‘long-term loans’ of €6.5 million. These were partially outweighed by a decline in ‘other account receivable’ of €57.1 million.

With regard to financial transactions in liabilities, ‘long-term securities’ advanced by €210.2 million while ‘short-term securities’ went down by €80.6 million. ‘Long-term loans’ exhibited a decrease of €3.3 million while ‘short-term loans’ rose by €3.4 million. An increase of €95.4 million was recorded in ‘other accounts payable.’

Total General Government debt outstanding at the end of June advanced by €354.8 million over the comparable period in 2010, and amounted to €4,527.8 million. Central Government debt increased by €354.4 million. This was underpinned by higher long-term securities (Malta Government Stocks), which went up by €553.1 million. On the other hand, Central Government short-term securities declined by €215.5 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 €42.6 million, a rise of €3.7 million over the euro coin stock recorded at the end of June 2010. In addition, the Local Government debt edged up by €0.4 million.

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