The General Government deficit for 2011 is estimated at €173.9 million, or 2.7 per cent of GDP. The gross consolidated debt amounted to €4,600.3 million, or 72 per cent of GDP.

Deficit and Debt Positions

In 2011, General Government net borrowing (or deficit) was estimated at €173.9 million, down from €227.7 million for 2010. Last year, General Government deficit was equivalent to 2.7 per cent of GDP, down from 3.7 per cent for 2010.

At the end of 2011, the General Government nominal gross consolidated debt amounted to €4,600.3 million, or 72.0 per cent of GDP, up from €4,250.7 million, or 69.4 per cent for 2010.

2011 data

The balance of the Government’s consolidated fund, amounting to -€218.6 million is adjusted to arrive at the General Government Sector’s deficit for 2011. Positive adjustments included the time-adjusted cash transactions (+€39.9 million) and the non- financial transactions in the treasury clearance fund (+€24.4 million). On the other hand, the main negative adjustments were other accounts receivable and payable (-€17.7 million) and other financial transactions (-€7.4 million).

Reporting and Updates

On 30 March, Malta submitted its report on government deficit and debt levels for the years 2008- 2012. This was done in accordance with Council Regulation (EC) No. 479/2009, as amended, as well as in accordance 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 2010 was revised upwards by €5.4 million, with revisions recorded in the other accounts receivable and payable (-€6.5 million), Local Councils (+€0.6 million) and EBUs (+€0.5 million).

– The General Government deficit for 2009 increased by €1.8 million, due to updated data sources in respect of the EBUs (-€1.8 million).

– The deficit of the General Government for 2008 was revised upwards on account of the EBUs (-€0.3 million).

– The General Government debt level for 2008 remained unchanged, whereas it was revised upwards for 2009 (€0.9 million) and 2010 (€0.3 million), as a result of updated information in respect of EBUs.

EDP Consolidated Inventory

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.

These figures are supplied by the National Statistics Office.

Permalink: General Government deficit for 2011 estimated at 2.7 of GDP