In the first quarter this year, the General Government account registered a deficit of €162.5 million, compared to €107.8 million for the first quarter last year.

During the March quarter total revenue amounted to €483.3 million, an increase of €38.5 million compared to the first quarter of 2007. The main increase was recorded under ‘current taxes on income and wealth’, which added €31.1 million. Due to higher dividends, ‘property income receivable’ increased by €7.8 million.

Total expenditure during the first quarter amounted to €645.8 million, registering a comparative increase of €93.2 million. This increase was brought about by increases in intermediate consumption (+€30.1 million), compensation of employees (essentially wages and salaries which added €18.5 million), and Social Benefits (+€22.1 million).

Total general government debt outstanding at the end of March this year amounted to €3,374.0 million. The increase, amounting to €96.7 million, was underpinned by the higher long-term securities category (Malta Government Stocks) which added €135.4 million, while short-term securities (Treasury Bills) declined by €49.3 million. Moreover, as from January 2008, the euro coins issued in the name of the Treasury are being considered as a currency liability pertaining to the Central Government. At the end of March, this liability amounted to €23.3 million.

Permalink: Government Deficit for first quarter up by €44.7 million to €162.5 million compared to 2007