The deficit recorded by the General Government for the last quarter of 2012 amounted to €52.5 million, up from €17.0 million in the comparable period of 2011, the National Statistics Office reported today.
During October-December 2012, total revenue stood at €770.9 million, an increase of €39.9 million when compared to the fourth quarter of 2011. This was mainly triggered by higher proceeds from ‘capital transfers receivable’ (+€21.2 million), ‘current taxes on income and wealth’ (+€17.1 million) and ‘social contributions’ (+€11.4 million). These were partially offset by declines recorded in ‘taxes on production and imports’ (-€12.4 million) and ‘market output’ (-€5.6 million).
Total expenditure in the fourth quarter amounted to €823.4 million. The largest increase was recorded in ‘social benefits and social transfers in kind’, which went up by €33.2 million. Moreover, added expenditure was recorded on ‘gross capital formation’ (+€29.1 million), and ‘compensation of employees’ (+€18.0 million), among others. Conversely, the major decline was recorded in ‘intermediate consumption’ by €7.8 million.
During the quarter under review, in relation to financial transactions in assets, declines were recorded in ‘currency and deposits’ (-€198.7 million), ‘short-term loans’ (-€54.4 million) and ‘other accounts receivable’ (-€22.1 million). Conversely, ‘long-term loans’ and ‘shares and other equity’ went up by €87.7 million and €26.8 million respectively.
With regard to financial transactions in liabilities, ‘short-term securities’ declined by €165.7 million whereas ‘long-term securities’ went up by €134.3 million. Additionally, ‘long-term loans’ recorded an increase of €34.4 million while ‘short-term loans’ went down by €33.0 million. Lower ‘other accounts payable’ by €46.3 million and higher ‘currency and deposits’ by €1.2 million were registered.
Total General Government debt outstanding at the end of December advanced by €263.9 million over the comparable period in 2011. General Government debt amounted to €4,871.2 million, of which €4,866.8 million relates to Central Government.
The increase of €263.5 million in Central Government debt was underpinned by higher long- term securities (Malta Government Stocks) of €276.4 million and an increase in long-term loans of €114.6 million, mainly due to the EFSF rerouted debt. Conversely, short-term securities and short-term loans went down by €103.0 million and €28.8 million respectively.
The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €50.1 million, a rise of €4.3 million over the euro coin stock recorded at the end of December 2011.
In addition, the Local Government debt edged up by €0.4 million and stood at €4.4 million.