The deficit recorded by the General Government for the second quarter this year amounted to €45.6 million, up from €42.6 million in the comparable period of 2012, the National Statistics Office said today.
During April-June 2013, total revenue stood at €711.1 million, an increase of €43.8 million when compared to the second quarter of 2012. This was mainly triggered by higher proceeds from ‘current taxes on income and wealth’ of €37.0 million.
Other increases were registered in ‘taxes on production and imports’ and ‘social contributions receivable’ by €16.5 million and €6.8 million respectively. Conversely, the major declines were recorded in ‘property income receivable’ and ‘capital transfers receivable’.
Total expenditure in the second quarter amounted to €756.7 million. The largest increases were recorded in ‘gross capital formation’ (+€21.1 million), ‘compensation of employees’ (+€13.1 million) and ‘current transfers payable’ (+€10.6 million). Conversely, ‘capital transfers payable’ and ‘subsidies payable’ went down by €6.3 million and €4.4 million respectively.
During the quarter under review, in relation to fi nancial transactions in assets, ‘currency and deposits’ registered an increase of €66.8 million over the previous quarter. Moreover, ‘other accounts receivable’ went up by €33.1 million whereas ‘long-term loans’ added €21.0 million. On the other hand, ‘shares and other equity’ recorded a decline of €5.5 million.
With regard to financial transactions in liabilities, all components registered increases, with ‘other accounts payable’ going up by €58.6 million. ‘Long-term securities’ and ‘short-term securities’ advanced by €57.6 million and €46.7 million respectively. Additionally, ‘long- term loans’ rose by €12.4 million while ‘currency and deposits’ went up by €1.5 million.
Total General Government debt outstanding at the end of June advanced by €284.4 million over the comparable period in 2012. General Government debt amounted to €5,292.5 million, of which €5,288.3 million related to Central Government.
The increase of €284.2 million in Central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €177.1 million and an increase in short-term securities of €80.8 million. Moreover, short-term loans went up by €18.5 million whereas long-term loans increased by €2.5 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 €52.3 million, a rise of €5.3 million over the euro coin stock recorded at the end of June 2012. In addition, the Local Government debt edged up by €0.2 million and stood at €4.2 million.