In 2013, the deficit of the Government’s Consolidated Fund amounted to €263.2 million. Recurrent revenue registered an increase of €276.4 million, outweighing the added expenditure of €177.3 million, consequently narrowing the government deficit by €99.1 million, the National Statistics Office said today.

The data from the NSO show that at the end of December, Central Government debt stood at €4,980.0 million, up by €330.4 million over 2012. This was the result of higher long-term and short-term borrowing, which added €259.2 million and €94.0 million respectively.

During 2013, recurrent revenue stood at €2,992.1 million, up by 10.2 per cent over the previous year. The main contributors to this increase were Income Tax (€101.7 million), Grants (€80.9 million), Value Added Tax (€53.0 million), Social Security (€35.6 million) and Customs and Excise Duties (€22.6 million). Conversely, Miscellaneous Receipts registered a decline of €26.2 million.

Compared to 2012, higher spending was registered in recurrent and capital expenditures, resulting in an increase in total expenditure of €177.3 million.

Recurrent expenditure went up by €144.2 million, primarily as a result of higher spending on Programmes and Initiatives (€81.7 million) and on Personal Emoluments (€41.2 million). The Programmes and Initiatives category advanced by 5.3 per cent, primarily as a result of higher social security bene? ts by €31.9 million.

In addition, EU own resources rose by €19.7 million, while the social security state contribution, which also features as revenue, went up by €11.3 million. Increases were also registered in medicines and surgical materials (€5.3 million) and in expenditure on the Electoral Commission (€3.2 million). Moreover, Operational and Maintenance Expenditure added €12.0 million, while Contributions to Government Entities went up by €9.3 million.

The interest component of the public debt servicing costs for the period under review rose by €2.1 million to €227.9 million.

Expenditure on Government’s capital projects amounted to €394.7 million. The increase of €30.9 million includes an equity injection of €40.0 million to the national air carrier, compared to €20.0 million in 2012. Conversely, contribution towards the treasury clearance fund and the ICT core services agreement went down by €4.0 million and €3.1 million respectively.

Foreign borrowing went down by €11.0 million. As a result of consolidation, higher holdings by government funds in MGSs brought about a decline in debt of €16.6 million.

The euro coins issued in the name of the Treasury went up by €4.8 million when compared to the coin stock as at the end of December 2012, and totalled €55.3 million.

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