“In the last quarter of 2013, the General Government recorded a surplus of €34.4 million. During October-December 2013, total revenue stood at €885.3 million, an increase of €109.9 million when compared to the fourth quarter of 2012.

“This was mainly triggered by higher proceeds from Current Taxes on Income and Wealth of €54.9 million,” the National Statistics Office said today.

Other increases were recorded in Taxes on Production and Imports (€27.3 million), Market Output (€12.3 million), Social Contributions Receivable (€9.6 million) and Property Income Receivable (€8.1 million). Conversely, Current Transfers Receivable declined by €2.1 million.

Total General Government debt outstanding at the end of December advanced by €371.9 million over the comparable period in 2012. General Government debt amounted to €5,243.1 million, of which €5,238.8 million related to Central Government.

The increase of €371.8 million in Central Government debt was underpinned by higher Long-term Securities (Malta Government Stocks) of €242.8 million and an increase in Short-term Securities of €94.0 million. Moreover, Long-term Loans went up by €26.0 million whereas Short-term Loans increased by €4.2 million.

On 28 March, Malta submitted its report on government deficit and debt levels for the years 2010-2013. This was done in accordance with the European 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 deficit of the General Government for 2012 and 2010 was revised marginally upwards by €0.8 million and €2.1 million respectively. Revisions were mainly recorded in the other accounts receivable and payable for 2012 (+€1.9 million) and 2010 (+€1.8 million).

Moreover, the availability of audited financial statements for both EBUs and Local Councils resulted in minor revisions in the General Government deficit for 2012 and 2011.

The General Government debt was revised marginally in 2012.

Total expenditure in the last quarter of 2013 amounted to €850.9 million. The largest increases were recorded in Current Transfers Payable (€23.3 million), Capital Transfers Payable (€12.9 million), and Compensation of Employees (€10.0 million). Conversely, declines were recorded in Social Benefits and Social Transfers in Kind (€18.7 million) and Gross Capital Formation (€4.8 million).

During the quarter under review, in relation to financial transactions in assets, Currency and Deposits registered a decline of €247.4 million over the previous quarter. Moreover, Other Accounts Receivable went down by €12.3 million whereas Shares and Other Equity increased by €12.7 million. Concurrently, Long-term Loans added €9.7 million while Short- term Loans registered a marginal increase.

With regard to financial transactions in liabilities, the major decreases were recorded in Short-term Securities and Other Accounts Payable by €174.8 million and €58.9 million respectively. Additionally, Long-term Securities went down by €5.5 million. Conversely, Long-term Loans and Short-term Loans increased by €4.1 million and €3.2 million respectively, while Currency and Deposits went up by €1.0 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 €55.3 million, a rise of €4.8 million over the euro coin stock recorded at the end of December 2012.

In addition, the Local Government debt edged up by €0.1 million to €4.3 million.

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