In the first quarter of 2014, the General Government recorded a deficit of €132.4 million. Total General Government debt outstanding at the end of March advanced by €329.1 million over the comparable period in 2013. General Government debt amounted to €5,500.3 million, of which €5,496.0 million related to Central Government, National Statistics Office said today.

During the period January-March 2014, total revenue stood at €686.7 million, an increase of €19.1 million when compared to the first quarter last year. This was mainly brought about by an increase in proceeds from Taxes on Production and Imports of €36.4 million.

Other major increases were recorded in Capital Transfers Receivable (€16.1 million) and Social Contributions Receivable (€9.5 million). Conversely, Current Taxes on Income and Wealth and Market Output declined by €39.0 million and €5.6 million respectively.

Total expenditure in the first quarter amounted to €819.1 million. The largest increases were recorded in Social Benefits and Social Transfers in Kind by €21.1 million, and an additional €18.4 million in both Gross Capital Formation and Compensation of Employees. On the contrary, Capital Transfers Payable and Intermediate Consumption went down by €26.5 million and €4.0 million respectively.

During the quarter under review, in relation to financial transactions in assets, Other Accounts Receivable registered an increase of €95.2 million over the previous quarter. Moreover, Currency and Deposits went up by €4.3 million. Conversely, Long-term Loans declined by €9.1 million while Shares and Other Equity registered a fall of €4.4 million.

With regard to financial transactions in liabilities, the major increases were recorded in Long-term and Short-term Securities, by €140.0 million and €118.5 million respectively. Additionally, Short-term Loans went up by €1.4 million. On the other hand, a decline was recorded in Other Accounts Payable by €64.4 million.

Total General Government debt outstanding at the end of March advanced by €329.1 million over the comparable period in 2013. The increase of €329.0 million in Central Government debt was underpinned by higher Long-term Securities (Malta Government Stocks) of €219.4 million and an increase in Short-term Securities of €78.6 million. Moreover, Long-term Loans went up by €20.0 million whereas Short-term Loans increased by €6.8 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 €55.0 million, a rise of €4.2 million over the euro coin stock recorded at the end of March 2013. In addition, the Local Government debt edged up by €0.1 million to €4.3 million.

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