In the second quarter of 2015, the General Government recorded a deficit of €47.5 million, the National Statistics Office said today.

During the period April-June 2015, total revenue stood at €854.5 million, an increase of €59.6 million when compared to the second quarter of 2014.

The NSO said that this increase in revenue was mainly triggered by higher proceeds from Current taxes on income and wealth (€38.6 million) and receipts from Capital transfers (€10.0 million). Moreover, Taxes on production and imports and Property income receivable also registered increases whereas income from Current transfers recorded a decline.

Total expenditure in the second quarter amounted to €901.9 million. The largest increases were recorded in Compensation of employees (€18.4 million) and Gross capital formation (€17.3 million).

In addition, Current transfers payable, Intermediate consumption and Social benefits and social transfers in kind also registered increases. Conversely, Capital transfers and Property income payable went down by €18.4 million and €1.6 million respectively.

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the second quarter this year, these adjustments resulted in a decrease of €25.2 million to the deficit of the Consolidated Fund.

During the second quarter, in relation to financial transactions in assets, Other accounts receivable stood at €55.9 million, up from -€52.2 million in the first quarter of 2015.

Moreover, Currency and deposits were registered at €53.3 million while Short-term loan transactions fell to €0.8 million. Additionally, Long-term loans and Equity and investment fund shares both stood at €0.1 million.

With regard to financial transactions in liabilities, Other accounts payable recorded the largest amount of transactions at €150.1 million. Concurrently, Short-term debt securities, Long-term debt securities and Currency and deposits witnessed positive transaction amounts of €22.4 million, €3.4 million and €2.6 million respectively.

Conversely, Long-term loans and Short-term loans recorded negative transaction values of €8.3 million and €3.2 million respectively.

Total General Government debt outstanding at the end of June decreased by €100.0 million over 2014. General Government debt amounted to €5,663.0 million, of which €5,658.8 million related to Central Government. The decrease in Central Government debt was underpinned by lower Short-term debt securities of €176.6 million.

Moreover, Long-term loans declined by €15.8 million, whereas Long-term debt securities and Short- term loans went up by €81.5 million and €5.2 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 €62.9 million, a rise of €5.8 million over the euro coin stock recorded at the end of June 2014. In addition, the Local Government debt stood at €4.2 million.

The Government guaranteed debt amounted to €1,211.7 million at the end of June 2015, an increase of €8.7 million compared to June 2014.

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