According to data obtained from the Consolidated Fund of Government for the first nine months of this year, the shortfall between recurrent revenue and total expenditure increased by €87.6 million when compared to the same month last year, and amounted to €258.3 million. An increase of €169.4 million in total expenditure was partly offset by an increase of €81.8 million in recurrent revenue.
During the first nine months this year, the Consolidated Fund recorded increases in revenue of €67.5 million and of €27.0 million from Taxes on Income, and from Value Added Tax respectively. Social Security Contributions also added €21.3 million during the period under review. At the same time, revenue from Grants declined by €15.9 million while revenue classified under Miscellaneous Receipts declined by €10.3 million.
Recurrent expenditure amounted to €1,524.1 million, an increase of €166.8 million compared to the first nine months last year. Significant increases in recurrent expenditure were recorded under Social Security Benefits (+€43.3 million), under the Ministry of Health, the Elderly and Community Care (+€31.7 million), and under the Ministry for Investment, Industry and Information Technology (+€23.3 million).
During the period under review the interest component of the public debt servicing costs amounted to €156.1 million, a comparative increase of €9.4 million over 2007.
The Capital programme for the first nine months this year declined by €6.8 million and amounted to €163.9 million. During this period capital expenditure under the Ministry of Health, the Elderly and Community Care increased by €13.2 million, while capital expenditure under the Ministry for Investment, Industry and Information Technology increased by €9.2 million. On the other hand, lower expenditure in respect of construction works and equipment under the Mater Dei Hospital project brought about a decline of €36.6 million in the capital outlay of the Ministry of Finance.
Loans taken up by Government during the first nine months of the year amounted to €232.7 million, of which €93.2 million were on account of matured stock.
The Central Government debt outstanding at the end of September amounted to €3,518.1 million, an increase of €270.6 million compared to the gross Central Government debt outstanding at the end of September last year.
Long-term and short-term borrowing increased by €206.7 million and by €40.4 million respectively, while foreign borrowing declined by €5.9 million. At the end of September, the euro coins issued in the name of the Maltese Treasury which are considered as a currency liability pertaining to the Central Government, amounted to €29.6 million.