In the second quarter of 2016, the General Government recorded a surplus of €10.8 million, the National Statistics Office said today.
Quarterly non-financial accounts (t/t-4) During the period April-June 2016, total revenue stood at €905.1 million, an increase of €19.7 million when compared to the second quarter of 2015.
This increase in revenue was mainly triggered by higher receipts from Current taxes on income and wealth (€40.0 million) and Net Social Contributions receivable (€15.5 million).
Moreover, Current transfers receivable and Taxes on production and imports registered increases of €10.5 million and €8.5 million respectively. On the other hand proceeds from Capital transfers receivable recorded a decline of €54.5 million.
Total expenditure in the second quarter amounted to €894.3 million, a decrease of €29.6 million from the second quarter of 2015. The main decreases were recorded in Gross capital formation (€54.9 million), Capital transfers payable (€4.2 million), and Property income payable (€2.0 million).
Conversely, increases were recorded in Compensation of employees (€16.1 million), Social benefits and social transfers in kind (€10.0 million) and Current transfers payable (€8.0 million).
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the second quarter of this year, these adjustments triggered a decline of €1.9 million to the surplus of the Consolidated Fund.
During the second quarter, in relation to financial transactions in assets, Currency and deposits were registered at €386.4 million. Conversely, Other accounts receivable stood at -€15.7 million, down from €91.8 million in the first quarter of 2016. Additionally, Equity and investment fund shares and Long-term loans stood at €0.3 million and -€0.2 million respectively
With regard to financial transactions in liabilities, Other accounts payable recorded the largest amount of transactions at €355.0 million. Concurrently, Long-term debt securities witnessed a positive transaction of €74.4 million whereas Short-term debt securities decreased to -€54.3 million. Likewise, Long-term loans were registered at -€5.2 million and Short-term loans stood at -€1.7 million. Furthermore Currency and deposits were registered at €1.3 million.
Total General Government debt outstanding at the end of June increased by €196.2 million over the second quarter of 2015. General Government debt amounted to €5,857.3 million, of which €5,853.5 million related to Central Government.
The increase in Central Government debt was underpinned by higher Long-term debt securities of €161.7 million. Additionally, Short-term debt securities and Short-term loans increased by €82.7 million and €2.1 million respectively. Conversely Long-term loans decreased by €56.9 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 €69.6 million, a rise of €6.7 million over the euro coin stock recorded at the end of June 2015. In addition, the Local Government debt stood at €3.8 million.
The Government guaranteed debt amounted to €1,420.7 million at the end of June 2016, an increase of €209.0 million when compared to the same period last year.