According to data obtained from the Consolidated Fund of Government for the first ten months this year, the shortfall between recurrent revenue and total expenditure increased by €77.5 million when compared to the same month last year, and amounted to €243.2 million. An increase of €162.4 million in total expenditure was partly offset by an increase of €84.9 million in recurrent revenue.

During the first ten months this year, the Consolidated Fund recorded increases in revenue of €84.0 million and of €32.7 million from Taxes on Income and from Value Added Tax respectively. Social Security Contributions also added €21.4 million during the period under review. At the same time, revenue from Grants dropped by €21.0 million while revenue classified under Miscellaneous Receipts declined by €13.3 million.

Recurrent expenditure amounted to €1,682.7 million, an increase of €161.8 million compared to the first ten months last year. Significant increases in recurrent expenditure were recorded under Social Security Benefits (+€44.0 million), under the Ministry of Health, the Elderly and Community Care (+€29.9 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 €167.1 million, a comparative increase of €9.6 million over last year.

The capital programme for the first ten months this year declined by €9.0 million and amounted to €181.3 million. During this period capital expenditure under the Ministry of Health, the Elderly and Community Care increased by €12.1 million, while capital expenditure under the Ministry for Rural Affairs and the Environment went up by €10.9 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 €36.4 million in the capital outlay of the Ministry of Finance.

Loans taken up by Government during the first ten months of the year amounted to €285.7 million, of which €93.2 million were on account of matured stock.

The Central Government debt outstanding at the end of October amounted to €3,543.3 million, an increase of €229.6 million compared to the gross Central Government debt outstanding at the end of October last year. Long-term and short-term borrowing increased by €201.1 million and by €3.9 million respectively, while foreign borrowing declined by €5.4 million. At the end of October, 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 €30.0 million.

Permalink: Government shortfall up by €77.5 million to €243.2 million