According to data obtained from the Consolidated Fund of Government for the first eleven months this year, the shortfall between recurrent revenue and total expenditure increased by €80.0 million when compared to the same month last year, and amounted to €271.0 million. An increase of €159.4 million in total expenditure was partly offset by an increase of €79.3 million in recurrent revenue.

During the first eleven months this year, the Consolidated Fund recorded increases in revenue of €79.5 million and of €35.4 million from Taxes on Income, and from Value Added Tax respectively. Social Security Contributions added €22.3 million during the period under review. At the same time, revenue from Grants declined by €25.7 million while revenue classified under Miscellaneous Receipts declined by €12.7 million.

Recurrent expenditure amounted to €1,839.3 million, an increase of €162.4 million compared to the first eleven months last year. Significant increases in recurrent expenditure were recorded under Social Security Benefits (+€47.9 million), under the Ministry of Health, the Elderly and Community Care (+€28.5 million), and under the Ministry for Investment, Industry and Information Technology (+€25.3 million).

During the period under review the interest component of the public debt servicing costs amounted to €181.1 million, a comparative increase of €10.1 million over last year.

The Capital programme for the first eleven months this year declined by €13.1 million and amounted to €194.5 million. During this period capital expenditure under the Ministry of Health, the Elderly and Community Care increased by €12.2 million, while capital expenditure under the Ministry for Rural Affairs and the Environment increased by €10.2 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 €39.1 million in the capital outlay of the Ministry of Finance. Expenditure on capital projects by the Ministry for Gozo also declined by €7.1 million.

Loans taken up by Government during the first eleven 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 November amounted to €3,520.8 million, an increase of €205.6 million compared to the gross Central Government debt outstanding at the end of November last year.

Long-term borrowing increased by €201.1 million, while short-term and foreign borrowing declined by €20.5 million and by €5.3 million respectively. At the end of November, 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 €30.3 million ..

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