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Malta Eyeing ‘Modest Surplus’ After Latest Figures Showed Deficit In First Quarter

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While the government registered a deficit of €16.5 million in the first quarter of the year, the Ministry of Finance remains confident that Malta will close the year with another surplus.

Finance Minister Edward Scicluna said: “The fiscal data for the first half of the year is in line with the ministry’s forecasts.” In a press statement issued this morning, he went on to detail how, as with previous years, the growth in expenditure will see to the conservation of Malta’s economic, social and environmental needs.

“(Expenditure growth) will be kept in line so as to provide a modest surplus,” he said.

Citing government revenue as continually buoyant, with an increase in tax revenue rising by €218 million (a 12.5% increase), the Ministry went on to say that this is reflected in “an increase in employment income” combined with the record low unemployment rate.

The report lists a €77 million increase from public investments into the country’s infrastructure and this is being reflected by the various Government projects currently underway.

The highest contributing factor for recurrent expenditure increased by 11.7%, being programs and initiatives, and is indicative of various social-budget growth enhancements being implemented throughout the year.

READ NEXT: The End Of Malta’s Surplus? Government Records €16.5 Million Deficit For First Quarter Of 2019

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