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Malta Government Registers Deficit Of €62.9 Million By End Of February

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By the end of February 2019, the Government’s Consolidated Fund has registered a deficit of €62.9 million, according to the NSO.

During the same period last year, the government had registered a surplus of €18.7 million.

Recurrent revenue, it should be noted, increased by €31.3 million when compared with the previous year, amounting to €689.2 million.

The increase was primarily the result of an increase in Income Tax (€21.6 million) and Social Security (€19.5 million).

Meanwhile, total expenditure at the end of February 2019 stood at €752.1 million, a 17.7% increase over the first two months of 2018

Recurrent expenditure stood at €650.9 million, €73.9 million higher than 2018, with its main contributor being the €53.2 million increase in Programmes and Initiatives.

The government’s capital expenditure also registered an increase of €38.7 million. The rise was mainly due to added spend on EU Internal Security Fund – Borders and Visa (€14.6 million), and road construction and improvements (€14.2 million).

During February 2019, Central Government Debt stood at €5,440.4 million, an increase of €31.4 million.This was primarily the result of higher Treasury Bills (€198.3 million) and the 62+ Malta Government Savings Bond (€92.6 million). Euro coins issued in the name of the Treasury also rose by €6.1 million.

On the other hand, Malta Government Stocks and Foreign Loans decreased by €240.7 million and €7.9 million respectively.

What do you make of these findings?

READ NEXT: Reports Warning Of Sustainability Issues Actually Paint ‘A Positive Picture’ Of Malta’s Economy, Says Finance Minister

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