Deficit of €2.4 million recorded in third quarter of 2016, revenue up by €66 million
In the third quarter of 2016, the General Government recorded a deficit of €2.4 million, the National Statistics Office said yesterday.
During the period July-September 2016, total revenue stood at €950.8 million, an increase of €66.7 million when compared to the third quarter of 2015. This increase in revenue was mainly triggered by higher market output (€64.8 million) and higher receipts from Current taxes on income and wealth (€39.9 million).
Moreover, Taxes on production and imports and Net Social Contributions receivable registered increases of €9.8 million and €8.4 million respectively. On the other hand, proceeds from Capital transfers receivable and Current transfers receivable recorded a decline of €48.0 million and €8.2 million respectively.
Total expenditure in the third quarter amounted to €953.2 million, an increase of €48.5 million from the third quarter of 2015. Increases were recorded in Intermediate Consumption (€24.3 million), Compensation of employees (€18.3 million), Current transfers payable (€16.2 million), Subsidies Payable (€10.3 million), Capital transfers payable (€9.3 million) and Social benefits and social transfers in kind (€1.9 million).
The main decreases were recorded in Gross capital formation (€30.5 million) and Property income payable (€1.3 million).
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the third quarter of this year, these adjustments triggered a decline of €49.4 million to the surplus of the Consolidated Fund.
During the third quarter, in relation to financial transactions in assets, Currency and deposits were registered at €235.1 million. Other accounts receivable stood at -€65.9 million, down from -€2.3 million in the second quarter of 2016.
Additionally, Equity and investment fund shares and Long-term loans stood at €0.7 million and -€0.1 million respectively.
With regard to financial transactions in liabilities, Other accounts payable recorded the largest amount of transactions at -€259.7 million. Concurrently, Short-term debt securities witnessed a negative transaction of -€43.3 million whereas Long-term loans increased by €3.7 million.
Moreover, Long-term debt securities were registered at €2.0 million and Short-term loans stood at €1.5 million. Furthermore, Currency and deposits were registered at €1.3 million.
Total General Government debt outstanding at the end of September increased by €139.7 million over the third quarter of 2015. General Government debt amounted to €5,823.2 million, of which €5,819.4 million related to Central Government. The increase in Central Government debt was underpinned by a rise in Long-term debt securities of €167.8 million.
Additionally, Short-term debt securities and Short-term loans increased by €17.2 million and €5.5 million respectively. Conversely Long-term loans decreased by €56.2 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 €70.9 million, a rise of €5.5 million over the euro coin stock recorded at the end of September 2015.
In addition, the Local Government debt stood at €3.8 million. The Government guaranteed debt amounted to €1,426.7 million at the end of September 2016, an increase of €81.2 million when compared to the same period last year.