Deficit of €2.4 mil­lion recorded in third quar­ter of 2016, rev­enue up by €66 mil­lion

Malta Independent - - NEWS -

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.

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