Con­sis­tent im­prove­ment in the fis­cal bal­ance in the first nine months of 2017

The Malta Business Weekly - - FRONT PAGE -

A sur­plus of €56.4m was recorded in the con­sol­i­dated fund bal­ance for the first nine months of this year. This rep­re­sented an im­prove­ment of €120.1m in the con­sol­i­dated fund bal­ance, turn­ing a deficit of €63.6m recorded in Jan­uary to Septem­ber last year, to a sur­plus this year.

This sig­nif­i­cant im­prove­ment was the re­sult of no­table in­creases in all the main rev­enue cat­e­gories, while growth in ex­pen­di­ture re­mained con­tained. In­deed, dur­ing the pe­riod Jan­uary to Septem­ber of this year, re­cur­rent rev­enue in­creased by €346.7m or 13.2% while to­tal ex­pen­di­ture in­creased by €226.6m or 8.4%.

The largest in­crease in rev­enue was recorded in in­come tax (€83.4m), re­flect­ing the ro­bust growth in em­ploy­ment recorded in re­cent years backed by the mak­ing work pay bud­get ini­tia­tives. In­di­rect tax rev­enues in­clud­ing VAT, cus­toms and ex­cise du­ties as well as li­censes, taxes and fines con­tin­ued to record sig­nif­i­cant in­creases re­flect­ing both the dy­namic growth in pri­vate con­sump­tion and Malta’s pos­i­tive per­for­mance in net trade. The gov­ern­ment’s salary bill in­creased by 5.6%.

The Min­is­ter for Fi­nance said: “It is en­cour­ag­ing to note this year’s con­sis­tent im­prove­ments in the con­sol­i­dated fund bal­ance over last year’s al­ready suc­cess­ful out­come. I am also pleased to note that the fis­cal per­for­mance for the first nine months of this year is bet­ter than the Bud­get pro­jec­tions for the same pe­riod, au­gur­ing well for the endof-year fis­cal out­turn.”

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