Consolidated fund registers €151m surplus

The government’s consolidated fund reported a surplus of €151.4 million between January and February, according to the National Statistics Office.

The NSO said that by the end of February, recurrent revenue amounted to €1,182.7 million, €153.9 million more than a year earlier.

The largest increases were recorded under income tax (€124.8 million), social security (€34.6 million) and licences, taxes, and fines (€11.1 million).

On the other hand, the main drops in revenue were reported under miscellaneous receipts (€14.7 million), grants (€9 million), and customs and excise duties (€8.4 million).

Total expenditure till February stood at €1,031.3 million, €116.7 million more than the previous year.

Recurrent expenditure totalled €927.9 million, an increase of €89.4 million compared to the €838.5 million reported at the end of February.

The main contributor to this increase was a €92.3 million rise reported under programmes and initiatives.

The interest component of the public debt servicing costs totalled €41.2 million, an increase of €15.4 million when compared to the previous year.

By the end of February, government’s capital spending amounted to €62.2 million, €11.9 million higher than in 2023.

The difference between total revenue and expenditure resulted in a surplus of €151.4 million being reported in the government’s consolidated fund.

Compared to the same period in 2023, there was an increase in surplus of €37.2 million. This difference mirrors an increase in total recurrent revenue (€153.9 million), partly offset by a rise in total expenditure, which consists of recurrent expenditure (€89.4 million), interest (€15.4 million) and capital expenditure (€11.9 million).

At the end of February, central government debt stood at €10,076.1 million, an increase of €795.8 million when compared to 2023.

The increase reported under Malta Government Stocks (€1,087.1 million) was the main contributor to the rise in debt.