Deficit down €34 million in 2015, at 1.5% of GDP

In 2015, the government deficit went down by €34.4 million from €163.4 million recorded in 2014. Last year, the deficit was equivalent to 1.5 per cent of GDP, down from 2.0 per cent in 2014.

At the end of 2015, gross consolidated debt amounted to €5,620.7 million, an increase of €198.8 million from 2014 and stood at 63.9 per cent of GDP. In 2014, the General Government debt stood at 67.1 per cent of GDP.

In the last quarter of 2015, the government recorded  a surplus of €95.3 million. During the period October-December 2015, total revenue stood at €1,154.7 million, an increase of €111.1 million when compared to the fourth quarter of 2014. This increase in revenue was mainly triggered by higher proceeds from Capital transfers (€63. 6million) and receipts from Taxes on production and imports (€38.6 million).

Total expenditure amounted to €1,059.4 million. The largest increases were recorded in Intermediate consumption (€52.1 million), Gross capital formation (€22.4 million), Capital transfers payable (€16.8 million) and Compensation of employees (€12.6 million).

In order to achieve compliance with the provisions of ESA 2010, adjustments triggered a decline of €169.5 million to the deficit.

Total General Government debt outstanding at the end of December increased by €198.8 million over 2014. The Government guaranteed debt amounted to €1,404.2 million at the end of December 2015, an increase of €68.9 million when compared to December 2014.