Register for SMS Alerts
or enter your details manually below...
First Name:
Last Name:
Sorry, we couldn't find that email.
Existing users
Sorry, we couldn't find those details.
Enter Email
Sorry, we couldn't find that email.

Deficit in third quarter down to record low

The government deficit for the period between July and September stood at €2.4m

Yannick Pace
13 January 2017, 5:45pm
Malta deficit for the third quarter of 2016 stood at €2.4m, down from €20.5m during the same period in 2015
Malta deficit for the third quarter of 2016 stood at €2.4m, down from €20.5m during the same period in 2015
The government has succeeded in recording the lowest third quarter deficit since data started being complied, according to the finance ministry.

The deficit for the third quarter of last year fell to €2.4m from €20.5m for the same period the year before. The deficit reduction is due to increased revenue, which was large enough to reduce the deficit despite an increase in expenditure.

Revenue increase by €66.7m or 7.5%, while expenditure went up by €48.5m (5.4%).

“The growth in total revenue was mainly fuelled by increases in revenues from market output as well as current taxes on income and wealth, the latter reflecting the dynamic performance of the labour market. Higher proceeds were also recorded in other revenue components including production and imports which is reflecting the persistent growth in domestic demand, and net social contributions,” read a statement from the ministry.

Furthermore, it added that the main increase in expenditure was due to intermediate consumption, with “other increases being recorded in the compensation of employees, current and capital transfers, and subsidies payable, as well as in social benefits and social transfers in kind.”

“This positive fiscal result for the third quarter of the year continues to confirm that we are indeed on track in reaching the record low annual deficit target of 0.7%, set for 2016,” said the finance minister

Yannick joined MaltaToday as a journalist in 2016. His main areas of interest are politics...
Latest Business News
Business Comment 12:37
A recap of last week’s trading session and news for the week ahead 
Business News 12:20
It was a bumper year for the cruise liner industry, according to the National Statistics Office • Overnight stays almost doubled
Business Comment 19-01
Market recap, IBM’s systems business structure and soaring shares for GNC holdings 
Business News 19-01
Nominations for the 2018 Malta EY Entrepreneur of the Year™ Award will be accepted until 9 February 2018
Business Comment 19-01
Boldly embarking on this ambitious roadmap will shine a light to guide us along a shadowy tunnel at the end of which we can underpin GDP gro...