Government consolidated fund maintains surplus in September

The government’s consolidated fund registered a surplus of €56.4 million between January and September of 2017, with the total recurrent revenue increasing by 13.2%, and total expenditure increasing by 8.4% when compared to the same period last year, according to statistics published by the National Statistics Office (NSO).

Recurrent revenue increased by €346.7 million, whereas expenditure went up by €226.6 million, amounting to a €120 million increase in the fund’s balance.

The bulk of the increase in revenue was the result in VAT and Income Tax, which together amounted to 46% of the total increase.

The largest increase in expenditure was a result of higher spending on “programmes and initiatives”, while interest payments out of the fund decreased by 4.2%.

Revenue registered in the month of September alone increased by 28.2% over the September 2016, again driven mainly by increasing income from Income Tax and Value Added Tax. Expenditure increased by 26.3%.