Malta registers €44.2 million surplus in first quarter of 2017

€44.2 million surplus recorded as total expenditure in the first quarter amounted to €935 million

7 July 2017, 12:24pm
The country’s coffers have recorded a surplus of €44.2 million during the first three months of the year, the National Statistics Office has confirmed.

Whilst expenditure amounted to €935 million – an increase of €24.7 million over the previous year – total revenue stood at €979.2 million, an increase of €137.2 million when compared to the first quarter of 2016.

This increase in revenue was triggered mainly by higher Market Output (€46.4 million) and Current taxes on income and wealth (€41.1 million). Increases were also registered in Taxes on Production and Imports (€32.0 million), Net Social Contributions receivable (€12.5 million), Current transfers receivable (€5.3 million) and Capital transfers receivable (€2.1 million).

Decreases were recorded in Property income receivable (€2.3 million).

Total expenditure in the first quarter amounted to €935.0 million, an increase of €24.7 million from the first quarter of 2016. Increases were recorded mainly in Intermediate Consumption (€27.8 million), Compensation of Employees (€18.3 million), Current transfers payable (€7.9million), Social Benefits and Social Transfers in Kind (€4.9 million) and Subsidies payable (€1.6 million).

Decreases were recorded in Capital transfers payable (€23.4 million), Gross Capital Formation (€9.6 million) and Property income payable (€2.8million).

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the last quarter of this year, these adjustments triggered a reduction of €57.0 million to the deficit of the Consolidated Fund, resulting in a surplus.

Quarterly Debt (t/t-4)

Total General Government debt outstanding at the end of March increased by €72.8 million over the first quarter of 2016. General Government debt amounted to €5,919.1 million, of which €5,915.2 million related to Central Government.

The increase in Central Government debt was underpinned by a rise in Long-term debt securities of €215.1 million. Conversely, Short-term debt securities decreased by €142.5 million.

Additionally, Short-term loans decreased by €6.0 million while Long-term loans increased by €1.5 million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €72.8 million, a rise of €4.4 million over the euro coin stock recorded at the end of March 2016.

In addition, the Local Government debt stood at €3.9 million.

The Government guaranteed debt amounted to €1,427.2 million at the end of March 2017, an increase of €22.6 million when compared to the same period last year.