Updated | Goverment's consolidated fund registers surplus at the end of August

This is contrasted with the government's consolidated fund deficit of €156.2 million registered in the first six months of 2019

Government expenditure has increased by 13% from the same period last year
Government expenditure has increased by 13% from the same period last year

Updated at 5:10pm with Finance Minister's comments

The government's consolidated fund has registered a surplus of €83.9 million at the end of August 2019. 

Up until the first six months of 2019, the government was registering a hefty deficit of €156.2 million in its consolidated fund.

READ ALSO: Government registers €156.2 million deficit in first six months

Source: National Statistics Office
Source: National Statistics Office

The difference between total revenue revenue and expenditure resulted in a surplus of €83.9 million being reported in the government’s consolidated fund by the end of August 2019, compared to a deficit of €3.1 million in the same period in 2018.

According to National Statistics Office figures released on Friday, by August 2019, the government's revenue increased to €3,190 million, an increase of 16.3% when compared to the same period last year. This is mostly due to income tax, VAT revenue and social security contributions.

The government's expenditure has also increased from €271.4 million to €3,106 million or 13% when compared to same period last year. 

Interest rates on government debt decreased by €12.6 million when compared to the same period last year.

Edward Scicluna: We are on track to fourth consecutive fiscal surplus

Finance Minister Edward Scicluna said that the surplus registered to the government's consolidated fund in the first eight months of 2019 was a positive result.

"This positive result for the first eight months of the year shows that we are on track in recording a fiscal surplus for the fourth consecutive year. Nevertheless, we will remain vigilant and continue to monitor developments," he said in a statement.

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