MaltaMedia.com

During January-November 2009, the shortfall between recurrent revenue and total expenditure of Central Government increased by €139.5 million to €410.5 million, the NSO said on Thursday. Government debt for the same period also increased compared to last year.

According to data obtained from the Consolidated Fund of Government, recurrent revenue for the first eleven months exhibited a decline of €34.3 million, while total expenditure rose by €105.2 million, hence widening the deficit between recurrent revenue and total expenditure by €139.5 million to €410.5 million.

During the period under review, recurrent revenue was recorded at €1,909.7 million. The comparative decline of 1.8 per cent resulted from lower Customs and Excise duties (-€69.0 million) and Value Added Tax (-€18.8 million). Increases in revenue were recorded from Grants (+€20.2 million), Social Security (+€17.9 million), Licenses, taxes and fines (+€16.2 million) and Income tax (+€9.7 million).

On the other hand, compared to January-November 2008, total expenditure registered an increase of €105.2 million, mainly as a result of higher recurrent expenditure. Recurrent expenditure went up by €90.6 million, totalling €1,929.9 million.

The largest increase was recorded in programmes and initiatives (€60.6 million) as a result of higher expenditure on social security benefits (+€65.5 million), the shipyard’s voluntary retirement scheme (+€19.6 million), medicines and surgical materials (+€14.6 million), third country nationals (+€4.9 million), EU own resources (+€4.5 million) and solid waste strategy (+€3.6 million), which were partly offset by a drop of €61.5 million in energy support measures. Personal emoluments added €19.4 million.

The interest component of the public debt servicing costs for the period under review declined by €1.6 million and amounted to €179.5 million. In addition, Government’s Capital Expenditure for the period under review was recorded at €210.8 million from €194.5 million last year, up by 8.4 per cent.

The Central Government debt outstanding at the end of November totalled €3,951.0 million, an increase of €430.2 million compared to November last year. Short-term and long-term borrowing rose by €176.2 million and €261.7 million respectively, while foreign borrowing declined by €14.0 million.

The euro coins issued in the name of the Maltese Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €36.7 million, €6.3 million more compared to the euro coin stock as at the end of November 2008.