MaltaMedia.com

The shortfall between recurrent revenue and total expenditure increased by €73.7 million when compared to January 2008 and amounted to €136.5 million, according to a statement by the National Statistics Office. The NSO quoted data obtained from the Consolidated Fund of Government for the first month of the
year and said that recurrent revenue decreased by €17.1 million, while total expenditure increased by €56.6 million.

In January the Consolidated Fund recorded decreases in income tax (-€11.0 million), Fees of Office (-€5.8 million), Social Security Contributions (-€2.9 million) and Grants (-€2.6 million). At the same time, revenues from Value Added Tax and Rents increased by €3.9 million and €2.1 million respectively.

Recurrent expenditure during the first month amounted to €227.4 million, an increase of €45.5 million compared to the same month last year. This increase was mainly brought about by increases on Social Security Benefits (+€14.5 million), the shipyards’ early retirement schemes (+€17.5 million) and expenditure on medicines and surgical materials (+€7.8 million). Other increases were recorded under the personal emoluments and operational and maintenance expenses categories, which increased by €2.2 million and €4.0 million respectively.

The interest component of the public debt servicing costs for January increased by €3.9 million and amounted to €17.8 million.

During the first month of 2009, Capital Expenditure amounted to €24.4 million, an increase of €7.2 million when compared to the expenditure of €17.2 million for January 2008. Main comparative increases were recorded for Film Industry Incentives (+€4.9 million) and WasteServ Malta (+€3.0 million).

The Central Government debt outstanding at the end of January amounted to €3,581.9 million, an increase of €322.8 million compared to January last year. Long-term and short-term borrowing increased by €201.1 million and €120.3 million respectively, while foreign borrowing declined by €7.0 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 €32.3 million, an increase of €9.0 million over the same period last year.