The government deficit last year estimated at €218.2 million, or 3.8 per cent of GDP, down from €254.8 million in 2008, the National Statistics Office said.

The NSO said that at the end of 2009, the government’s nominal gross consolidated debt amounted to €3,947.6 million, or 69.1 per cent of GDP; compared to €3,626.6 million, or 63.7 per cent of GDP for 2008.

The balance of the government's consolidated fund, amounting to -€297 million was adjusted to arrive at the general government sector's deficit for 2009.

Positive adjustments included the surplus of the extra budgetary units (EBUs) (+€83.1 million), primarily driven by a transaction which had a neutral effect on the general government (the transfer to the Malta Shipyards to settle its financial liabilities, recorded as revenue in the company's accounts and as expenditure in the consolidated fund and treasury clearance fund), and time-adjusted cash transactions (+€24.3 million).

The main negative adjustments were the treasury clearance fund (-€18.1 million) and other accounts receivable and payable (-€17.1 million).

Compared to the previous submission of September 30, updates were made:

These included the downward revision of the deficit for 2008 by €10.6 million, from €265.4 million to €254.8 million. This revision was the result of updated sources in respect of EBUs (+€9.1 million), accruals templates and EU flows (+€3.2 million), other financial transactions (-€1.2 million), interest received not featuring in consolidated fund (-€1.1 million) and local councils (-€1.2 million).

The government’s deficit for 2007 decreased by €1.4 million, due to a revision in EBUs.

No statistically significant revisions to the aggregate general government debt levels were recorded for the reference years.