Recurrent revenue between January and July amounted to €3,431.4 million, €417 million more than a year earlier, according to the National Statistics Office.

The NSO said the largest increases were recorded under income tax (€240.8 million), grants (€87.6 million) and social security (€46.3 million). The main drops in revenue were reported under miscellaneous receipts (€29.7 million) and Central Bank of Malta (€22.2 million).

Total expenditure by the end of July stood at €3,733.8 million, €204.1 million higher than the previous year.

During the reference period, recurrent expenditure totalled €3,243 million, an increase of €129.6 million compared to the €3,113.5 million reported at the end of July 2022.

The main contributor to this increase was a €58 million rise reported under contributions to government entities. Programmes and Initiatives fell by €0.2 million.

The interest component of the public debt servicing costs totalled €119.3 million, an increase of €18.4 million when compared to the previous year.

Between January and July 2023, government’s capital spending amounted to €371.5 million, €56.1 million higher than 2022.

The difference between total revenue and expenditure resulted in a deficit of €302.4 million being reported in the government’s consolidated fund at the end of July. Compared to the same period in 2022, there was a decrease in deficit of €212.9 million.

This difference mirrors an increase in total recurrent revenue (€417 million), partly offset by a rise in total expenditure, which consists of recurrent expenditure (€129.6 million), interest (€18.4 million) and capital expenditure (€56.1 million).

At the end of July, central government debt stood at €9,396.2 million, an increase of €838.4 million when compared to 2022.

The increase reported under Malta Government Stocks (€976.5 million) was the main contributor to the rise in debt.

Higher debt was also reported under Euro coins issued in the name of the Treasury (€5 million).

This increase in debt was partially offset by drops in the 62+ Malta Government Savings Bond (€117.1 million) and Treasury Bills (€25.3 million). Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €0.4 million.

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