The Government’s Consolidated Fund reported a deficit of €82.3 million in January, €38.7 million lower than in the same month last year, according to data published by the National Statistics Office.
The NSO said that by the end of January, recurrent revenue amounted to €446 million, €94.1 million higher than the figure reported a year earlier. The largest increases were recorded under income tax (€31.3 million), licences, taxes and fines (€11.9 million) and grants (€11.7 million).
Total expenditure stood at €528.3 million, €55.4 million higher than the previous year.
Recurrent expenditure totalled €487.4 million, an increase of €44.1 million compared to the €443.3 million reported at the end of January 2023. The main contributor to this increase was a €47.5 million rise reported under programmes and initiatives. Increases were also recorded under operational and maintenance expenses (€11.2 million) and personal emoluments (€7.3 million).
Contributions to government entities fell by €21.9 million, following lower contributions, among others, towards the Malta Tourism Authority (€19.9 million) and mental health services (€2.7 million).
The interest component of the public debt servicing costs totalled €19.8 million, an increase of €5.3 million when compared to the previous year.
Government’s capital spending amounted to €21.1 million, €6 million higher than 2023.
This increase resulted from higher expenditure towards road construction and improvements (€4 million), property, plant and equipment (€2.9 million) and maritime facilities (€2.9 million). Conversely, outlay towards National Identity Management Systems fell by €2 million.
The difference between total revenue and expenditure resulted in a deficit of €82.3 million being reported in the government’s consolidated fund.
This difference mirrors an increase in total recurrent revenue (€94.1 million), partly offset by a rise in total expenditure, which consists of recurrent expenditure (€44.1 million), interest (€5.3 million) and capital expenditure (€6 million).
At the end of January, central government debt stood at €9,759.4 million, an increase of €856.9 million when compared to 2023.
The increase reported under Malta Government Stocks (€1,037.1 million) was the main contributor to the rise in debt. Higher debt was also reported under foreign loans (€71.9 million) and euro coins issued in the name of the Treasury (€4.1 million).
This increase in debt was partially offset by drops in treasury bills (€177.4 million) and the 62+ Malta Government Savings Bond (€23.4 million). Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €55.5 million.