Deficit reaches €90.9 million in Q3
Revenue down by €53.5m
The government registered a deficit of €90.9 million in the third quarter last year, up from €47.7 million in the third quarter in 2008, the NSO said.
During the period, total revenue declined by €53.5 million to €517.6 million.
This fall was mainly the result of less returns from ‘current taxes on income, wealth, etc.’ (-€25.4 million), 'taxes on production and imports' (-€21.3 million) and 'capital transfers receivable' (-€6.1 million).
On the other hand, an increase of €6.4 million was recorded in 'social contributions receivable’.
Concurrently, total expenditure during the third quarter of 2009 amounted to €608.5 million, a comparative decline of €10.4 million.
This was partly the result of lower outlays on 'subsidies payable' (-€15.2 million), 'gross capital formation' (-€10.4 million) and 'compensation of employees' (-€7.6 million).
Increases were recorded in ‘intermediate consumption’ (+€8.7 million), 'social benefits and social transfers in kind' (+€8.1 million) and 'current transfers payable' (+€7.7 million).
Compared to the previous quarter, during the September quarter of 2009, ‘currency and deposits’ added €28.3 million on the assets side and €1.9 million under liabilities.
‘Short-term securities’ decreased by €84.5 million in liabilities, and ‘long-term securities’ increased by €123.6 million.
Moreover, ‘short-term loans’ declined by €2.2 million whilst ‘long-term loans increased by €3.5 million.
When compared to the second quarter of 2009, other accounts receivable decreased by €73.3 million, whereas other accounts payable rose by €2.2 million.
Total general government debt outstanding at the end of September increased by €317.8 million from the comparable period in 2008, and amounted to €3,931.9 million.
The central government debt increased by €317.5 million. This increase was underpinned by higher short-term securities (Treasury Bills), which added €151.2 million and long-term securities (Malta Government Stocks) which increased by €215.2 million.
Central government loans decreased by €56.2 million.
The euro coins issued in the name of the Treasury, considered as a currency liability pertaining to the central government, amounted to €36.8 million, a rise of €7.2 million over the euro coin stock recorded at end of September 2008.
In addition, the local government debt marginally increased by €0.3 million.