Government’s consolidated fund registers €151 million surplus in February
There were increases in both revenue and expenditure
The government’s consolidated fund reported a surplus of €151.4 million between January and February, according to the National Statistics Office.
The NSO said that by the end of February, recurrent revenue amounted to €1,182.7 million, €153.9 million more than a year earlier.
The largest increases were recorded under income tax (€124.8 million), social security (€34.6 million) and licences, taxes and fines (€11.1 million).
On the other hand, the main drops in revenue were reported under miscellaneous receipts (€14.7 million), grants (€9 million) and customs and excise duties (€8.4 million).
Total expenditure till February stood at €1,031.3 million, €116.7 million more than the previous year.
Recurrent expenditure totalled €927.9 million, an increase of €89.4 million compared to the €838.5 million reported at the end of February.
The main contributor to this increase was a €92.3 million rise reported under programmes and Initiatives.
Contributions to government entities fell by €25.5 million, following lower contributions, among others, towards the Malta Tourism Authority (€19.9 million) and Malta College of Arts, Science and Technology (€10.3 million).
The interest component of the public debt servicing costs totalled €41.2 million, an increase of €15.4 million when compared to the previous year.
By the end of February, government’s capital spending amounted to €62.2 million, €11.9 million higher than in 2023. This increase resulted from higher expenditure towards property, plant and equipment (€7.9 million), road construction and improvements (€7.5 million) and maritime facilities (€3.9 million).
Conversely, drops in outlay were reported towards film industry incentives (€3 million) and information technology in government schools (€1.6 million).
The difference between total revenue and expenditure resulted in a surplus of €151.4 million being reported in the government’s consolidated fund.
Compared to the same period in 2023, there was an increase in surplus of €37.2 million. This difference mirrors an increase in total recurrent revenue (€153.9 million), partly offset by a rise in total expenditure, which consists of recurrent expenditure (€89.4 million), interest (€15.4 million) and capital expenditure (€11.9 million).
At the end of February, central government debt stood at €10,076.1 million, an increase of €795.8 million when compared to 2023.
The increase reported under Malta Government Stocks (€1,087.1 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 (€4.2 million).
This increase in debt was partially offset by drops in treasury bills (€288.7 million) and the 62+ Malta Government Savings Bond (€23.3 million). Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €55.4 million.