In the first five months of 2021, the government's recurrent revenue amounted to €1,812.8 million - 20 per cent higher than the €1,508.9 million reported a year earlier.

According to the National Statistics Office, the largest increase was recorded under income tax (€165.9 million), followed by social security (€84.6 million), value-added tax (€84 million), licences, taxes and fines (€8.1 million) and customs and excise duties (€7 million). 

By the end of last month, total expenditure stood at €2,503.6 million, 14.7 per cent higher than the previous year.

During the reference period, recurrent expenditure totalled €2,203.7 million, a rise of €405.3 million in comparison to the €1,798.4 million reported by the end of May 2020.

The main contributor to this increase was a €279.6 million rise reported under programmes and initiatives.

The largest development under this category was related to the pandemic assistance scheme (€167.9 million), which includes the COVID-19 business assistance programme.

Other increases under programmes and initiatives were reported under hospital concession agreements (€36.5 million) and the St Vincent de Paul Residence service contract (€10.5 million).

By the end of May 2021, the government’s capital spending amounted to €225.8 million, €84.4 million lower than 2020. The drop largely resulted from the reclassification of the COVID-19 business programme (€115.0 million), which featured under capital expenditure between March and December of 2020, but is now classified under recurrent expenditure.

The difference between total revenue and expenditure resulted in a deficit of €690.8 million being reported in the government’s consolidated fund at the end of May 2021.

Compared to the same period in 2020, there was an increase in deficit of €17.4 million.