Government revenue in the first 10 months of the year recovered to pre-pandemic levels, following a significant dip in 2020, according to national data.

The National Statistics Office said on Friday that between January and October of this year, the country's recurrent revenue reached €4,017.5 million - 21.1 per cent higher than the €3,318.3 million reported in 2020.

This compares to €3,940.1 in 2019, just before the pandemic devastated the whole world. 

The largest increase, when compared to 2020, was recorded under income tax (€334.2 million), followed by VAT (€182.4 million) and social security contributions (€138.8 million).

In the first 10 months of 2019, income tax recurrent revenue stood at €1,358.7 million, slightly less than 2021's €1,471.1million

According to the data, by the end of October 2021, total expenditure stood at €5,082.5 million - 11.4 per cent higher than the previous year.

This is nearly 30 per cent higher than the  €3,930 million spent in the first 10 months of 2019.

Recurrent expenditure up by €730 million 

NSO noted that between January and October of 2021, recurrent expenditure totalled €4,424.3 million - a rise of €730 million over the €3,694.4 million reported by the end of October 2020.

The main contributor to this increase was a €603.8million rise on programmes and initiatives. Increases were also witnessed under personal emoluments (€91.2 million), contributions to government entities (€30.4 million) and operational and maintenance expenses (€4.5 million).

The largest development in the programmes and initiatives category was linked to the pandemic assistance scheme (€300.4 million), which includes the COVID-19 Business Assistance Programme.

€46 million more on hospital agreements, €17.9 million on SVPR contract

Other increases within the same category were linked to EU resources (€77.6million), hospital concession agreements (€46 million), social security benefits (€45.5 million) St Vincent de PaulResidence service contract (€17.9 million), waiting lists for medical services (€11.0 million), Church schools (€10.3 million) and the extension of school transport network (€8.3 million).

The interest component of the public debt servicing costs totalled €153.9 million - an increase of €2.4 million when compared to the previous year.

 €1,064.9 million deficit in Government’s Consolidated Fund 

The difference between the total revenue and expenditure resulted in a deficit of €1,064.9 million in the Government’s Consolidated Fund at the end of October 2021.

Compared to the same period in 2020, there was a decrease in deficit of €177.3 million.

At the end of October, Central Government debt stood at €7,966.7 million - a €1,462.6 million rise from 2020.

Increases reported under Malta Government Stocks (€905 million) and Foreign Loans (€419.9 million) were the main contributors to the rise in debt.

The latter increase in debt was a result of the €420 million EU loan from the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) instrument.

Higher debt was also reported under the 62+ Malta Government Savings Bond (€94.4 million), Treasury Bills (€42.5million) and Euro coins issued in the name of the Treasury (€1.9 million).

Finally, lower holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €1.1 million.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.