The government recorded a surplus of €29 million in the third quarter of last year, official data issued on Tuesday shows.

The National Statistics Office said that between July and September 2024, total revenue stood at €1,994.4 million, an increase of €339.3 million when compared to the corresponding quarter in 2023. This was mainly brought about by increases in taxes on income and wealth (€257.2 million), taxes on production and imports (€40.3 million), market output (€24.3 million) and Net social contributions receivable (€23.0 million), partially offset by decreases in property income receivable (€6.3 million).

Total expenditure in the third quarter of 2024 amounted to €1,965.4 million, an increase of €235.3 million over the corresponding quarter in 2023. The largest increase was recorded in Intermediate consumption (€79.6 million), followed by compensation of employees (€62.3 million), subsidies (€36.1 million) and social benefits and social transfers (€29.2 million), while decreases were registered in capital transfers (€11.9 million).

Adjustments were implemented to the Government’s Consolidated Fund data to transition to accrual-based accounting, aligning with the requirements of ESA 2010. During the third quarter of 2024, these adjustments resulted in a decrease of €203.1 million to the Consolidated Fund surplus, which stood at €29.0 million.

Quarterly financial accounts

During the third quarter of 2024, financial transactions in assets recorded increases in currency and deposits (€257.1 million), Equity and investment fund shares (€82.2 million), Long-term debt securities (€54.7 million) and Short-Term debt securities (€32.4 million). Conversely, a decrease of €159.9 million was recorded under Other accounts receivable.

Considering the financial transactions in liabilities, the highest increase was recorded in Long-term debt securities (€254.8 million), followed by Other accounts payable (€237.8 million). In contrast, decreases were mainly registered in Short-term debt securities (€163.9 million), the NSO said. 

Debt reaches €10,035.0 million, 45.3% of GDP

At the end of September, General Government debt stood at €10,035.0 million, or 45.3 per cent of Gross Domestic Product (GDP), an increase of €615.4 million over the corresponding quarter in 2023.

Government debt levelled off in the third quarter of last year. NSO graphic.

Currency and deposits stood at €433.4 million, a decrease of €22.1 million over September of 2023. This included euro coins issued in the name of the Treasury, considered a liability of Central Government, and the 62+ Malta Government Savings Bond, the latter amounting to €327.4 million. Long-term debt securities increased by €591.4 million, while Short-term debt securities decreased by €48.2 million. In addition, Long-term loans increased by €94.7 million. Local Government debt stood at €1.9 million.

General government-guaranteed debt amounted to €1,017.7 million at the end of September 2024, equivalent to 4.6 per cent of GDP. There was a decrease of €171.4 million when compared to the third quarter of 2023.