The government recorded a surplus of €55.2 million in the second quarter of this year, the National Statistics Office said on Tuesday.

Compared to the corresponding quarter in 2023, total revenue increased by €233.7 million, while total expenditure increased by €160.8 million.

At the end of the second quarter, the general government debt stood at €10,084.0 million, an increase of €912.0 million over the same quarter in 2023.

The government-guaranteed debt amounted to €1,046.1 million at the end of June 2024, a decrease of €118.1 million when compared to the second quarter of 2023.

The NSO said the increase in revenue was a result of income tax €82.4 million, taxes on production and imports,€65.0 million, Capital transfers €29.6 million and Market output €29.4 million, partially offset by decreases in Current transfers receivable (€2.5 million).

The largest increases in expenditure was in Current transfers payable (€140.5 million), followed by social benefits and social transfers in kind (€42.5 million), Compensation to employees (€31.7 million) and Intermediate consumption (€17.4 million), while decreases were registered in subsidies (€75.7 million) and Gross capital formation (€14.4 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 second quarter of 2024, these adjustments resulted in a decrease of €186.6 million to the Consolidated Fund deficit, which stood at €131.4 million.

Quarterly debt  

At the end of June, General Government debt stood at €10,084.0 million, or 46.7 per cent of Gross Domestic Product. This equated to an increase of €912.0 million over the corresponding quarter in 2023, largely reflected in Central Government Debt, which amounted to €10,082.2 million.