By the end of August, government’s consolidated fund reported a surplus of €83.9 million, the National Statistics Office said.
It said that between January and August, recurrent revenue rose by €446.1 million and amounted to €3,190.2 million. This represented a 16.3% increase from the €2,744.1 million reported in revenue during the corresponding period in 2018.
Reported rises in income tax (€150.3 million) and grants (€117.6 million) were the main catalysts for the increased revenue. Drops in revenue were recorded under dividends on investment (€11.9 million) and Central Bank of Malta (€8 million).
Total expenditure by the end of August stood at €3,106.3 million, a 13.1% increase from the corresponding period in 2018.
Recurrent expenditure stood at €2,666.8 million, €271.4 million higher than the corresponding amount registered by the end of August the previous year. The main contributor to this increase was a €163.3 million rise reported under programmes and initiatives, including added outlays due to EU own resources (€33.3 million), social security benefits (€21.4 million), and state contribution (€21.3 million that also features as revenue.
The interest component of the public debt servicing costs amounted to €126.5 million, €12.6 million lower than the same period in 2018.
Government’s capital expenditure registered an increase of €100.2 million from the same period last year and added up to €313 million. The rise in outlay was partly due to increased expenditure on road construction and improvements (€34.9 million).
The difference between total revenue and expenditure resulted in a surplus of €83.9 million being reported in the fund compared to a deficit of €3.1 million in the same period in 2018. The main driver in the difference was a higher reported increase in recurrent revenue (€446.1 million) than that in total expenditure.
Central government debt stood at €5,419.4 million, a €83.3 million rise from the same month in 2018. This was primarily the result of an increase reported under the 62+ Malta Government Savings Bond (€98 million).
Malta Government Stocks and euro coins issued in the name of the treasury also rose by €54.5 million and €4.4 million respectively.
Decreases were recorded under treasury bills (€57.2 million) and foreign loans (€0.2 million).
Higher holdings by government funds in Malta Government Stocks also resulted in a decrease in debt of €16.2 million.