In the third quarter of 2023, the General Government recorded a deficit of €44.5 million, the National Statistics Office said on Friday.
National data shows that between July and September, the total revenue stood at €1,640.9 million - an increase of €176.4 million when compared to the corresponding quarter in 2022.
This was mainly brought about by increases in market output (€46.6 million), current taxes on income and wealth (€44.9 million), and taxes on production and imports (€41.5 million).
Meanwhile, total expenditure in the third quarter of 2023 amounted to €1,685.4 million - an increase of €36.4 million over the corresponding quarter in 2022.
The largest increase was recorded in Intermediate consumption (€41.8 million), followed by social benefits and social transfers in kind (€38.7 million) and current transfers payable (€29.8 million).
These increases were partially offset primarily by decreases in subsidies (€121.5 million).
Adjustments were made to the Government’s Consolidated Fund data to shift to accrual-based accounts and thus comply with the requirements of ESA 2010.
In the third quarter of 2023, these adjustments brought about a decrease of €251.0 million to the Consolidated Fund surplus.
Quarterly financial accounts
When it comes to financial transactions in assets, currency and deposits increased by €141.8 million during the third quarter.
Considering the financial transactions in liabilities, the highest increase was recorded in long-term debt securities (€578.0 million).
In contrast, decreases were registered in short-term debt securities (€346.9 million).
Quarterly debt
At the end of September, General Government debt stood at €9,409.8 million - or 49.3 per cent of the Gross Domestic Product.
This equates to an increase of €714.9 million over the corresponding quarter in 2022, largely reflected in Central Government Debt, which amounted to €9,407.8 million.
Currency and deposits stood at €455.5 million - a decrease of €18.8 million over September of 2022.
This includes 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 €353.3 million.
Long-term debt securities increased by €1,285.4 million, while short-term debt securities decreased by €560.5 million.
In addition, long-term loans increased by €8.7 million, and short-term loans recorded a €0.1 million increase.
Local Government debt stood at €2 million.
General Government guaranteed debt amounted to €1,189.1 million at the end of September 2023, equivalent to 6.2 per cent of GDP.
There was an increase of €12.4 million when compared to the third quarter of 2022.