At the end of April, the government’s consolidated fund showed a deficit of 388.7 million euros, according to national data.
In a press release published on Friday, the National Statistics Office indicated that in the first quarter of the year, recurring revenues amounted to 1,595.3 million euros, or 16.5% more than the 1 369.7 million euros declared last year.
The largest increase was recorded for income tax (82.4 million euros), followed by VAT (53.0 million euros), subsidies (42.3 million euros ), social security (25.3 million euros) and customs and excise duties (14.7 million euros).
The increase in turnover is partially offset by the fall in office fees (€7.9 million) and miscellaneous income (€5.8 million).
At the end of April, total expenditure amounted to 1,983.9 million euros, which is 1.6% more than the previous year.
During the reporting period, recurring expenditure amounted to €1,769.7 million, an increase of €35.9 million compared to the €1,733.8 million reported at the end of April 2021 .
The main contributor to this increase is an increase of €46.2 million recognized under programs and initiatives. An increase was also noted in contributions to public authorities (3.3 million euros).
The main developments in the category of programs and initiatives relate to additional expenditure under economic stimulus payments (48.1 million euros), tax relief measures (25.7 million euros), autonomy for the elderly (13.7 million euros), social security benefits (11.4 million euros). million), homestay accommodation (7.2 million euros) and the gas stabilization fund (5.1 million euros).
Decrease in hospital concession, COVID assistance
This increase is partly offset by reductions in pandemic aid schemes (€46.9 million) and hospital concessions (€20.7 million).
At the end of April, the government’s investment expenditure amounted to 159.5 million euros, which is 1 million euros more than in 2021.
This increase is the result of higher spending on investment incentives (€3.5 million), property, plant and equipment (€3.2 million) and Ta’ Qali National Park (€3 million). euros).
This increase in investments was partially offset by the fall in acquisitions of public utility goods (€4.9 million) and the Gozo aquatic center (€3.7 million).
388.7 million euros deficit
The difference between total revenue and expenditure resulted in a deficit of €388.7 million recorded in the consolidated state fund.
Compared to the same period in 2021, the deficit decreased by 193.5 million euros.
At the end of April, central government debt stood at 8,532.4 million euros, an increase of 1,174.6 million euros compared to 2021.
Reported increases in Maltese government equity (€932.1m) and foreign loans (€176.9m) were the main contributors to the debt rise.
Higher debt was also reported under the Maltese Government Savings Bond 62+ (€93.9m) and Euro coins issued in the name of the Treasury (€4.2m) . This increase in debt was partially offset by a decrease in Treasury bills (€10.4 million).
Finally, the decrease in public fund holdings in Malta Government Stocks led to a decrease in debt of €22.2 million.
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